Corbion reported H1 2017 sales of € 461.9 million, an increase of 1.4% compared to H1 2016.Organic sales growth was -0.9%, mostly due to lower volumes in Bakery. EBITDA excluding one-off items in H1 2017 decreased by 1.7% to € 88.3 million. Organic EBITDA has declined by 6.2% in H1 2017. "Top-line development in the first half of the year fell short of our ambition level, mainly due to a shortfall in Bakery. The first results of our actions to recover sales in Bakery became visible in the course of the second quarter. Based on this, and the positive developments in other parts of the business, we are optimistic about our top-line performance in the second half of the year. As expected, our margins in the second quarter were adversely affected by rising sugar prices. The PLA joint venture with Total became operational in early March, and plant construction is well underway and on schedule", comments Tjerk de Ruiter, CEO.
Key financial highlights first half of 2017*:
- Net sales organic growth YTD was -0.9%; volume growth was -1.6%
- EBITDA before one-off items YTD was € 88.3 million, an organic decrease of 6.2%
- EBITDA margin before one-off items YTD was 19.1%
- One-off items at EBITDA level of € 6.0 million, mostly in connection with the newly founded Total Corbion PLA joint venture
- Operating result YTD was € 73.1 million, an organic increase of 10.8%
- Free cash flow was YTD € 2.3 million
- Net debt/EBITDA at half year-end was 0.9x (year-end 2016: 0.6x)
- We commenced our € 25 million share buyback program on 18 April 2017. By the end of H1 the total buyback amount was € 12.8 million. The program will be completed before year-end.
| € million | YTD 2017 | YTD 2016 | Total growth | Organic growth |
| Net sales | 461.9 | 455.7 | 1.4% | -0.9% |
| EBITDA excluding one-off items | 88.3 | 89.8 | -1.7% | -6.2% |
| EBITDA margin excluding one-off items | 19.1% | 19.7% | | |
| Operating result | 73.1 | 63.4 | 15.3% | 10.8% |
| ROCE | 21.4% | 23.2% | | |
* For Non-GAAP definitions see page 19