Corbion reported sales of € 685.2 million in the first nine months of 2016, a decrease of 0.4%.
Organic sales growth was -0.2%, driven by volume declines partially offset by improvements in price/mix. EBITDA excluding one-off items increased by 15.1% to € 134.8 million.
"Our profitability increased substantially, driven by a combination of business mix improvements, cost savings, and lower input costs. However, our top-line growth in Q3 was clearly below our ambition level. Growth is negatively affected by our process of improving the portfolio profitability and the adverse effects of customer consolidation. We anticipate these effects to be of a temporary nature, and remain confident that we will achieve our multi-year guidance", comments Tjerk de Ruiter, CEO.
Key financial highlights first nine months of 2016
· Net sales organic growth YTD was -0.2%; volume growth was -0.8%
· EBITDA before one-off items YTD was € 134.8 million, an organic increase of 16.2%
· EBITDA margin before one-off items was 19.7% YTD
· Our productivity improvement program Streamline contributed € 14.8 million to EBITDA YTD (2015 YTD: € 11.0 million). Streamline has been completed and the target savings have been reached
· One-off items of € -2.1 million in Q3 in connection with the powder blending plant consolidation in the US
· We commenced our € 50 million share buyback program on 21 March 2016. By the end of September the total buyback amount was € 43.7 million