Corbion Q3 2018 Interim Management Statement

Corbion reported sales of € 666.4 million in the first nine months of 2018, a decrease of 2.1% compared to the first nine months of 2017, entirely due to negative currency effects. Organic sales growth was 2.8%. EBITDA excluding one-off items in the first nine months decreased organically by 1.1% to € 104.4 million.

"I am pleased to see our Ingredients Solutions business as well as Innovation Platforms continue to improve their top-line organic growth performance. Our EBITDA margins were affected by the investments in our Algae Ingredients platform, an adverse business mix, and higher input costs, particularly in Food. Profitability in Biochemicals continued to improve. Commissioning of the Total Corbion PLA joint venture plant is progressing well", comments Tjerk de Ruiter, CEO.

Key financial highlights first nine months of 2018

  • Net sales organic growth YTD was 2.8%
  • EBITDA excluding one-off items YTD was € 104.4 million, an organic decrease of 1.1%
  • EBITDA margin excluding one-off items YTD was 15.7%
  • One-off items at EBITDA level of € -1.7 million
  • Operating result YTD was € 72.5 million

             

€ million YTD 2018 YTD 2017 Total growth Organic growth
Net sales 666.4 680.5 -2.1% 2.8%
EBITDA excluding one-off items 104.4 129.9 -19.6% -1.1%
EBITDA margin excluding one-off items 15.7% 19.1%    
Operating result 72.5 102.5 -29.3% -6.0%


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