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Corbion N : Presentation KPMG
May 16, 2024 at 03:05 pm EDT
01. Our reports
Financial statements
Auditor's report on consolidated and parent company financial statements (reasonable assurance)
Our opinion: unqualified
Management report and other information
Selected sustainability indicators
Limited assurance
Our opinion: unqualified
05. Communication
Frequent communication with management and the Audit Committee of the Supervisory Board
We discussed our audit plan and audit observations with the Audit Committee on a periodic basis.
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04. Specific audit response
Fraud
Non-compliance with laws and regulations
Going concern
Climate-related risks
02. Materiality
Materiality of EUR 5.5 million (2022: EUR 5.8 million)
3.1% of EBITDA (2022: 5% of profit before income tax from continuing operations)
Misstatements in excess of EUR 275 thousand have been reported to the Supervisory Board
03. Group audit
In total, 12 components identified (all audited by KPMG)
For 7 components, the complete set of financial information was audited
For 5 components, specifically identified accounts were audited
Total coverage of 94% over revenue and 97% over total assets
© 2024 KPMG Accountants N.V., registered with the trade register in the Netherlands under number 33263683, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
Document Classification: KPMG Public
2
Key audit matter
Valuation of Algae ingredients business:
Reversal of impairment
Involvement of valuation specialists in the audit
Internal control observations
Not specifically assessed; part of the financial statements audit
IT controls relating to granting access to users, and the periodic review thereof
Estimates
Overall assessment of management's estimates
Balanced
Next year's audit
Change in scope and materiality expected due to the divestment of the Emulsifiers business
Limited assurance engagement on the company's non-financial information reporting in line with the Corporate Sustainability Reporting Directive that is effective from 2024
© 2024 KPMG a Dutch limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
Document Classification: KPMG Confidential
International Limited, a private English company limited by guarantee. All rights reserved.
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Corbion NV published this content on
16 May 2024 and is solely responsible for the information contained therein. Distributed by
Public , unedited and unaltered, on
16 May 2024 19:04:03 UTC .
Transcript : Corbion N.V., Q1 2024 Earnings Call, Apr 26, 2024
Apr. 26
Corbion N.V. announces an Equity Buyback for ?20 million worth of its shares.
Apr. 26
CI
Corbion N.V. authorizes a Buyback Plan.
Apr. 25
CI
Evotec Names First Chief People Officer
Apr. 17
MT
Corbion Appoints Barry Callebaut Chief Human Resources Officer to Same Role
Apr. 12
MT
Corbion Appoints Masha Vis-Mertens as Chief Human Resources Officer and Member of the Executive Committee as of 1 May 2024
Apr. 12
CI
Corbion Completes $362 Million Sale of Emulsifier Business to Kingswood Capital Management
Apr. 02
MT
Kingswood Capital Management, L.P. completed the acquisition of Emulsifiers business from Corbion N.V.
Apr. 01
CI
Corbion's Supervisory Board Nominates Potential CFO Successor
Mar. 06
MT
Corbion Announces Preliminary Results of New Study from Millennial Salmon Project
Mar. 03
CI
Transcript : Corbion N.V., 2023 Earnings Call, Mar 01, 2024
Mar. 01
Corbion N.V. Reports Earnings Results for the Full Year Ended December 31, 2023
Mar. 01
CI
Transcript : Corbion N.V. - Special Call
Jan. 31
Corbion to Sell Emulsifiers Business to Kingswood for $362 Million
Jan. 26
MT
Kingswood Capital Management, L.P. singed a binding agreement to acquire Emulsifiers business from Corbion N.V for $362 million.
Jan. 25
CI
U.S. Futures, European Stocks Rise as Tech-Driven Rally Boosts Sentiment
Jan. 19
DJ
Corbion Reaches Mechanical Completion of Circular Lactic Acid Manufacturing Plant in Thailand
Dec. 21
MT
Corbion Open to Proposed Strategic Alternatives Amid Shareholder Concerns; Stock Rises
Dec. 14
MT
US Futures Slip, European Stocks Mixed at Start of the Week
Nov. 27
DJ
Transcript : Corbion N.V., Q3 2023 Earnings Call, Oct 26, 2023
23-10-26
U.S. proxy solicitor Okapi forms alliance with Investor Update Ltd to expand abroad
23-09-07
RE
Phycom BV announced that it has received ?9 million in funding from Corbion N.V., Phase2.Earth, Invest-NL, Invest International BV
23-09-04
CI
US Futures Mixed, European Stocks Rise as Jackson Hole in Focus
23-08-21
DJ
Corbion N.V. acquired Vinegar production facility in Montgomery.
23-08-15
CI
Transcript : Corbion N.V., H1 2023 Earnings Call, Aug 10, 2023
23-08-10
Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
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Corbion N.V. is a food processing group organized around 3 families of products:
- bakery supplies (53.2% of net sales): No. 1 worldwide for ingredients, semi-finished products, and finished products intended for bakeries, pastry chefs, and large distribution chains;
- biochemical products (26.6%): lactic acid, gluconic acid, etc. (products marketed under the Purac name);
- algae-based ingredients (7.7%);
- other (12.5%).
Net sales are distributed geographically as follows: the Netherlands (2.7%), Europe/Middle East/Africa (19.3%), United States (45.3%), North America (3.2%), Asia (14.7%), and Latin America (14.8%).
More about the company
Last Close Price
20.38
EUR
Average target price
23.65
EUR
Spread / Average Target
+16.05%
Consensus
1st Jan change
Capi.
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