Corbion Q1 2018 Interim Management Statement

Corbion Q1 2018 Interim Management Statement

Corbion reported sales of € 213.0 million in the first quarter of 2018, a decrease of 7.4% due to currency effects. Organic sales growth was 2.5%, due to a strong increase in Biochemicals and Innovation Platforms. EBITDA excluding one-off items decreased by 19.2% to € 38.6 million due to currency effects and higher input costs.

"The start of the year saw a continued positive momentum with organic sales growth recovery in Ingredient Solutions, that has returned to the 2-4% target range. As anticipated, a weaker US dollar and negative raw material price effects have put pressure on our Ingredient Solutions EBITDA, nevertheless we were able to maintain a healthy margin in this business segment. We are experiencing improving market dynamics in bioplastic PLA, which is encouraging for the future development of our PLA joint venture plant, which is scheduled to open later this year.", commented Tjerk de Ruiter, CEO.

Key financial highlights first quarter of 2018

  • Net sales organic growth was 2.5%; volume growth was 2.3%
  • EBITDA before one-off items was € 38.6 million, an organic decrease of 1.4%
  • EBITDA margin before one-off items was 18.1%  (21.0% for Ingredient Solutions)
  • Positive one-off item of € 0.7 million related to a land sale in Italy
  • Operating result was € 30.0 million, an organic decrease of 9.0%
€ million YTD 2018 YTD 2017 Total growth Organic growth
Net sales 213.0 229.9 -7.4% 2.5%
EBITDA excluding one-off items 38.6 47.8 -19.2% -1.4%
EBITDA margin excluding one-off items 18.1% 20.8%    
Operating result 30.0 41.0 -26.8% -9.0%

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