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Sustainability

At Corbion, sustainability is about operating our business in a way that enables us to meet the defining societal needs of our time, from food security and resource depletion to population growth, now and in the future. Sustainability is at the heart of what we do – and we work to demonstrate it every day across our entire value chain.

Our strategy is aligned with the United Nations Sustainable Development Goals (SDGs). Together, these goals serve as a global call to action to end poverty, protect the planet, and ensure all people enjoy peace and prosperity. Corbion has chosen to focus on SDG2 (Zero hunger) and SDG12 (Responsible production and consumption) as the goals on which we believe we can create the most significant impact, given our footprint, the nature of our business, and the environment in which we operate. SDG2 focuses on achieving food security, improved nutrition, and sustainable agriculture. SDG12 is about moving toward a circular economy, with food waste reduction as a sub-target.

Our sustainability framework highlights that Corbion creates solutions to improve people’s lives and reduce impacts on our planet, always in the most responsible way we can.

Our key sustainability initiatives are responsible sourcing, responsible operations, and sustainable solutions. Innovation, transparency, and stakeholder engagement are critical to ensuring that we make visible, measurable progress in these initiatives, and that they continue to be aligned with stakeholder expectations. Last, but not least, engaged employees are essential to make it happen.

For each key initiative, we have defined long-term aspiration goals for 2030, which serve as a source of inspiration and help direct long-term innovation. To ensure that we make visible progress towards these goals, we have complemented them with short-term 2020 targets.

Sustainability framework

Targets1, 2

2020

2030

Responsible sourcing

  

Security of supply

100%

100%

Supplier code

> 90%

100%

Cane sugar3

100%

100%

Palm oil and primary oleochemicals4,5

100%

100%7

Corn sugar (dextrose)6

95%

100%

Soy oil and primary oleochemicals6

75%

100%7

Wheat6

50%

100%

Responsible operations

  

Total Recordable Injury Rate

< 0.75

< 0.25

Renewable electricity

50%

100%

Landfill of by-products

0

0

Landfill of waste

-

0

SBT target: Reduction of Scope I, II, III emissions per metric ton of product8,9

-

-33%

Sustainable solutions

  

Innovation projects assessed on sustainability

100%

100%

Products covered by LCA10,11

50%

100% of products with environmental claim covered

Products covered by PSM12 assessment

-

100% of products with social claim covered

  • 1 Targets based on current manufacturing footprint; to be reviewed in case of acquisitions / major changes.
  • 2  % are defined by quantity.
  • 3 Quantity covered by Corbion's cane sugar code or Bonsucro certification.
  • 4 Primary oleochemicals as defined by RSPO, including glycerin.
  • 5 RSPO certified, using the Mass Balance model.
  • 6 Supplier meets Corbion's responsible sourcing requirements specified in our supplier code and our sustainable agriculture policy, evaluated by a self-assessment questionnaire. Target only includes tier-1 suppliers that source directly from farmers.
  • 7 2030 target includes secondary oleochemicals.
  • 8 Scope III emissions of key raw materials and transport.
  • 9 Compared to 2016 as base year.
  • 10 By quantity; products manufactured at Corbion production sites.
  • 11 LCA = Life Cycle Assessment.
  • 12 PSM = Product Social Metrics.

Guidance for 2019-2021: Creating Sustainable Growth

The Creating Sustainable Growth strategy aims to deliver organic sales growth of between 3 and 6 percent annually.

Key financial targets*
  • Ingredient Solutions: Net sales growth of 2-4% annually (1-3% in Food, 3-10% in Biochemicals), while maintaining EBITDA margin >19% and ROCE >20% annually throughout the period. Recurring capital expenditure is expected to be on average € 40 million annually.

  • Innovation Platforms: Net sales growth of >20% annually. EBITDA approaching breakeven in 2021. Recurring capital expenditure of € 20-30 million annually.

  • Corbion continues to target a net debt position/covenant EBITDA of 1.5x over the investment cycle, well below our covenants limit of 3.75x (RCF) or 3.5x (USPP) 

  • Progressive regular dividend policy: We have the ambition to annually pay out a stable to gradually increasing absolute dividend per share amount.

  • We aim to create a positive impact by growing our business in sustainable ingredient solutions and maximize our contribution to zero hunger and responsible production and consumption (SDG2 and SDG12).

* Targets as reported on the November 2017 Capital Markets Day presentation when Corbion presented its Creating Sustainable Growth 2018-2021 strategy and related business segmentation. On 9 March 2020, Corbion will announce its updated strategy for 2020-2025, including a revised guidance.