9. Discontinued operations
Divestment of the Emulsifier business
Description
On 2 April 2024, Corbion announced the completion of the divestiture of the Emulsifiers business to Kingswood Capital Management for a cash purchase price of $362 million, before tax and transaction costs. The transaction comprises, amongst other conveying assets, two US-based manufacturing plants and c.175 employees.
Profit from discontinued operations
|
millions of euros |
2024 |
|
Sales |
43.9 |
|
Cost of sales |
-31.1 |
|
Gross profit |
12.8 |
|
Selling expenses |
-0.4 |
|
Research and development costs |
-0.1 |
|
General and administrative expenses |
-0.9 |
|
Other (costs)/ proceeds |
- |
|
Operating profit |
11.4 |
|
Financial income |
- |
|
Financial charges |
- |
|
Results from joint ventures and associates |
- |
|
Profit before taxes |
11.4 |
|
Taxes |
-2.9 |
|
Result after taxes |
8.5 |
|
Result divestment after taxes |
137.8 |
|
Total result after taxes |
146.3 |
|
Per ordinary share in euros |
|
|
Basic earnings |
2.51 |
|
Diluted earnings |
2.47 |
Cashflow from discontinued operations
|
millions of euros |
2024 |
|
Operating |
6.9 |
|
Investing (2024 includes an inflow of € 321.0 from the sale of the business) |
320.8 |
Details of the sale
|
millions of euros |
2024 |
|
Consideration transferred net of transaction costs |
321.0 |
|
Property, plant, and equipment, including right-of-use assets |
47.8 |
|
Goodwill |
50.7 |
|
Intangible fixed assets |
1.2 |
|
Inventories |
13.2 |
|
Receivables |
24.5 |
|
Total sold assets |
137.4 |
|
Lease liabilities |
4.0 |
|
Payables |
5.5 |
|
Total sold liabilities |
9.5 |
|
Gross result from divestment |
193.1 |
|
Taxes |
-55.3 |
|
Net result from divestment |
137.8 |
The goodwill allocated has been measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.