Slide 1: Q3 2015 Interim Management Statement
Q3 2015 INTERIM MANAGEMENT STATEMENT TJERK DE RUITER/EDDY VAN RHEDE 30 October VAN DER KLOOT 2015
Slide 2: Key Highlights Q3 2015
Key Highlights Q3 2015 Organic sales growth of 4.6%. Total net sales of € 235.6 M • Organic sales growth in Biobased Ingredients 3.3% Food business segment grew in Bakery and Meat; lower in Other foods • Organic sales growth of 5.0% Biochemicals impacted by lower feed acidifiers and quarterly phasin
Slide 3: EBITDA breakdown
EBITDA breakdown € million Q3 2015 Q3 2014 YTD 2015 YTD 2014 Biobased Ingredients 39.7 31.3 119.8 89.2 - Food 34.3 27.3 99.4 77.4 - Biochemicals 11.8 9.3 35.2 28.6 - Central costs (6.4) (5.3) (14.8) (16.8) Biobased Innovations 0.1 (3.7) (2.7) (9.7) EBITDA excluding one-off items 39.8 27.6 117.1 79.5
Slide 4: Net Sales Development per Segment
Net Sales Development per Segment Total growth at Total Growth Currency constant Acquisitions Organic Price/Mix Volume currency Biobased Ingredients 17.5% 12.6% 4.9% 1.6% 3.3% 3.3% 0.0% - Food 20.8% 13.9% 6.9% 1.9% 5.0% 4.3% 0.7% - Biochemicals 6.9% 8.4% -1.5% 0.6% -2.1% 0.7% -2.8% Biobased Innovati
Slide 5: EBITDA bridge Q3 2015
EBITDA bridge Q3 2015 45 40 3.5 1.1 • Improved product mix in 6.8 particularly Bakery 35 3.3 30 4.2 0.3 • Higher PLA-related sales and 25 5.7 lower costs in Biobased Innovations 20 39.8 40.9 Biobased Ingredients 15 27.6 • Streamline program 10 progressing well at € 4.2 M (YTD € 11.0 M) 5 0 • One-off
Slide 6: Biobased Ingredients
Biobased Ingredients Q3 Q3 YTD YTD • Organic growth of 3.3% € million 2015 2014 2015 2014 Net Sales 229.4 195.3 674.6 562.7 Organic growth 3.3% 4.6% 3.8% 2.6% • Total growth (17.5%) driven by EBITDA 39.7 31.3 119.8 89.2 • Currencies Margin 17.3% 16.0% 17.8% 15.9% • Price/mix in Food 6.0% • ADM custo
Slide 7: Business Segment Food
Business Segment Food Q3 Q3 YTD YTD • Bakery sales improved € million 2015 2014 2015 2014 Net Sales 179.6 148.7 518.3 425.5 • Higher prices in eggs and Organic growth 5.0% 1.7% 4.0% -0.6% folic acid • Higher percentage of EBITDA 34.3 27.3 99.4 77.4 enzyme blends in product Margin 19.1% 18.4% 19.2% 1
Slide 8: Business Segment Biochemicals
Business Segment Biochemicals Q3 Q3 YTD YTD • Organic decline of 2.1% € million 2015 2014 2015 2014 Net Sales 49.8 46.6 156.3 137.2 Organic growth -2.1% 15.7% 2.9% 14.2% • Different growth rates EBITDA 11.8 9.3 35.2 28.6 • Significantly lower Margin 23.7% 20.0% 22.5% 20.8% volumes in Feed acidifiers
Slide 9: Biobased Innovations
Biobased Innovations Q3 Q3 YTD YTD € million 2015 2014 2015 2014 • Organic growth of 76.5% Net Sales 6.2 3.3 13.3 6.9 Organic growth 76.5% 107.6% 78.7% 89.8% • Positive EBITDA for the EBITDA 0.1 (3.7) (2.7) (9.7) quarter Margin 2.3% -112.8% -20.2% -141.2% • Higher sales in high- heat polymer related
Slide 10: Full Year Outlook 2015
Full Year Outlook 2015 Biobased Ingredients • Full year growth to be near the upper end of the guidance range of 2-4% Streamline savings • Majority of savings expected in 2015 Biobased Innovations R&D costs to increase in Q4 EBITDA: Slightly lower EBITDA excluding one-off items in H2, compared to H1
Slide 11: Corbion
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