Corbion full year 2016 results

Corbion reported sales of € 911.3 million in 2016, a decrease of 0.8%. Organic sales growth was -1.2%. EBITDA excluding one-off items grew by 13.2% in 2016. In Q4 2016 sales were € 226.1 million, a decrease of 1.9%. Q4 2016 EBITDA excluding one-off items increased by 6.3%. The company proposes to distribute a regular dividend of € 0.56 per share, an additional cash dividend of € 0.44 per share, and a new share buyback of € 25 million.

"In 2016 we continued to make good progress in executing our strategy and we are well on track to deliver on our 2015-2018 targets. In the past year we have made strategic choices involving our customer and product portfolios. These choices resulted in a significant margin improvement, but at the same time had an adverse, albeit temporary, impact on our top-line growth in the year. For 2017, we are confident top-line growth will return to our guidance range. A notable highlight in the second half of the year was the announcement of the PLA joint venture together with Total, a market leader with technical and marketing expertise and a leading position in polymers," commented Tjerk de Ruiter, CEO.

Key financial highlights FY 2016

  • Net sales organic growth was -1.2%; volume growth was -1.2%
  • EBITDA excluding one-off items was € 170.1 million, an organic increase of 13.8%
  • EBITDA margin excluding one-off items was 18.7%, up from 16.4%
  • "Streamline" contributed € 20 million to EBITDA (2015: € 15 million)
  • One-off items at EBITDA level of € -3.2 million in 2016, mostly in connection with the closure of our Kansas powder blending plant, partly offset by the sale of the Breddo-Likwifier activities
  • Operating result was € 126.9 million, an organic increase of 17.5%
  • Free cash flow was € 72.1 million (2015: € 55.2 million)
  • Net debt/EBITDA at year-end was 0.6x (2015: 0.4x)
  • Our € 50 million share-buyback program was finalized on 28 October 2016.
   Key figures

€ million FY 2016 FY 2015 Total growth Organic growth
Net sales 911.3 918.3 -0.8% -1.2%
EBITDA excluding one-off items 170.1 150.3 13.2% 13.8%
EBITDA margin excluding one-off items 18.7% 16.4%    
Operating result 126.9 108.6 16.9% 17.5%
ROCE 20.6% 19.2%    


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