Corbion Q1 2019 Interim Management Statement

Corbion reported sales of € 228.9 million in the first quarter of 2019, an increase of 7.5% due to organic sales growth of 1.5% and currency effects. Adjusted EBITDA decreased organically by 6.7% to € 34.9 million due to higher losses in Innovation Platforms.

"One of our key priorities going into 2019 was to address the input cost increases that negatively affected our margins in the 2nd half of last year. I am happy to see that our measures have proven successful resulting in improved margins compared to H2 2018. It is also encouraging to see that Bakery returned to growth in Q1. The anticipated decline in Biochemicals was mostly due to phasing, and we expect the Biochemicals sales growth rate to recover in the quarters to come. This was the first full operating quarter of our PLA joint venture plant and we are optimistic on the progress there", commented Tjerk de Ruiter, CEO.

Key financial highlights first quarter of 2019

  • Net sales organic growth was 1.5%; volume growth was 6.3%
  • Adjusted EBITDA was € 34.9 million, an organic decrease of 6.7%
  • Adjusted EBITDA margin was 15.2% (20.9% for Ingredient Solutions)
  • Operating result was € 20.1 million, an organic decrease of 24.3%
€ million YTD 2019 YTD 2018 Total growth Organic growth
Net sales 228.9 213.0 7.5% 1.5%
Adjusted EBITDA* 34.9 38.6 -9.6% -6.7%
Adjusted EBITDA margin* 15.2% 18.1%    
Operating result 20.1 30.0 -33.0% -24.3%

*Adjusted EBITDA (margin) has replaced EBITDA (margin) excluding one-off items. Definitions are unchanged.

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