Slide 1: Q3 2017 Results
Q3 2017 RESULTS TJERK DE RUITER, EDDY VAN RHEDE 27/10/2017 VAN DER KLOOT
Slide 2: Highlights first nine months 2017
Highlights first nine months 2017 • Organic net sales decline of 0.6%, mostly volume driven • Net sales decline of 0.7% • Food: Meat doing well; Bakery down; Other stable • Biochemicals: All markets grew except for Animal Health • EBITDA excluding one-off items: € 129.9M (YTD 2016: € 134.8M): -3.6%
Slide 3: Profit & Loss: Q3 2017
Profit & Loss: Q3 2017 € million YTD 2017 YTD 2016 Q3 2017 Q3 2016 Growth YTD Net sales Biobased Ingredients 662.9 667.7 213.0 223.2 -0.7% - Food 495.6 507.1 159.2 170.3 -2.3% - Biochemicals 167.3 160.6 53.8 52.9 4.2% Biobased Innovations 17.6 17.5 5.6 6.3 0.6% Total net sales 680.5 685.2 218.6 229.
Slide 4: Sales Growth per segment YTD/Q3 2017
Sales Growth per segment YTD/Q3 2017 Total Total growth at Currency Acquisitions Organic Price/Mix Volume growth constant currency YTD 2017 vs 2016 Biobased Ingredients -0.7% 0.6% -1.3% -0.7% -0.6% 1.6% -2.2% - Food -2.3% 0.8% -3.1% -0.9% -2.2% 1.6% -3.8% - Biochemicals 4.2% 0.1% 4.1% 0.0% 4.1% 0.2%
Slide 5: Biobased Ingredients
Biobased Ingredients YTD YTD Q3 Q3 € million 2017 2016 2017 2016 • Organic sales growth YTD 2017: - 0.6% Net Sales 662.9 667.7 213.0 223.2 Organic growth -0.6% -0.8% 0.3% -3.3% • EBITDA margin decrease to 20.2% (YTD EBITDA excl. one-off items 134.1 137.6 42.9 45.5 2016: 20.6%) Margin 20.2% 20.6% 20.
Slide 6: Business Segment Food
Business Segment Food YTD YTD Q3 Q3 YTD 2017 key items € million 2017 2016 2017 2016 • Organic sales growth of -2.2% Net Sales 495.6 507.1 159.2 170.3 Organic growth -2.2% -1.8% -1.3% -5.8% • Margin decrease from higher input costs & lower volumes partly offset by EBITDA excl. one-off items 105.3 11
Slide 7: Business Segment Biochemicals
Business Segment Biochemicals YTD YTD Q3 Q3 YTD 2017 key items € million 2017 2016 2017 2016 Net Sales 167.3 160.6 53.8 52.9 • Organic sales growth of 4.1% Organic growth 4.1% 5.5% 5.5% 2.4% • Margin decline from higher input costs partly offset by better business EBITDA excl. one-off items 42.2 41.
Slide 8: Biobased Innovations
Biobased Innovations YTD 2017 key items YTD YTD Q3 Q3 € million 2017 2016 2017 2016 • Lactide/PLA sales no longer Net Sales 17.6 17.5 5.6 6.3 reported in Biobased Organic growth -1.5% 31.8% -10.5% 2.1% Innovations from March onwards EBITDA excl. one-off items (4.2) (2.8) (1.3) (0.5) Margin -23.9% -1
Slide 9: EBITDA bridge YTD 2017
EBITDA bridge YTD 2017 • Organic decline mostly due to lower volumes • Main price/mix components: • Higher input costs, mainly sugar • Business mix improvement in Food and Biochemicals • Cost level including general inflation • Currency impact mostly through USD in H1 9 © 27/10/2017
Slide 10: Outlook FY 2017
Outlook FY 2017 • Biobased Ingredients sales growth below 2-4% range (unchanged) • Organic sales growth in Biobased Ingredients higher in H2 2017 compared to H1 • EBITDA excluding one-off items and excluding TerraVia impact slightly below 2016 (€ 170.1M) (unchanged) • Assuming average USD/EUR 1.17 f
Slide 11: Corbion
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Slide 12: EBITDA bridge Q3 2017
EBITDA bridge Q3 2017 12 © 27/10/2017