Corbion Q3 2017 interim management statement

  

Corbion reported sales of € 680.5 million in the first nine months of 2017, a decrease of 0.7% compared to the same period in 2016, while organic sales growth in Q3 was flat. EBITDA excluding one-off items in the first nine months decreased by 3.6% to € 129.9 million.

"I am pleased to see the positive momentum continuing with a return to organic sales growth in Biobased Ingredients in the third quarter. We keep our focus on sales recovery in Bakery and expect further gradual improvements to our organic sales growth in Biobased Ingredients. Our EBITDA profitability remains well above our target level of 18%, despite the higher sugar input costs," comments Tjerk de Ruiter, CEO.

Key financial highlights first nine months of 2017:

  • Net sales organic growth YTD was -0.6%; volume growth was -1.3%
  • EBITDA excluding one-off items YTD was € 129.9 million, an organic decrease of 6.0%
  • EBITDA margin excluding one-off items YTD was 19.1%
  • One-off items at EBITDA level of € 5.5 million, mostly in connection with the newly founded Total Corbion PLA joint venture
  • Operating result YTD was € 102.5 million, an organic increase of 7.7%
  • The € 25 million share buyback program was finalized on 18 September 2017
  • Acquisition of most of TerraVia assets finalized on 29 September 2017
€ million YTD 2017 YTD 2016 Total growth Organic growth
Net sales 680.5 685.2 -0.7% -0.6%
EBITDA excluding one-off items 129.9 134.8 -3.6% -6.0%
EBITDA margin excluding one-off items 19.1% 19.7%    
Operating result 102.5 93.1 10.1% 7.7%

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