4. Segment information

As a result of the Capital Markets Day update in 2024, Corbion has made an updated assessment of the reportable segments. In line with the management responsibilities and internal management reporting for its strategic decision-making process, Corbion distinguishes between the segments Functional Ingredients & Solutions and Health & Nutrition. As a result of the update, prior year segmentation has been restated.

The Functional Ingredients & Solutions segment, comprises three businesses: Food, Biochemicals, and Lactic Acid to PLA. As a global supplier of advanced ingredient solutions, we address challenges for the world’s leading manufacturers worldwide, utilizing products from our diverse portfolio. We are known as a fermentation powerhouse, excelling in adaptive and tailored blending capabilities, and providing effective, natural alternatives to synthetic ingredients. We have earned our reputation for deep application expertise, reinforced by our state-of-the-art application labs and dedicated technical support teams, catering to the needs of a broad customer base across food and biochemical markets.

The Health & Nutrition segment comprises three units: Nutrition (including omega-3), Pharma, and Biomedical polymer markets. Being a global supplier firmly committed to improving health and nutrition for humans and animals, we focus our capabilities to meet diverse market needs.

The Discontinued segment comprises Emulsifiers for which the completion of the divestiture was announced on 2 April 2024. Further reference is made to the Discontinued operations section.

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

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 (reversal of) impairment of (in)tangible fixed assets.

• EBITDA margin is EBITDA divided by net sales x 100.

Segment information by geographical region

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

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.

At year end 2024, Corbion had a total number of employees (FTEs) of 2,399 of which 623 are located in the Netherlands, 195 in the rest of Europe, 702 in North America, 510 in Latin America and 369 in Asia. At year end 2023, Corbion had a total number of employees (FTEs) of 2,727 of which 678 are located in the Netherlands, 206 in the rest of Europe, 935 in North America, 532 in Latin America and 376 in Asia.