Slide 1: Q3 2019 Results
Q3 2019 RESULTS OLIVIER RIGAUD (CEO) / EDDY VAN 1/11/2019 Photo © Total Corbion PLA RHEDE VAN DER KLOOT (CFO)
Slide 2: Highlights first nine months 2019
Highlights first nine months 2019 • Organic net sales increase of 2.8%, mostly volume driven • Ingredient Solutions (+0.9%) • Food: Meat doing very well; Bakery growing; Other markets: stable • Biochemicals: All markets declined except for Medical/Pharma • Innovation Platforms (+37.4%) • EBITDA excl
Slide 3: Profit and Loss: YTD/Q3 2019
Profit and Loss: YTD/Q3 2019 YTD YTD Growth € million Q3 2019 Q3 2018 2019 2018 YTD Net sales Ingredient Solutions 676.9 632.8 233.3 215.3 7.0% - Food 509.6 465.4 178.8 160.9 9.5% - Biochemicals 167.3 167.4 54.5 54.4 -0.1% Innovation Platforms 52.0 33.6 23.7 11.9 54.8% Total net sales 728.9 666.4 25
Slide 4: Sales Growth per segment in YTD/Q3 2019
Sales Growth per segment in YTD/Q3 2019 Total Total growth at Net sales Currency Acquisitions Organic Price/Mix Volume growth constant currency YTD 2019 vs 2018 Ingredient Solutions 7.0% 4.6% 2.4% 1.5% 0.9% 1.2% -0.3% - Food 9.5% 5.0% 4.5% 2.0% 2.5% 1.7% 0.8% - Biochemicals -0.1% 3.4% -3.5% 0.0% -3.
Slide 5: Ingredient Solutions
Ingredient Solutions YTD YTD Q3 Q3 • Organic sales growth YTD 2019 0.9% € million 2019 2018 2019 2018 Net sales 676.9 632.8 233.3 215.3 • Q3: +1.9% Organic growth 0.9% 1.6% 1.9% 1.5% • Adjusted EBITDA margin at 20.3% (YTD 2018: 19.7%) Adjusted EBITDA 137.3 124.4 46.5 39.6 Adjusted EBITDA % 20.3% 19.
Slide 6: Business Segment Food
Business Segment Food YTD YTD Q3 Q3 YTD 2019 key items € million 2019 2018 2019 2018 • Organic sales growth of 2.5% Net sales 509.6 465.4 178.8 160.9 Organic growth 2.5% 0.6% 3.3% 1.8% • Meat and Bakery growing, other markets stable Adjusted EBITDA 90.5 81.5 31.0 26.8 Adjusted EBITDA % 17.8% 17.5% 1
Slide 7: Business Segment Biochemicals
Business Segment Biochemicals YTD YTD Q3 Q3 YTD 2019 key items € million 2019 2018 2019 2018 Net sales 167.3 167.4 54.5 54.4 • Organic sales decline of -3.5% Organic growth -3.5% 4.4% -2.6% 0.6% • Margin increase through better business mix Adjusted EBITDA 46.8 42.9 15.5 12.8 Adjusted EBITDA % 28.0%
Slide 8: Innovation Platforms
Innovation Platforms YTD YTD Q3 Q3 YTD 2019 key items € million 2019 2018 2019 2018 Net Sales 52.0 33.6 23.7 11.9 • Higher lactic acid sales to Total Organic growth 37.4% 50.6% 85.3% 39.7% Corbion PLA JV (start-up December 2018) Adjusted EBITDA (25.2) (20.0) (5.8) (6.7) Adjusted EBITDA % -48.5% -59.
Slide 9: EBITDA bridge YTD 2019
EBITDA bridge YTD 2019 140 Ingredient Solutions 120 6.0 • Organic increase due to 3.0 8.6 5.4 4.3 higher price/mix 1.4 100 0.9 5.7 • Volumes slightly lower 80 • Significant positive currency € mln Ingredient Solutions 60 116.4 115.1 impact 112.1 104.4 40 Innovation Platforms 20 • Increased losses th
Slide 10: Outlook FY 2019
Outlook FY 2019 • Ingredient Solutions • Organic sales growth: 0-1% range (was: 1-2% range) • Food growth acceleration in H2 vs H1 (unchanged; 1H19: 2.0%) • Biochemicals growth improve in H2 vs H1 (unchanged; 1H19: -3.9%) • Adjusted EBITDA margin: Improvement in 2019 vs 2018 (unchanged; 2018: 19.0%)
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Slide 12: EBITDA bridge Q3 2019
EBITDA bridge Q3 2019 45 2.0 0.3 40 2.0 3.4 0.4 0.1 35 1.0 0.7 30 25 € mln Ingredient Solutions 20 40.4 40.7 40.3 32.9 15 10 5 0 12 © 7/8/2019