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Trading update and acceleration of strategic actions




KAISERAUGST, Switzerland and HEERLEN, Netherlands, June 28, 2023 /PRNewswire/ — dsm-firmenich, innovators in nutrition, health, and beauty, provides pro forma consolidated figures, an update on trading for Q2 2023, together with an outlook for full year 2023. In addition, it announces the acceleration of initiatives to structurally improve its performance in vitamins.


The second quarter has seen a further weakening of the vitamin markets, predominantly impacting the performance of Animal, Nutrition & Health, and therefore also affecting the expectations for the company for the second half of 2023.

In response, dsm-firmenich has decided to accelerate a series of actions to restructure its vitamin business. This will result in increased earnings quality and a reduced exposure to vitamins and related earnings volatility.

The merger of DSM and Firmenich created a world-leader in nutrition, health, and beauty, which through its highly integrated portfolio of nutritional, natural, and renewable ingredients, together with complementary science capabilities and technologies, will deliver superior innovation-led growth. Together with the actions announced today, the company remains confident in achieving its mid-term financial targets.


Q2 2023 trading update

Since DSM’s Q1 2023 trading update of 2 May 2023, the challenging conditions in vitamin activities have further deteriorated during June, affecting both pricing and volumes, where the company had expected stable to improving conditions in a normally very strong month. These difficult conditions in vitamins are primarily affecting Animal Nutrition & Health, but also, to a lesser extent, Health, Nutrition & Care.

Consequently, dsm-firmenich expects for Q2 2023, on a pro forma basis, an Adj. EBITDA to be in a range of €400 – 420 million (compared to pro forma Adj EBITDA of €521m in Q1 2023 and €582m in Q2 2022). With this estimated Q2 result, H1 2023 pro forma Adjusted EBITDA will be in the range of €920 – 940 million (compared to € 1,177 million in H1 2022).

This H1 estimate includes an expected negative vitamin effect on Adj. EBITDA of about €200 million as well as a negative foreign exchange effect for dsm-firmenich of about €50 million.

Outlook FY 2023


Given the current weak macro-economic outlook, the company does not anticipate a material improvement in business conditions in the second half of 2023. Vitamin prices are expected to remain at low levels through to the end of the year, with some ongoing destocking through the value chain across its business.

As a result, the company estimates a FY 2023 (pro forma) Adj. EBITDA of between €1,800 –1,900 million (versus €2,275 million FY 2022).

Within this, the company estimates a negative vitamin effect on full year Adj. EBITDA of about €400 million as well as a negative foreign exchange effect for dsm-firmenich of about €100 million. The vitamin effect has been exacerbated by high vitamin inventories, produced at elevated costs, delaying the expected positive impact from lower input costs in H2 2023.

Adapting ANH strategy & accelerating vitamin improvement plans

Confronting these challenges, dsm-firmenich will accelerate its post-merger plans to strengthen the quality of its portfolio of assets, focusing on reducing the earnings impact and volatility from vitamins through clear and impactful actions:

  • Restructuring of the vitamin asset footprint, significantly reducing costs. This includes the closure of the Xinghuo vitamin B6 plant in China and the refocusing of the company’s vitamin C activities on its specialty Quali®-C from Dalry (UK) only. The production of Vitamin C in Jiangshan, China, which had already been significantly reduced since the end of 2022, was completely shut down in mid-May and the company is exploring a range of options for the Jiangshan site including partnerships or the repurposing of the manufacturing assets.
  • Creating a new separate vitamin unit within ANH that will be tailored to the changed market dynamics. This will result in a simpler, more responsive ‘go-to-market’ model, and a more efficient and agile organization.
  • Reducing working capital/inventories, with extended shutdowns of the vitamin A and E plants in Sisseln (Switzerland), scheduled for Q3 2023.
  • Establishing a new senior executive role, Vitamin Transformation Program Director, to deliver these performance plans, directly reporting to the CEO Dimitri de Vreeze.
  • Accelerating the growth of Animal, Nutrition & Health in its higher-margin Performance Solutions and Precision Services businesses, tackling some of the biggest world challenges related to sustainable food chains, while optimizing its vitamin offerings, using its strong premix base.

Combined, all these actions are expected to result in an estimated saving of around €200 million per year with the full run rate to be reached by the end of 2024. These savings will be in addition to the €350m Adj. EBITDA merger synergies target.

Ingredients plant closure

The Pinova ingredients plant (Georgia, US), part of the Perfumery & Beauty business unit, which was seriously damaged by a fire in April 2023, will not be re-opened. The company will try, where feasible, to secure the supply of these ingredients by leveraging other production units.

Confirmation of dsm-firmenich mid-term financial targets

Further to the specific actions in vitamins as announced today, the company will also take a broader view on all business segments to prioritise and accelerate the company’s high growth/higher margin segments. The company will maintain strict cost controls, accelerated by a wide range of self-help cost saving initiatives, fully focused on maximizing the operational performance of its activities and significantly improve its cash flow generation supported by reducing its working capital.

dsm-firmenich is confident that through principally the quality of its core activities, the targeted €350m Adj. EBITDA synergies, and all actions being taken, it will realize its mid-term financial targets of 22-23% Adj. EBITDA margins and 5-7% annual organic sales growth.


The company remains committed to operating with a strong balance sheet and maintaining a strong investment grade rating, and will prioritise capex, innovation-led organic growth, and dividends in the coming period.

Within all the actions taken, the company remains committed to science, research, sustainability, and innovation, to ensure our growth for the short, mid, and long term and build the company for the future.

Additional financial information

The information above is presented on a pro forma basis. In its report for the first half of 2023 (to be announced on 2 August 2023), the company will report both on a pro forma basis (combined half year performance of DSM and Firmenich as if the deal was closed on 1 January 2023) as well as on IFRS basis (which includes 6 months of DSM activities and almost 2 months of Firmenich activities). The pro forma financial information for the period FY 2022 is disclosed on the website:

The actions listed above in this press release will lead to an estimated impairment of €300-350 million in H1 2023. Total restructuring costs for 2023 incurred as a consequence of this announcement, are estimated at about €200 million. These restructuring costs are additional to the already announced costs related to the merger synergies of €250 million.


About dsm-firmenich,
As innovators in nutrition, health, and beauty, dsm-firmenich reinvents, manufactures, and combines vital nutrients, flavors, and fragrances for the world’s growing population to thrive. With our comprehensive range of solutions, with natural and renewable ingredients and renowned science and technology capabilities, we work to create what is essential for life, desirable for consumers, and more sustainable for the planet. dsm-firmenich is a Swiss-Dutch company, listed on the Euronext Amsterdam, with operations in almost 60 countries and revenues of more than €12 billion. With a diverse, worldwide team of nearly 30,000 employees, we bring progress to life™ every day, everywhere, for billions of people.

For more information



e-mail [email protected]


e-mail [email protected]

Forward-looking statements
This press release may contain forward-looking statements with respect to dsm-firmenich’s future (financial) performance and position. Such statements are based on current expectations, estimates and projections of dsm-firmenich and information currently available to the company. dsm-firmenich cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. dsm-firmenich has no obligation to update the statements contained in this press release, unless required by law. The English language version of the press release is leading.

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Blockchain Press Releases

Howe-Baker International Signs Memorandum of Understanding with D.Energy to Pioneer Clean Hydrogen Production Using Blockchain Technology



TYLER, Texas, July 17, 2024 /PRNewswire/ — Howe-Baker International, a leader in design and engineering for the energy sector, is pleased to announce the signing of a Memorandum of Understanding (MOU) with D.Energy, a layer 1 blockchain pioneering clean energy protocols. This strategic partnership aims to advance the research and development of implementing blockchain technology in the generation of clean hydrogen.

Under the terms of the MOU, Howe-Baker and D.Energy will collaborate to explore and develop blockchain-based systems to enhance the efficiency, transparency, and security of hydrogen production processes. The collaboration aligns with both companies’ commitment to fostering innovation and sustainability in the energy sector, heralding a new era of clean hydrogen production powered by blockchain technology.

Key Objectives of the Collaboration:

  1. Efficiency Enhancement: Utilizing blockchain technology to optimize hydrogen production processes, reducing costs and improving overall efficiency.
  2. Transparency and Traceability: Ensuring transparent tracking of hydrogen production from renewable sources to end-users, enhancing trust and accountability in the supply chain.
  3. Security and Data Integrity: Implementing robust blockchain solutions to safeguard data integrity and prevent unauthorized access or tampering.
  4. Sustainability Goals: Contributing to global efforts to reduce carbon emissions by promoting the adoption of clean hydrogen as a viable and sustainable energy source.

Comments from Leadership:

“We are thrilled to partner with D.Energy on this groundbreaking initiative,” said Layken White, president of Howe-Baker. “Combining our extensive experience in energy infrastructure with D.Energy’s blockchain expertise, we are poised to revolutionize the clean hydrogen production industry. This collaboration not only supports our sustainability goals but also positions us at the forefront of technological innovation in clean energy.”

Shafi Rafi, founder of D.Energy, added, “This MOU marks a significant milestone in our mission to integrate blockchain technology into the energy sector. By partnering with Howe-Baker, we aim to develop scalable and secure blockchain solutions that will drive the future of clean hydrogen production. Together, we are committed to creating a more efficient and sustainable landscape for On-Chain Real World Assets (RWAs).”


About Howe-Baker International:

Howe-Baker International is a global technology company providing engineering, fabrication and construction services for the energy industry. With a rich history of delivering innovative solutions, Howe-Baker is dedicated to driving progress in the energy sector and supporting the transition to cleaner energy sources.

For more information, please contact: 
Reem Ellafi
[email protected]

About D.Energy:

D.Energy is a layer 1 blockchain that specializes in tokenizing sustainable Real World Assets (RWAs). Its platform supports a wide range of applications, including trading climate assets, enhancing the efficiency and security of renewable energy production, and promoting the integration of sustainable energy technologies.


For more information, please contact: 
Luke Potter
[email protected]

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Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto




 The highly anticipated Blockchain Futurist Conference, Canada’s Largest Web3 Event, is set to return for its sixth year to Toronto this August 13-14, 2024, with a focus on Artificial Intelligence as a core theme. This year’s event promises to offer sessions, panels, and sub-events centered around AI, highlighting how these technologies are transforming Web3 and reshaping our world. The dedicated AI segment is scheduled for Wednesday, August 14, 2024, and is accessible with all conference passes.

AI and Web3 technologies are rapidly converging to create a future that promises to revolutionize the digital landscape. AI’s ability to analyze vast amounts of data, and automate complex processes, complements Web3’s decentralized and transparent framework. This integration enables more secure, and equitable solutions across various sectors.

At this year’s event, attendees can hear from top industry leaders in AI such as:

  • Anthony Di Iorio, Founder, Ethereum, Decentral, Andiami

  • Ben-Zion Benkhin, CEO, WOMBO

  • Ashley Nandan, Google Canada, Startups

  • Ari Juels, Chief Scientist, Chainlink Labs

  • Christopher Johnson, Developer, Bad Idea AI

  • Trevor Koverko, Co-Founder, Sapien

  • JD Seraphine, CEO, Raiinmaker

  • Breeze Liu, Founder & CEO, Alecto AI

  • Christopher Obereder, Investor, Startup Chris Ventures

  • Adam Benzine, Creator & Oscar®-Nominated Filmmaker

AI Futurist Conference will also host multiple sponsors dedicated to AI organizations, such as Inference Labs, a Gold Sponsor at this year’s event.


Inference Labs specializes in developing advanced infrastructure and products for AI on Web3. Their lab focuses on AI inference interoperating on the blockchain, an essential step for building a future where anyone can access AI without counterparty risk.

Ron Chan, Co-Founder of Inference Labs, and a visionary entrepreneur dedicated to pioneering the future of Decentralized AI had this to say:

“In all my years navigating tech cycles, I have never witnessed the level of developer interest in Artificial Intelligence that we see today. We’re at an inflection point where Internet traffic is roughly split 50/50 between humans and machines. I firmly believe that inference will soon become the dominant form of Internet traffic.”

With two decades of experience as a serial entrepreneur, Ron Chan has successfully navigated the ever-evolving tech industry, leading multiple technology and infrastructure startups to successful exits. His expertise spans architecting data centers, defense projects, and developing mission-critical civil aviation applications, showcasing his versatility and adeptness in managing complex, high-stakes ventures.

Futurist Conference will also host multiple sub-events and meetups for the AI community throughout the venue on both days. These include:

  • Crypto x AI Book Signing: Ari Juels, Chief Scientist of Chainlink Labs and author of “The Oracle,” will discuss Crypto x Artificial Intelligence on the Main Stage, followed by a book signing.

  • AI Ethics Roundtable: A critical exploration of the ethical implications of AI and the transformative role of Web3 technologies.

  • AI Web3 & Robotics for Kids: A fun and interactive workshop for kids to learn about AI and Web3, with hands-on experience with robots.

  • Robots Live Onsite: Witness jaw-dropping innovations in action and experience the thrill of future technologies before your eyes.

Futurist Conference aspires to be more than just an event; it aims to create a future world within a conference, immersing attendees in the cutting-edge technologies that will shape tomorrow. By offering interactive experiences, and live demonstrations, the conference allows participants to see, feel, and engage with the latest advancements in AI, Web3, and beyond.

Futurist Conference is the perfect place for these industries to convene, providing a unique platform for thought leaders, innovators, and enthusiasts to explore the transformative potential of AI and Web3 technologies. Get ready to step into the future this August.

The post Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto appeared first on HIPTHER Alerts.

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Blockchain Press Releases

Zilliqa makes blockchain history by buying a racehorse




SINGAPORE, July 17, 2024 /PRNewswire/ — Zilliqa, the long-established layer-1 blockchain and market leader in Web3 sports and entertainment, is proud to announce its venture into the world of horse racing through the acquisition of a racehorse.

Aptly named “The HRSE Horse”, the racehorse’s unique moniker is a nod to $HRSE, the recently-launched fan token of The Winners Circle, an innovative new loyalty platform that uses Web3 to redefine the racing fan experience.

The ownership will see The HRSE Horse sporting community-selected colours and branding when racing, generating mainstream exposure for both The Winners Circle and the Zilliqa blockchain.

The HRSE Horse is the first racehorse to ever be owned by a blockchain company, and its unusual name was not chosen only to prick up the ears of the established horse racing community, but also to demonstrate how The Winners Circle is combining the physical world of horse racing with its core tenet of digital ownership unlocked by harnessing the capabilities of the Zilliqa network.

Launched by Racing League and powered by Zilliqa, The Winners Circle is a fan engagement platform supercharged by Web3 that features a free-to-play prediction game where fans are rewarded with $HRSE tokens by correctly choosing the winners of real-world horse races. These tokens can then be used to influence the decisions of teams competing in the exciting Racing League competition while also unlocking exciting features such as discounts on racehorse ownership shares, tickets, merchandise, and more..


The Token Generation Event (TGE) for $HRSE was concluded on July 17th, with the token now listed on participating exchanges such as MEXC and Pancake Swap.

Zilliqa’s foray into horse racing goes beyond sport; it is an opportunity to bridge the gap between physical and digital realms, echoing The Winners Circle’s vision of embracing opportunities in both spheres.

The HRSE Horse is trained by former National Hunt jockey and globally renowned racehorse trainer Jamie Osborne, whose mission to reinvigorate the world of horse racing and attract a younger demographic is aligned with the innovative fan-first approach taken by The Winners Circle that leverages Web3 to redefine the fan experience. Osborne’s extensive knowledge of horse racing and bright sense of humour birthed the idea of finding a horse for Zilliqa to own and naming it The HRSE Horse.

With a global presence amplified by the audience of this thrilling sport, Zilliqa aims to capture the imagination of communities worldwide, celebrating the spectacle of horse racing while promoting meaningful innovation powered by the Zilliqa blockchain and The Winners Circle.

Commenting on the announcement, Zilliqa CEO Matt Dyer, said:


“We are thrilled to announce our ownership of The HRSE Horse, who we hope will turn heads for his speed as well as his unique name. In becoming the first blockchain to own a racehorse, not only do we showcase the potential for The Winners Circle to redefine fan engagement in this age-old sport, but we also demonstrate how the HRSE token brings the real and digital worlds together. We’ve bought a racehorse, and by signing up for The Winners Circle, fans can have the chance to own a share of one, too.”

Commenting on the announcement, Trainer Jamie Osborne, said

“I am excited by Zilliqa’s ownership of The HRSE Horse and excited to see him perform on the race track. Horse racing needs to embrace new technologies to attract a younger demographic, and I believe The Winners Circle has the potential to drive a new generation of racing fans to this thrilling sport, which is why I’ve supported their mission from the start. Hopefully The HRSE Horse and Zilliqa will achieve great success and make this season be remembered as the Zilliqa summer, on and off the track.”

About Zilliqa

Zilliqa, the industry-recognised layer-1 blockchain founded in Singapore in 2018 is a high-performance, high-security, and low-fee blockchain platform. Designed to scale with the demands of global businesses, the blockchain serves as a versatile foundation that facilitates a broad array of Web3 applications and services across a multitude of sectors, providing a robust platform for emerging developers and established enterprises alike. The next evolution of the network, Zilliqa 2.0, is currently under development and offers a user-centric platform designed for ease of use and customisability.


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