Corbion first half 2020 results

Corbion reported sales of € 492.2 million in the first half of 2020, an increase of 4.3% due to organic net sales growth of 4.0% and positive currency effects. Organic net sales growth in Core activities was 5.3%. Adjusted EBITDA increased organically by 16.9% to € 83.8 million due to improvements in all business segments.

“The Covid-19 pandemic has had a profound impact throughout the first half of 2020. I am therefore particularly proud of the Corbion teams’ dedication and execution excellence to drive sales and profit growth in the first half while all our plants continued to operate in uncertain and challenging times. Our priorities were and still are clear: protecting the health and safety of our people while supporting business continuity for our customers and executing on the Advance 2025 strategy we set out in March. In Sustainable Food Solutions, next to pantry loading, we saw our customers securing supplies as much as possible in March. As supply chains held firm in the subsequent weeks, our customers proceeded to bring inventories down to pre-crisis levels in the second quarter. In Lactic Acid & Specialties, we experienced some adverse COVID-19 impact in certain markets such as Biopolymers. However, we saw good growth driven by positive developments in PLA and the electronics segment. The Total Corbion PLA joint venture is going from strength to strength.”, commented Olivier Rigaud, CEO.

Key financial highlights first half of 2020*

  1. Net sales organic growth was 4.0%; organic growth in core activities was 5.3%
  2. Adjusted EBITDA was € 83.8 million (H1 2019: € 71.4 million), an organic increase of 16.9%
  3. Adjusted EBITDA margin was 17.0% (H1 2019: 15.1%); adjusted EBITDA margin for core activities was 17.3% (H1 2019: 15.4%)
  4. Adjustments at EBITDA level of € -5.8 million
  5. Operating result was € 45.7 million (H1 2019: 46.4 million)
  6. Free cash flow was € -12.7 million (H1 2019: € -29.3 million)
  7. Net debt/EBITDA at end H1 was 2.0x (year-end 2019: 2.0x)
€ million Corbion Total Company YTD 2020 YTD 2019 Total growth Organic growth
Net sales 492.2 471.9 4.3% 4.0%
Adjusted EBITDA 83.8 71.4 17.4% 16.9%
Adjusted EBITDA margin 17.0% 15.1%    
Operating result 45.7 46.4 -1.5% -1.3%
ROCE 13.6% 10.8%    


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