Corbion full year 2017 results

Corbion reported net sales of € 891.7 million in 2017, a decrease of 2.2% compared to 2016.
Organic net sales growth in Q4 was 0.4%. EBITDA excluding one-off items in 2017 decreased by 3.5% to € 164.1 million. The company proposes to distribute a regular dividend of € 0.56 per share.

"I am pleased to see the positive sales momentum continuing in Ingredient Solutions in the second half of 2017. Our performance in 2017 was satisfactory except for the volume developments in Bakery. Growth in Meat and Biochemicals was encouraging. We accelerated our efforts in Innovation Platforms with the establishment of the Total Corbion PLA joint venture, and the acquisition of an algae ingredients platform. In November we presented our 'Creating Sustainable Growth' strategy for the 2018-2021 period", comments Tjerk de Ruiter, CEO.

Key financial highlights FY 2017*:

  • Net sales organic growth was -0.4%; volume growth was -1.9%
  • EBITDA excluding one-off items was € 164.1 million (€ 167.0 million excluding € -2.9 million impact of the TerraVia acquisition in Q4)
  • EBITDA margin before one-off items was 18.4% (2016: 18.7%)
  • One-off items at EBITDA level of € 6.4 million
  • Operating result was € 122.3 million, an organic decrease of 2.4%
  • Free cash flow was € 24.2 million (2016: €72.1 million). The decline is mostly due to the newly founded Total Corbion PLA joint venture and the acquired TerraVia assets
     
  • Net debt/EBITDA at year-end was 1.0x (year-end 2016: 0.6x)
€ million FY 2017 FY 2016 Total growth Organic growth
Net sales 891.7 911.3 -2.2% -0.4%
EBITDA excluding one-off items 164.1 170.1 -3.5% -2.3%
EBITDA margin excluding one-off items 18.4% 18.7%    
Operating result 122.3 126.9 -3.6% -2.4%
ROCE 17.4% 20.6%    

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