Slide 1: Q2 and H1 2014 Results
Q2 AND H1 2014 RESULTS TJERK DE RUITER-EDDY VAN RHEDE VAN 13/8/2013 DER KLOOT-SVEN THORMAHLEN
Slide 2: Corbion highlights Q2 2014
Corbion highlights Q2 2014 • Net sales decreased by 0.9%, organic sales growth of 1.1% • EBITDA before one-off costs decreased by 2.9%, organic growth of 3.4% • EBITDA margin down by 30 bps to 14.0% (Q2 2013: 14.3%) • Excluding reclassification internal sales to 3rd party, margin up 10 bps • One-off
Slide 3: Strategic process
Strategic process • Fact finding tour in May – June • Key strategic questions identified • Over 50 of our people engaged in strategic process • Subjects addressed • Market approach • Product strategies • Manufacturing footprint • Cost structure • Core competencies • Conclusions will be presented in
Slide 4: Innovation pipeline and R&D expenses
Innovation pipeline and R&D expenses H1 H1 € million 2014 2013 R&D expenses cash-out 16.3 12.6 Capitalization (2.3) (1.5) Amortization 1.1 0.7 Impairment 0.0 0.0 le op a sc o e l v. ve m R&D expenses 15.1 11.8 at ial De De de id c er l pt / n/ Va g ch in m ce sig / op un m st n News De Co Co Te La S
Slide 5: Financial results Q2/H1 2014
Financial results Q2/H1 2014 5 © 13/8/2014
Slide 6: Profit & Loss
Profit & Loss Q2 Q2 H1 H1 € million 2014 2013 2014 2013 • One-off costs of € 3.7 M Net Sales 188.3 190.0 371.0 370.5 related to former BoM EBITDA excl. one-off costs 26.4 27.2 51.4 50.8 members EBITDA % 14.0% 14.3% 13.9% 13.7% • One-off, non-cash Thailand Depreciation & Amortization (21.4) (20.5) On
Slide 7: Growth per segment in Q2 2014
Growth per segment in Q2 2014 Total growth Q2 2014 Total Growth Currency at constant Acquisitions Organic Price/Mix Volume currency Biobased Food Ingredients -3.7% -4.7% 1.0% 3.2% -2.2% -0.1% -2.1% Biochemicals 9.7% -3.6% 13.3% 0.0% 13.3% -1.2% 14.5% Total -0.9% -4.5% 3.6% 2.5% 1.1% 0.2% 0.9% • Acqu
Slide 8: EBITDA bridge Q2 2014
EBITDA bridge Q2 2014 0 -0.5 -5.8 -2 40 -4 -6 R&D Other costs 35 5.8 • Volume growth 0.9% 30 1.4 • Pricing and mix improved due to 25 6.3 1.7 raw materials tailwind and mix effects from feed acidifiers 3.7 20 • Costs contain several non- 15 recurring items 27.2 26.4 10 22.7 • Currency impact as Euro
Slide 9: Net debt bridge H1 2014 - YTD
Net debt bridge H1 2014 - YTD 80 43.4 • Net debt/EBITDA -0.1x 70 60 • Trade working capital increase in 16.4 line with seasonal patterns 50 40 • New Revolving Credit Facility of € 300 M 30 • 5 year 20 29.4 39.8 • Covenants unchanged 10 5.1 5.1 6.4 0 9 © 13/8/2014
Slide 10: Capital Expenditures
Capital Expenditures H1 H1 Major Capex programs: € million 2014 2013 • Medical biomaterials plant US Maintenance 10.4 14.2 • Gypsum-free test scale plant NL Expansion 24.7 13.7 Total Capex 35.1 27.9 • Succinic acid plant Spain • Full Year Capex estimated at € 60-70 M Capex (€ mln) 80 60 40 20 0 2009
Slide 11: Biobased Food Ingredients
Biobased Food Ingredients Q2 Q2 H1 H1 € million 2014 2013 2014 2013 • Q2 volume declines in both Net Sales 144.2 149.8 277.8 287.2 Bakery and Meat & Culinary. Organic growth -2.2% 4.4% -1.8% 0.1% Volume growth in Foods. EBITDA excl. one-off costs 27.1 30.5 50.4 55.5 • Bakery volumes still down. Marg
Slide 12: Biochemicals
Biochemicals Q2 Q2 H1 H1 € million 2014 2013 2014 2013 • Continued strong Net Sales 44.1 40.2 93.2 83.3 performance throughout H1, Organic growth 13.3% 6.9% 15.2% 2.0% across markets EBITDA excl. one-off costs 6.4 3.5 12.9 8.1 • Impact of feed acidifiers on Margin 14.5% 8.7% 13.9% 9.7% volume growth
Slide 13: Outlook 2014
Outlook 2014 • Remainder of year similar market circumstances expected • Biobased Food Ingredients: Early signs of volume growth improvement • Biochemicals: Comparables for volume growth versus last year will become more challenging as year progresses • Capex level in H2 < H1. Total for the year est
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