Slide 1: FY/Q4 2019 Results
FY/Q4 2019 RESULTS OLIVIER RIGAUD (CEO) / EDDY VAN 9/3/2020 Photo © Total Corbion PLA RHEDE VAN DER KLOOT (CFO)
Slide 2: Profit and Loss: FY/Q4 2019
Profit and Loss: FY/Q4 2019 YTD YTD Q4 Q4 € million 2019 2018 % 2019 2018 % Net Sales 976.4 897.2 8.8% 247.5 230.8 7.2% Adjusted EBITDA 145.9 131.6 10.9% 33.8 27.2 24.3% Depreciation & Amortization (60.9) (42.0) 45.0% Adjustments (23.7) (1.7) EBIT 61.3 87.9 -30.3% Financial income/expenses (14.6) (1
Slide 3: Sales Growth per segment in FY/Q4 2019
Sales Growth per segment in FY/Q4 2019 Total growth at Acquisitions/ Net sales Total growth Currency constant Organic Price/Mix Volume (Divestments) currency YTD 2019 vs 2018 Ingredient Solutions 7.2% 4.0% 3.2% 1.8% 1.4% 1.4% 0.0% - Food 10.0% 4.4% 5.6% 2.5% 3.1% 2.0% 1.1% - Biochemicals -0.5% 3.0%
Slide 4: Ingredient Solutions
Ingredient Solutions YTD YTD Q4 Q4 € million 2019 2018 2019 2018 Net Sales 909.7 848.4 232.8 215.6 Organic growth 1.4% 1.7% 2.8% 2.1% Adjusted EBITDA 179.9 160.8 42.6 36.4 Adjusted EBITDA % 19.8% 19.0% 18.3% 16.9% ROCE 22.2% 23.7% 18.3% 20.3% 8.0% 24.0% Guidance: Net Sales 2-4% p.a. (2018-2021). EBI
Slide 5: Business Segment Food
Business Segment Food YTD YTD Q4 Q4 € million 2019 2018 2019 2018 Net Sales 685.8 623.4 176.2 158.0 Organic growth 3.1% 0.9% 5.2% 1.9% Adjusted EBITDA 119.5 105.3 29.0 23.8 Adjusted EBITDA % 17.4% 16.9% 16.5% 15.1% 8.0% Guidance: Net Sales p.a. 1-3% (2018-2021) 6.0% 20.0% 4.0% 15.0% 2.0% 10.0% 0.0%
Slide 6: Business Segment Biochemicals
Business Segment Biochemicals YTD YTD Q4 Q4 € million 2019 2018 2019 2018 Net Sales 223.9 225.0 56.6 57.6 Organic growth -3.5% 4.0% -3.7% 2.7% Adjusted EBITDA 60.4 55.5 13.6 12.6 Adjusted EBITDA % 27.0% 24.7% 24.0% 21.9% 12.0% 30.0% Guidance: Net Sales p.a. 3-10% (2018-2021) 8.0% 26.0% 4.0% 22.0% 0.
Slide 7: Innovation Platforms
Innovation Platforms YTD YTD Q4 Q4 € million 2019 2018 2019 2018 Net Sales 66.7 48.8 14.7 15.2 Organic growth 22.4% 84.9% -10.6% 239.8% Adjusted EBITDA (34.0) (29.2) (8.8) (9.2) Adjusted EBITDA % -51.0% -59.8% -59.9% -60.5% 7 © 7/8/2019
Slide 8: EBITDA bridge YTD 2019
EBITDA bridge YTD 2019 180 18.4 160 16.0 8.0 6.8 140 0.1 3.2 1.8 11.6 120 100 € mln Ingredient Solutions 80 164.3 149.1 145.9 131.6 60 40 20 0 8 © 7/8/2019
Slide 9: Net debt bridge FY 2019
Net debt bridge FY 2019 1.6x 2.0x €M 123.7 203.3 1.2 8.1 303.0 76.2 3.7 32.9 66.2 28.5 14.0 9 © 7/8/2019
Slide 10: Free Cash Flow
Free Cash Flow 150 Rolling 12 months 100 69 72 126 123 118 120 110 55 114 50 101 48 100 105 75 24 24 12 10 € mln 0 5 -1 -51 -55 -58 -51 -52 -94 -88 -50 -106 -105 -114 -100 -150 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019 Operating cash flow Investment cash flow Fr
Slide 11: Operating Working Capital
Operating Working Capital 120 74 77 77 69 70 69 69 68 100 59 63 63 72 47 47 80 43 42 44 46 49 43 43 39 38 44 60 40 Days 58 55 56 55 55 56 63 63 59 50 52 51 20 0 -31 -27 -28 -30 -23 -28 -20 -34 -32 -33 -36 -32 -34 -40 -60 H1 2014 FY2014 H1 2015 FY2015 H1 2016 FY 2016 H1 2017 FY 2017 H1 2018 FY 2018 H
Slide 12: Capital Expenditures
Capital Expenditures 90.0 € 82.6M € 61.7M 80.0 € 58.4M € 50.0M 11.5 € 49.4M 70.0 60.0 7.6 8.1 1.8 39.9 50.0 € mln 4.7 11.4 15.0 40.0 30.0 54.1 20.0 42.9 38.9 35.0 31.2 10.0 0.0 2015 2016 2017 2018 2019 Ingredient Solutions Innovation Platforms ERP 45 40 35 € 31.2M 30 Exps 8.5 Guidance: € 15M 25 € ml
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