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Financial statements

4. Segment information

For its strategic decision-making process Corbion distinguishes between Ingredient Solutions and Innovation Platforms. For IFRS segmentation purposes Ingredient Solutions has been segmented into two further businesses, Food and Biochemicals.

In the Food segment, we are a global supplier of food ingredient solutions for leading food manufacturers. We strive to be the leader in keeping food tasty, fresh, and safe from date of production to day of consumption. With our proven food solutions, we enable our customers to make conscious choices that grow their business in a sustainable way, reducing food waste and creating affordable products (in the bakery, meat, beverage, confectionery, and dairy markets).

In the Biochemicals segment, the inherent safety, sustainability, and performance of our products is what sets us apart, driven by a passion for finding better solutions and new opportunities for our customers. Our continuous focus on sustainable practices, our use of renewable feedstocks, and our rich heritage in lactic acid form the foundation for our biochemical applications in a wide array of industries, encompassing (agro)chemicals, resin adhesives, electronic components, pharmaceuticals, home & personal care products, and animal health & nutrition. We are constantly exploring opportunities to bring the benefits of our products and solutions to our customer's applications.

Our Innovation Platforms business unit creates new business platforms to deliver long-term value, applying disruptive technologies built on decades of experience in fermentation and industrial-scale manufacturing. Collaborating with like-minded partners we support our customers to make conscious choices, so they can create better, more sustainable products, based on renewable resources. We believe in a circular economy, where our innovations can help improve quality of life – both today and for future generations. Total Corbion PLA bv, our 50/50 joint venture with Total for the production and marketing of poly lactic acid (PLA) polymers and lactide monomers for bioplastic solutions, is functionally part of Innovation Platforms. The business unit also comprises our Algae Ingredients business and our longer-term development programs such as FDCA, a biobased building block with unique properties in (bio)polymers and a potential replacement for purified terephthalic acid (PTA), our gypsum-free lactic acid production process, and use of alternative feedstocks such as agricultural residues, to make lactic acid.

Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.

Segment information by business area

 

Food

Biochemicals

Ingredient Solutions 1

Innovation Platforms

Corbion total operations

 

2019

2018

2019

2018

2019

2018

2019

2018

2019

2018

Income statement information

          

Net sales

685.8

623.4

223.9

225.0

909.7

848.4

66.7

48.8

976.4

897.2

Adjusted operating result

84.1

79.4

48.2

43.7

132.3

123.1

-47.3

-33.5

85.0

89.6

Adjustments to operating result

0.5

0.6

-1.1

-0.1

-0.6

0.5

24.3

-2.2

23.7

-1.7

Operating result

83.6

80.0

49.3

43.6

132.9

123.6

-71.6

-35.7

61.3

87.9

           

Alternative non-IFRS performance measures

          

Adjusted EBITDA

119.5

105.3

60.4

55.5

179.9

160.8

-34.0

-29.2

145.9

131.6

Adjustments to EBITDA

0.2

0.2

1.1

-0.1

1.3

0.1

17.1

-2.2

18.4

-2.1

EBITDA

119.7

105.5

61.5

55.4

181.2

160.9

-16.9

-31.4

164.3

129.5

           

Ratios alternative non-IFRS performance measures

          

EBITDA margin %

17.5

16.9

27.5

24.6

19.9

19.0

-25.3

-64.3

16.8

14.4

Adjusted EBITDA margin %

17.4

16.9

27.0

24.7

19.8

19.0

-51.0

-59.8

14.9

14.7

  • 1 Includes Food and Biochemicals segments

Corbion generates almost all of its revenues from the sale of goods.

Information on the use of alternative non-IFRS performance measures

In the above table and elsewhere in the financial statements a number of non-IFRS performance measures are presented. Management is of the opinion that these so-called alternative performance measures might be useful for the readers of these financial statements. Corbion management uses these performance measures to make financial, operational, and strategic decisions and evaluate performance of the segments. The alternative performance measures can be calculated as follows:

  • EBITDA is the operating result before depreciation, amortization, and impairment of (in)tangible fixed assets.

  • EBITDA margin is EBITDA divided by net sales x 100.

Segment information by geographical region

 

Net sales

Non-current assets

 

2019

2018

2019

2018

The Netherlands

109.0

101.9

175.2

166.4

Rest of Europe

67.1

69.2

23.1

22.0

North America

565.2

529.7

248.2

201.5

Other countries

235.1

196.4

176.0

136.9

Corbion total operations

976.4

897.2

622.5

526.8

The above information is based on the geographical location of the assets. Non-current assets exclude those relating to financial instruments, deferred tax assets, and post-employment benefit assets.