13. Intangible fixed assets

	Goodwill	Customer base	Brands and licenses	Development costs	Other intangible fixed assets	Total
1 January 2023
Acquisition prices	87.0	27.2	34.8	49.2	90.1	288.3
Cumulative amortization/impairments	-3.5	-21.4	-30.8	-21.6	-47.4	-124.7
Book value	83.5	5.8	4.0	27.6	42.7	163.6
Movements
Capital expenditure				0.7	14.2	14.9
Exchange rate differences	-2.2		-0.1	-0.1		-2.4
Amortization		-0.9	-0.5	-2.4	-14.6	-18.4
Other				-1.7	0.4	-1.3
Net movement in book value	-2.2	-0.9	-0.6	-3.5	0.0	-7.2
31 December 2023
Acquisition prices	84.7	26.8	34.2	47.4	91.0	284.1
Cumulative amortization/impairments	-3.4	-21.9	-30.8	-23.3	-48.3	-127.7
Book value	81.3	4.9	3.4	24.1	42.7	156.4
Movements
Capital expenditure		1.5		0.2	12.7	14.4
Sale of group companies	-50.7		-1.2			-51.9
Exchange rate differences	-0.5	-0.4		0.1	-0.2	-1.0
Amortization		-0.9	-0.2	-2.7	-17.2	-21.0
Other				1.5	0.6	2.1
Net movement in book value	-51.2	0.2	-1.4	-0.9	-4.1	-57.4
31 December 2024
Acquisition prices	31.1	28.1	25.9	49.9	104.3	239.3
Cumulative amortization/impairments	-1.0	-23.0	-23.9	-26.7	-65.7	-140.3
Book value	30.1	5.1	2.0	23.2	38.6	99.0
Amortization rates		7 - 20%	5 - 10%	5 - 33.3%	5 - 33.3%

Goodwill

Goodwill impairment test

Following the Capital Markets Day update in 2024, Corbion made an updated assessment of its reportable segments. In line with the revised management responsibilities and internal management reporting for its strategic decision-making process Corbion now distinguishes between the segments Functional Ingredients & Solutions and Health & Nutrition (together "Continued"), and Discontinued. As a result of the Capital Market Day update, the goodwill assigned to the segments has been updated. Prior-year allocation has been restated.

Goodwill is allocated to Corbion's cash-generating units identified as the operating segments. The operating segments Functional Ingredients & Solutions and Health & Nutrition represent the levels to which company goodwill is monitored for the purposes of impairment testing.

Key reasons for this approach are:

It represents a non-arbitrary, reasonable, and consistent basis for the allocation of goodwill.
The allocation is in line with the expected synergies at the time of an acquisition with benefits for more than one entity.
The allocation represents the lowest level where goodwill is monitored by the Executive Committee, while not being larger than the operating segments.

Breakdown of the book value of the goodwill by segment

	As at 31-12-2024	As at 31-12-2023
Functional Ingredients & Solutions	27.9	29.7
Health & Nutrition	2.2	2.2
Discontinued		49.4
Total operations	30.1	81.3

The recoverable amount of the Functional Ingredients & Solutions and Health & Nutrition segments is determined using a value-in-use method. The main assumptions used are derived from the financial and business plans for 2025 which have been approved by the Board of Management. From 2026 onwards a stable growth of 1% is taken into account in combination with a relatively constant cost structure. As a result of the sale of the Emulsifiers business as described in Note 9 the goodwill in the Discontinued business has been disposed in 2024.

The future cash flows are discounted on the basis of the WACC before tax.

Overview of the WACC used

	As at 31-12-2024		As at 31-12-2023
	pre-tax	post-tax	pre-tax	post-tax
Functional Ingredients & Solutions	9.1%	7.7%	10.0%	8.3%
Health & Nutrition	10.2%	8.5%	11.3%	9.6%

In addition, sensitivity analyses have been carried out in respect of the assumptions using:

terminal value growth of 0%;
a discount rate of +1%.

Both assumptions applicable at the same time would not lead to any impairment.

Given the above assumptions and the outcome of analyses, the Board of Management has concluded that the value in use of both segments is not lower than the book value of the segments including goodwill.