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Report of the board of management

Report of the Supervisory Board

The Supervisory Board supervises and advises the Board of Management and Executive Committee in performing their management tasks and setting the direction of the business of Corbion. In performing its duties, the Supervisory Board is guided by the interests of the company and its stakeholders. The Rules of the Supervisory Board are available on Corbion's website.

Overview 2019

After having served as CEO for five years, Tjerk de Ruiter handed over his responsibilities on 8 August 2019 to Olivier Rigaud, who was appointed as CEO by the shareholders for a term until May 2023. The Supervisory Board would like to express its gratitude to Tjerk de Ruiter who has led Corbion since 2014 and delivered great results not only in raising the performance of Corbion in terms of profitability and growth, but also in creating one culture from separate businesses. The Supervisory Board is delighted that Olivier Rigaud has joined Corbion, and is convinced he will be able to successfully lead Corbion through the next stage of its development as an innovative sustainable ingredient solutions company.

From a financial perspective, 2019 was on the one hand a good year with a strong delivery of Adjusted EBITDA which showed an organic increase of 7.8% compared to 2018. In terms of organic sales growth, we saw an acceleration of the growth during the year which forms a solid basis for the coming years. On the other hand, the Algae Ingredients business performed below expectations resulting in a non-cash impairment.

On 25 March 2019, Corbion announced that it had entered into an agreement with the shareholders of Granotec do Brazil to acquire full ownership of the company. Granotec do Brazil is a leading specialist in functional blends for the Brazilian bakery industry. This acquisition fits perfectly in our strategy of expanding the bakery business geographically by extending the North American Bakery solution provider model into Latin America.

The Supervisory Board would like to thank the Executive Committee and all Corbion employees around the world for their dedication, loyalty, and hard work in 2019.