Corbion first half 2018 results

Corbion reported H1 2018 sales of € 439.2 million, a decrease of 4.9% compared to H1 2017, entirely due to negative currency effects. Organic sales growth was 3.1%. EBITDA excluding one-off items in H1 2018 decreased by 19.0% to € 71.5 million due to negative currency effects and the inclusion of the Algae Ingredients business. Organic EBITDA excluding one-off items increased by 1.2% in H1 2018.

 "I am happy to report that we have seen a continuation of improving organic sales growth rates in our Food business segment which returned to growth in Q2 after a challenging period. In the first half year, Corbion performed within the sales growth rate target bandwidth of our Creating Sustainable Growth strategy. Margins in Ingredient Solutions remained at a healthy level of around 20%. As expected, our profitability in Innovation Platforms is adversely impacted by the inclusion of the newly acquired Algae Ingredients business which is in an early stage of development. We believe that this platform offers many exciting growth opportunities for Corbion, leveraging our expertise of running industrial scale organic acid operations", comments Tjerk de Ruiter, CEO.

Key financial highlights first half of 2018*:

  • Net sales organic growth was 3.1%; volume growth was 6.6%
  • EBITDA excluding one-off items was € 71.5 million (H1 2017: € 88.3 million)
  • EBITDA margin before one-off items was 16.3% (H1 2017: 19.1%)
  • One-off items at EBITDA level of € -1.8 million
  • Operating result was € 50.2 million
  • Free cash flow was € -16.3 million (H1 2017: €2.3 million). The decline is mostly due to investments in the Total Corbion PLA and SB Renewable Oils joint ventures
  • Net debt/EBITDA at half year end was 1.8x (year-end 2017: 1.0x)


€ million YTD 2018 YTD 2017 Total growth Organic growth
Net sales 439.2 461.9 -4.9% 3.1%
EBITDA excluding one-off items 71.5 88.3 -19.0% 1.2%
EBITDA margin excluding one-off items 16.3% 19.1%    
Operating result 50.2 73.1 -31.3% -7.7%
ROCE 13.0% 21.4%    

*For Non-GAAP definitions see page 21


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