financiële
verslaglegging
ingredient solutions
&
innovation platforms
Anouk Ummels (548336)
Justin Prins (633157)
Camiel Groot (629327)
Nancy Huizer
dhr. Schilstra &
dhr. de Laat
OE10a
BSF106
Business Studies Voltijd
25-01-2019
, integrale bedrijfsanalyse
Corbion N.V.
Ingredient solutions
Innovation platforms
Opdrachtgever Corbion N.V.
Adres Piet Heinkade 127
Postcode 1019 GM
Plaats Amsterdam
Auteurs Anouk Ummels (548336)
Justin Prins (633157)
Camiel Groot (629327)
PCM Nancy Huizer
Docent/beoordelaar dhr. Schilstra & dhr. de Laat
Onderwijseenheid OE10a
Klas BSF106
Studiejaar 1
Opleiding Business Studies Voltijd
Onderwijsinstelling Hogeschool InHolland
Adres Bijdorplaan 15
Postcode 2015 CE
Plaats Haarlem 1
Inleverdatum 25-01-2019
,Executive summary
This report is an integral analysis of Corbion N.V. The company is global market leader in the
field of emulsifiers, minerals & vitamins. The main goal of Corbion is to look for innovative
solutions to ‘create a better world’.
The analysis of the Ashridge mission model and 7s’-model showed that, as previously
mentioned, Corbion’s main goal is to improve the quality of life for generations to come. The
company tries to achieve this by operating in innovative and sustainable ways and by causing
as little pollution as possible. Both models also showed us that the shared values of Corbion
are partnership, passion and achievement. All employees use their knowledge, expertise and
extraordinary dedication to respond to the ever-changing demands of today’s market.
In addition, Corbion finds it extremely important to treat every stakeholder with respect and
wishes to build and maintain strong relationships with its business partners.
Corbion was built upon a two-tier company structure with as direct & proactive management
as possible, with end responsibilities lying with managers.
The business analysis consists of a fundamental analysis, a turnover & profit analysis and an
industry analysis leading up to and partially including 2018.
In the fundamental analysis it becomes clear that Corbion’s solvency exceeds required
minimums with a staggering 59 percent. Corbion is easily able to pay the interest costs with
their net result, leading to banks being able to provide loans worry-free.
To measure liquidity, use is made of the current and quick-ratio. Corbion’s current ratio is not
dangerously low, but it could certainly be improved. Corbion’s quick ratio, on the other hand,
exceeds minimum requirements, resulting in the company being considered liquid.
When taking a look at the rest of Corbion’s figures, things are also going well for the
company; their turnover is expected to increase through investments and the company adds
value with its fixed assets. Corbion is also capable of financing their fixed assets with long-
term loan capital. Corbion’s profit however, has seen a decreasing increase over the years. If
this trend continues, the company could be looking at severe yearly losses.
The company has invested in a Thai joint-venture with Total for 2018, in which both
companies will work together to produce biodegradable plastics. Corbion’s decision to sell the
bakery activities was strategically strong; in the BCG-matrix that was made, it emerges that
Corbion’s ‘food’ department belongs in the Cash Cow phase, meaning that the market share
is still high, however there’s no growth to be seen. The company’s ‘bio chemicals’ department
however, is currently rising in growth and is therefore expected to become a Star within the
next few years.
Corporate Social Responsibility (CSR), is one of Corbion’s biggest strengths and opportunities.
Because the entire market is increasingly beginning to find it important that products are
produced and offered in a sustainable manner, it’s assumed that turnover in regards to CSR-
activities will see an increase aswell.
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, After comparing all analysis, a forecast was made for 2018 and 2019. Predicted was that
external costs and personnel costs would see somewhat of a rise, with depreciations
decreasing. Because of that, Corbion’s operating result would rise, together with the net
profit.
Through the financial publications of Corbion over the first, second and third quarter of 2018
we can clearly see that our forecast wasn’t completely right. In fact, the operating result
never saw a rise and neither did the net profit.
Biochemicals did not generate a higher turnover, but instead, innovation platforms did. In
addition to this, the joint-venture in Thailand did not ensure that 2018 turnover went up, it
resulted in the turnover dropping a little. However, the joint-venture will still lead to an
increase of sales and turnover in the upcoming years.
The company’s gross profit and operating result in the first three quarters of 2018 were
actually pretty disappointing; gross profit saw a decrease of 19,6 percent and the operating
result fell by 29,3 percent. The changes mentioned above have led to staff costs, external
costs and depreciations being a lot higher than was initially expected.
In the SWOT-analysis, most important strengths, weaknesses, possibilities and threats for
Corbion were recorded. Corbion’s greatest opportunity is the increasing demand for
sustainable products. Because of this development, biochemicals could come out of the Cash
Cow phase and become a Star. A major threat to Corbion is the outbreak of a new economic
crisis.
Corbion has good solvency and is global market leader in the production and development of
lactid acids. At the moment of an economic crisis breaking out, it is completely up to Corbion
to keep those two points as their strong ones. Since it is a weakness that Corbion’s turnover
and profit are tied to the business cycle, Corbion could have problems with keeping their
solvency strong in economic downtimes.
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