Slide 1: Q1 2018 Results
Q1 2018 RESULTS TJERK DE RUITER, EDDY VAN RHEDE 26/4/2018 VAN DER KLOOT
Slide 2: Highlights Q1 2018 results
Highlights Q1 2018 results • Organic net sales growth of 2.5%, mostly volume driven • Total net sales decline of 7.4%, • Significant currency impact of -10.7% • EBITDA Q1 excluding one-off items decreased organically by 1.4% • EBITDA € 38.6M (Q1 2017: € 47.8M) decline driven by weaker US$ and TerraV
Slide 3: Profit & Loss: Q1 2018
Profit & Loss: Q1 2018 Growth € million Q1 2018 Q1 2017 YTD Net sales Ingredient Solutions 206.6 226.0 -8.6% - Food 147.2 167.4 -12.1% - Biochemicals 59.4 58.6 1.4% Innovation Platforms 6.4 3.9 64.1% Total net sales 213.0 229.9 -7.4% EBITDA excluding one-off items Ingredient Solutions 43.3 49.4 -12.
Slide 4: Sales Growth per segment in Q1 2018
Sales Growth per segment in Q1 2018 Total growth at Organic Total growth Currency Acquisitions Price/Mix Volume constant growth currency Q1 2018 vs 2017 Ingredient Solutions -8.6% -10.8% 2.2% 0.0% 2.2% 0.5% 1.7% - Food -12.1% -11.7% -0.4% 0.0% -0.4% -1.0% 0.6% - Biochemicals 1.4% -8.4% 9.8% 0.0% 9.8
Slide 5: EBITDA bridge Q1 2018
EBITDA bridge Q1 2018 €M • Organic decline mostly due to 60 higher input costs 1.9 50 1.0 3.5 40 5.5 0.7 • Currency impact significant 3.1 (Q1 2017: $1.06 vs Q1 2018: 30 Ingredient Solutions $1.23) 47.8 20 38.6 39.3 • Innovation Platforms 10 Increased loss due to Algae 0 ingredients • One-off items:
Slide 6: Ingredient Solutions
Ingredient Solutions • Organic sales growth in Q1 2018: Q1 Q1 € million 2018 2017 2.2% Net Sales 206.6 226.0 • Currency impact net sales: -10.8% Organic growth 2.2% -1.9% • EBITDA margin decrease to 21.0% EBITDA excl. one-off items 43.3 49.4 (Q1 2017: 21.9%) EBITDA % 21.0% 21.9% • Higher input costs
Slide 7: Business Segment Food
Business Segment Food Q1 Q1 Q1 key items € million 2018 2017 • Organic net sales growth of -0.4% Net Sales 147.2 167.4 Organic growth -0.4% -2.5% • Bakery: Net sales declined, but decline getting less pronounced EBITDA excl. one-off items 26.8 33.8 • Meat: Continued strong performance in EBITDA % 18
Slide 8: Business Segment Biochemicals
Business Segment Biochemicals Q1 Q1 Q1 key items € million 2018 2017 Net Sales 59.4 58.6 • Organic sales growth of 9.8% Organic growth 9.8% 5.3% • Strong growth in Pharma/Medical, Agrochemicals, and Electronics EBITDA excl. one-off items 16.5 15.6 EBITDA % 27.8% 26.6% • Slight declines in Animal Hea
Slide 9: Innovation Platforms
Innovation Platforms Q1 key items Q1 Q1 € million 2018 2017 • Limited lactic acid sales to Total Net Sales 6.4 3.9 Corbion PLA JV due to Organic growth 18.5% -36.0% temporary shutdown lactide plant (construction PLA) EBITDA excl. one-off items (4.7) (1.6) EBITDA % -73.4% -41.0% • Algae Ingredients:
Slide 10: Outlook FY 2018
Outlook FY 2018 • Ingredient Solutions: Reconfirmed guidance • Sales growth in 2-4% range. • Food 1-3% • Biochemicals 3-10%: Growth to continue, but at slower pace than Q1 • EBITDA margin >19% • Innovation Platforms • Startup Total Corbion PLA JV plant in H2 • Higher fixed cost level due to restart
Slide 11: Corbion
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