29. Events after balance sheet date

Corbion and Kingswood Capital Management announce agreement in divestiture of emulsifiers business

On 26 January 2024, Corbion announced Kingswood will acquire the emulsifier business from Corbion for a cash purchase price of $ 362 million, with expected net cash proceeds of approximately $ 275 million, post tax and transaction costs. The transaction comprises, amongst other conveying assets, two US-based manufacturing plants and c.175 employees. Corbion and Kingswood will work together, with supply and service agreements in place, to enable a smooth transition and to ensure that customers continue to experience a high level of service. The transaction is expected to close in the second quarter of 2024.
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations outlines how to account for non-current assets held for sale (or for distribution to owners). In general terms, assets (or disposal groups) held for sale are not depreciated, are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Specific disclosures are also required for discontinued operations and disposals of non-current assets. Certain conditions need to be fulfilled for an asset (or 'disposal group') to be classified as held for sale which were not all fulfilled yet as negotiations were still in an early phase at balance sheet date. The business will be presented as a discontinued operation in 2024. Since the sales proceeds exceed the book value, there will be no impairment related to this transaction in 2024.

New segmentation structure

As announced during the Capital Markets Update, Corbion reviewed the organizational structure resulting in the business unit structure reducing from 3 to 2 business units, being Health & Nutrition and Functional Ingredients & Solutions. The Non-core activities will phase out. The segmentation reporting in 2024 will follow the revised business structure.