Corbion N.V. — Interim / Quarterly Report 2013

Oct 23, 2013

DATE 23 October 2013

Corbion nv Nienoord 13 • 1112 XE Diemen PO Box 349 • 1000 AH Amsterdam The Netherlands

T +31 (0)20 590 6911 F +31 (0)20 695 1942 press@corbion.com www.corbion.com www.meetcorbion.com

Corbion Q3 2013 Interim Management Statement

Corbion reported 0.8% organic sales growth in Q3 2013, with net sales of € 188.5 million. Volume growth of 3.3% was offset by a negative currency effect of 6.3%. EBITDA before oneoff costs at constant currencies increased by € 1.8 million vs Q3 2012, the effect of exchange rate movements on EBITDA was € 3.0 million negative. In Q3 Corbion started a share buy-back program of € 200 million, and distributed € 50 million through a cash dividend of € 0.70 per ordinary share.

"With the divestment of our Bakery Supplies businesses completed early July, this has been the first quarter in which our organization fully operated as a biobased products company. We are in the process of finalizing the readjustment of our organization, in line with our strategy. I am therefore pleased to see that the positive underlying volume and EBITDA trend of our bio-based activities continued. The full year 2013 will show the anticipated progress towards the strategic objectives for 2016 as stated during the Capital Markets Day in June. And with the recent announcement of the tender offer for the buy-back of € 145 Million, we are delivering the final part of the promised capital return of € 250 Million to our shareholders from the proceeds of the divestment", commented Gerard Hoetmer, CEO.

Key financial highlights Q3 2013:

• Net Sales organic growth was 0.8% vs Q3 2012. Volume growth was 3.3%.
• EBITDA before one-off costs at constant currency was € 29.1 million, an increase of 6.6% vs Q3 2012. Reported EBITDA was € 26.1 million.
• EBITDA margin before one-off costs was 13.8% (Q3 2012: 14.0%). Excluding intercompany sales reclassification, Q3 2013 margin was 14.1%.
• One-off costs of € 2.8 million were related to refocus the new organization upon the divestment of the Bakery Supplies businesses.

Key Figures

€ million	Q3 2013	Q3 2012	YTD 2013	YTD 2012
Net Sales	188.5	194.4	559.0	571.2
EBITDA excluding one-off costs	26.1	27.3	76.9	77.9
EBITDA	23.3	18.2	71.5	68.1
EBITDA margin excluding one-off costs	13.8%	14.0%	13.8%	13.6%

Key facts Q3 2013

Q3 2013 compared to Q3 2012

	Total Growth	Currency	Total growth at constant currency	Acquisitions	Organic	Price/Mix	Volume
Biobased Food Ingredients	-3.1%	-6.6%	3.5%	3.3%*	0.2%	-0.4%	0.6%
Biochemicals	-2.7%	-5.3%	2.6%	0.0%	2.6%	-12.0%	14.6%
Total	-3.0%	-6.3%	3.3%	2.5%	0.8%	-2.5%	3.3%

* Sales to divested Bakery activities now classified as 3rd party sales instead of intercompany

YTD Q3 2013 compared to YTD Q3 2012

	Total Growth	Currency	Total growth at constant currency	Acquisitions	Organic	Price/Mix	Volume
Biobased Food Ingredients	-2.5%	-3.7%	1.2%	1.1%*	0.1%	-0.6%	0.7%
Biochemicals	-1.0%	-3.1%	2.1%	0.0%	2.1%	-6.2%	8.3%
Total	-2.1%	-3.6%	1.5%	0.9%	0.6%	-1.5%	2.1%

* Sales to divested Bakery activities now classified as 3rd party sales instead of intercompany

Breakdown of total EBITDA

€ million	Q3 2013	Q3 2012	YTD 2013	YTD 2012
Biobased Food Ingredients	27.1	28.8	81.1	82.1
Biochemicals	4.0	4.9	13.6	14.2
Central costs	-5.0	-6.4	-17.8	-18.4
EBITDA excluding one-off costs	26.1	27.3	76.9	77.9
One-off costs	-2.8	-9.1	-5.4	-9.8
EBITDA	23.3	18.2	71.5	68.1
EBITDA excluding one-off costs at constant currencies	29.1	27.3	80.0	77.9

Outlook

We expect volumes sold to continue to grow in Q4, albeit at somewhat lower prices than in 2012. As our raw material cover positions will continue to be replaced by new contracts, our competitive position will improve further. We expect a continuation of the currency effects in Q4, as seen in Q3. Ongoing investments in R&D have increased our cost base to strengthen prospects for our future growth.

Segment information

Biobased Food Ingredients

€ million	Q3 2013	Q3 2012	YTD 2013	YTD 2012
Net Sales	145.0	149.7	428.2	439.1
Organic growth	0.2%	-2.7%	0.1%	-0.8%
EBITDA	26.6	28.8	79.2	81.9
EBITDA excl. one-off costs	27.1	28.8	81.1	82.1
EBITDA margin excl. one-off costs	18.7%	19.2%	18.9%	18.7%

Net sales for the Biobased Food Ingredients segment in Q3 2013 decreased by 3.1% to € 145 million, mainly due to weaker exchange rates. The organic growth was slightly positive (0.2%) mainly on stronger volumes (0.6%). The average net sales price reduced by 0.4% due to mix effects and price reductions in selective market segments to strengthen our market position.

The EBITDA margin decreased from 19.2% to 18.7%. Higher volumes were negated by negative currency impact. Next to the impact of the weaker US dollar (mostly a translation effect), a negative transaction effect was caused by Japanese Yen denominated exports. Excluding the intercompany sales reclassification to 3rd party sales, the EBITDA margin would have increased from 19.2% to 19.3%.

In our Bakery market unit, volumes decreased slightly, in line with the market. However, the most recent information points to a slight pick-up in market volumes. The Meat and Food market units continued the improved trends in volumes sold evident in Q2.

In the Meat market unit an expanded Verdad® portfolio was commercially launched. These products can be categorised as clean label solutions being "fermented sugar" without compromising taste or shelf life.

Biochemicals

€ million	Q3 2013	Q3 2012	YTD 2013	YTD 2012
Net Sales	43.5	44.7	130.8	132.1
Organic growth	2.6%	4.0%	2.1%	3.2%
EBITDA	3.9	4.9	13.2	14.0
EBITDA excl. one-off costs	4.0	4.9	13.6	14.2
EBITDA margin excl. one-off costs	9.2%	11.0%	10.4%	10.7%

Volume growth in Biochemicals was 14.6%. Volumes were supported by an increase in lower cost/lower price acidifiers for the animal feed industry. These are derived from by-products which help balance out and improve the profitability of our supply chain. The good geographical balance of our portfolio supported our growth as well.

The EBITDA was impacted by higher innovation costs, mainly in PLA/Bioplastics and new molecules. Margin as a % of sales was also impacted by the growth in lower priced animal feed products.

Aloapur®, our high value-added product for animal health, was introduced in Q3 to a positive reception from customers. Sales of lactides, the source material for bioplastics/PLA, increased substantially, albeit from a low base. We continue to progress the discussions with our partners about bioplastics/PLA opportunities.

For more information, please contact:

Press: Saskia Nuijten, Director Corporate Communications, T +31 (0)20 5906320, M +31 (0)6 21 812 453 Analysts and investors: Jeroen van Harten, Director Investor Relations T +31 (0)20 5906293, M +31(0)6 21 577 086

Background information:

Corbion: biobased solutions, designed by science, powered by nature, and delivered through dedication.

Corbion is the global market leader in lactic acid, lactic acid derivatives and lactides, and a leading company in functional blends containing enzymes, emulsifiers, minerals and vitamins. The company delivers high performance biobased products made from renewable resources and applied in global markets such as bakery, meat, pharmaceuticals and medical devices, home and personal care, packaging, automotive, coatings and coating resins. Its products have a differentiating functionality in all kinds of consumer products worldwide. In 2012, Corbion generated annual sales of €753 million and had a workforce of 1,800 employees. Corbion is listed on NYSE Euronext Amsterdam. For more information: www.corbion.com