Corbion Nv · EURONEXT:CRBN
Corbion Nv — Shareholder Meeting (May 2023)
19 slides from Corbion Nv's shareholder meeting presentation, May 17, 2023
Slide 1: Annual General Shareholders Meeting 2023
ANNUAL GENERAL SHAREHOLDERS MEETING 2023 17/05/23
Slide 2: Our purpose. Preserve what matters
Our purpose. Preserve what mattere
Slide 3: We champion preservation in all its forms
OUR PURPOSE We champion preservation in all its forms Portfolio aligned to SDGs Our sustainable New circular lactic We help preserve acid technology food ingredients > 8 million tons of with a 19% lower help control food- food globally carbon footprint borne pathogens. Resorbable Bioplastics AlgaPri
Slide 4: Strongly positioned for the future
AGM 2023 Strongly positioned for the future Significant progress in delivering ‘Advance 2025’ – confident of delivering updated initiatives and targets Sustainability progress ahead of schedule – Corbion Science Based Targets commitment increased to 1.5°C Successfully implemented price increases to
Slide 5: Overview Financials
AGM 2023 Overview Financials Organic sales growth core activities 24.3% • Growth driven by all three business units • Volume/Mix +5.6% and Price +18.7% Adjusted EBITDA: €184.4M (12.6% margin) • Organic growth +17.9% Covenant net debt/covenant EBITDA reduced to 3.0x (H1’22: 3.3x) 5 17/05/23
Slide 6: Safety: more data available to improve process and capabilities
AGM 2023 Safety: more data available to improve process and capabilities • Continued focus on safety • More insights and data available • Strengthening Process Safety Systems and capability 6 17/05/23
Slide 7: Raising the bar in sustainability
AGM 2023 Raising the bar in sustainability 20C 1.5°C % of revenue Absolute CO2 Products Products Verified Total contributing reduction covered by covered by responsibility Renewable Recordable to SDG 2, 3 scope I&II Life Cycle Social Value sourced cane electricity Injury Rate and/or 12 versus 2021 A
Slide 8: Sustainable Food Solutions
AGM 2023 Sustainable Food Solutions Net sales organic growth of 21.5%, of which volume/mix +3.6% Preservation • Launch of new natural antioxidant platform Functional Systems • Focus on shelf-life extension, food ferments and reformulations driven by raw material shortages • Supporting customer recip
Slide 9: Sustainable Food Solutions
AGM 2023 Sustainable Food Solutions • Net sales organic growth of 21.5%, of which volume/mix +3.6% • Preservation € million YTD 2022 YTD 2021 • Stable volume growth after strong market share gains in 2020/21 • Functional Systems Net sales 780.0 584.2 • Stable volume growth with improved mix driven b
Slide 10: Lactic Acid & Specialties
AGM 2023 Lactic Acid & Specialties Net sales organic growth of 20.4%, of which volume/mix 0.0% Continued growth in medical biopolymer segment Lactic acid sales to PLA declined in H2’22 due to PLA market weakness FY growth in the semiconductor market, although Q4 saw some signs of temporary softness
Slide 11: Flagship circular lactic acid plant commissioning in 2023
AGM 2023 Flagship circular lactic acid plant Lowest cost commissioning in 2023 technology available Cost per ton Corbion circular plant Competitors Corbion 125kt plant located in Thailand 19% lower carbon Lowest carbon footprint* emissions process 11 17/05/23 *Cradle to gate
Slide 12: Lactic Acid & Specialties
AGM 2023 Lactic Acid & Specialties • Net sales organic growth of 20.4%, of which € million YTD 2022 YTD 2021 volume/mix 0.0% Net sales 400.1 312.3 • Adjusted EBITDA margin from 18.2% to 16.7% Organic growth 20.4% 17.0% • Dilutive effect of price increases on margin • Headcount increase related to la
Slide 13: Algae Ingredients
AGM 2023 Algae Ingredients Net sales organic growth of 115.3%, of which volume/mix 98.4%. Significant traction in new customers adoption of AlgaPrime DHA June was first EBITDA break-even month Investment to enhance production capacity and flexibility at our Brazil plant are progressing well Entering
Slide 14: Algae Ingredients
AGM 2023 Algae Ingredients • Net sales organic growth of 115.3%, of which volume/mix 98.4%. € million YTD 2022 YTD 2021 • Sales growth driven by AlgaPrime DHA (omega-3) • Adoption of AlgaPrime DHA (omega-3) grew significantly Net sales 74.3 30.7 among multiple leading aquaculture feed companies Orga
Slide 15: Incubator
AGM 2023 Incubator • Adjusted EBITDA loss increased from € -3.3 million to € -9.2 million • No sales generated by Incubator following carve out of Algae Ingredients. • Incubator Programs include (as outlined in the recent CMD): • Algae portfolio expansion € million YTD 2022 YTD 2021 • Biopolymers •
Slide 16: TotalEnergies Corbion joint venture
AGM 2023 TotalEnergies Corbion joint venture € million * YTD 2022 YTD 2021 • Net sales growth of 3.8%, organic decline of -7.6% • Lower sales in H2’22 due to Chinese lock down Net sales 165.8 159.8 and elevated freight costs. EBITDA 42.8 54.6 • EBITDA margins lower due to volume (leverage), higher v
Slide 17: Non-core activities
AGM 2023 Non-core activities € million YTD 2022 YTD 2021 • Net sales organic growth of 26.1% in Emulsifiers Net sales 203.5 143.6 • Fully driven by price improvements following higher raw material prices Organic growth 26.1% 12.8% • Adjusted EBITDA (margins) increased driven by passing on input pric
Slide 18: 2022 Corbion scorecard – performance on STIP targets
AGM 2023 2022 Corbion scorecard – performance on STIP targets STIP Targets FY • Organic sales growth Corbion • EBITDA Corbion • Sustainability • Safety performance, Total Recordable Injury Rate (TRIR) • Verified responsibly sourced cane sugar • Reduction Scope I&II emissions/ton (part of SBT) • Soci
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