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4. Segment information

In line with the management responsibilities and internal management reporting for its strategic decision-making process Corbion distinguishes between the segments Sustainable Food Solutions, Lactic Acid & Specialties and Incubator (together "Core"), and Non-core.

In Sustainable Food Solutions, Corbion has evolved increasingly from an ingredients business into a solutions business. We plan to expand on this solutions model with natural food preservation and functional systems as our core capabilities, enabling us to accelerate growth in close adjacencies.

In our Lactic Acid & Specialties business, we aim to capitalize on our market and technology leadership in lactic acid and lactic acid derivatives. Corbion leads the lactic acid market in technology, production capacity, geographic coverage, and breadth of portfolio.

In our Incubator, where we develop early-stage initiatives, the three main initiatives are: Algae-based omega-3, algae ingredients, and our co-polymers platform. This platform is a lactic acid-based controlled-release co-polymers technology, expanding on our (medical) polymer expertise.

Non-core activities comprise emulsifiers which will have a declining strategic fit going forward and will be managed for value. 

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

 

Sustainable Food Solutions

Lactic Acid & Specialties

Incubator

Core 1

Non-core

Corbion total operations

 

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Income statement information

            

Net sales

584.2

545.8

312.3

275.8

30.7

13.4

927.2

835.0

143.6

151.5

1,070.8

986.5

Operating result

47.1

59.8

35.8

59.6

-18.2

-24.3

64.7

95.1

17.3

9.0

82.0

104.1

Adjustments to operating result

-13.6

1.2

10.3

-12.8

0.7

1.0

-2.6

-10.6

-7.7

5.0

-10.3

-5.6

Adjusted operating result

33.5

61.0

46.1

46.8

-17.5

-23.3

62.1

84.5

9.6

14.0

71.7

98.5

             

Alternative non-IFRS performance measures

            

EBITDA

82.9

92.4

71.8

74.2

-12.4

-19.4

142.3

147.2

29.1

18.5

171.4

165.7

Adjustments to EBITDA

-13.6

0.3

-11.3

-13.2

0.7

1.0

-24.2

-11.9

-11.4

5.0

-35.6

-6.9

Adjusted EBITDA

69.3

92.7

60.5

61.0

-11.7

-18.4

118.1

135.3

17.7

23.5

135.8

158.8

             

Ratios alternative non-IFRS performance measures

            

EBITDA margin %

14.2

16.9

23.0

26.9

-40.4

-144.8

15.3

17.6

20.3

12.2

16.0

16.8

Adjusted EBITDA margin %

11.9

17.0

19.4

22.1

-38.1

-137.3

12.7

16.2

12.3

15.5

12.7

16.1

  • 1 Includes Sustainable Food Solutions, Lactic Acid & Specialties, and Incubator

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.

For a full overview of alternative performance measures used by Corbion, reference is made to the 'Other information' section.

Segment information by geographical region

 

Net sales

 

2021

2020

The Netherlands

24.9

22.0

Rest of EMEA

191.8

171.1

US

499.2

478.5

Rest of North America

77.4

67.4

Latin America

83.7

76.7

Asia

193.8

170.8

Corbion total operations

1,070.8

986.5

The above sales information is based on the location of the end customer. 

 

Non-current assets

 

2021

2020

The Netherlands

197.0

192.4

Rest of EMEA

27.2

23.4

US

259.0

218.5

Rest of North America

9.4

0.2

Brazil

73.4

67.8

Thailand

144.8

83.9

Rest of Asia

3.2

1.3

Corbion total operations

714.0

587.5

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.