As described in Note 2 and the Managing Board report, Royal
DSM finalized the agreement with private equity company JLL in
March 2014 and agreed to contribute its Pharmaceutical
Products business into a new company (DPx Holdings B.V.). As
a result of this agreement, the related business group was
classified as asset held for sale at year-end 2013. In 2014 the
business transaction was finalized resulting in a classification as
associate of the 49% share of Royal DSM in DPx Holdings B.V.
Accounting for the associate value of DPx Holdings B.V. was
complex considering the conversion of the local US GAAP