Corbion Q1 2017 Interim Management Statement

Corbion reported sales of € 229.9 million in the first quarter of 2017, an increase of 0.7%. Organic sales growth was -2.3%, mostly due to a volume decrease in Food, partly offset by an increase in Biochemicals. EBITDA excluding one-off items increased by 9.4% to € 47.8 million.

"The start of the year has been encouraging in all segments, except for Bakery, which fell short of our expectations. Profitability exceeded expectations as mix improvements continued to push underlying margins higher. The PLA joint venture with Total became operational in early March", commented Tjerk de Ruiter, CEO.
 

Key financial highlights first quarter of 2017:

  • Net sales organic growth was -2.3%; volume growth was -2.9%
  • EBITDA before one-off items was € 47.8 million, an organic increase of 5.1%
  • EBITDA margin before one-off items was 20.8%
  • Positive one-off items of € 5.3 million related to the establishment of the PLA joint-venture with Total
  • Operating result was € 41.0 million, an organic increase of 28.6%

Key figures

€ million Q1 2017 Q1 2016 Total growth Organic growth
Net sales 229.9 228.3 0.7% -2.3%
EBITDA excluding one-off items 47.8 43.7 9.4% 5.1%
EBITDA margin excluding one-off items 20.8% 19.1%    
Operating result 41.0 30.8 33.1% 28.6%

 

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