Corbion full year 2019 results

Corbion reported net sales of € 976.4 million in 2019. Organic net sales growth was 2.5% for
the year. Adjusted EBITDA in 2019 increased organically by 7.8% to € 145.9 million. These results are in line with the earlier management update of 29 January 2020. The company proposes to distribute a regular dividend of € 0.56 per share.

Olivier Rigaud, CEO, commented: “Looking back at 2019, I am pleased with the strong fourth quarter as we saw a further acceleration of organic growth. These results are in line with the earlier management update of 29 January 2020. Our FY 2019 results exceeded our management guidance of October 2019 for Ingredient Solutions, while Innovation Platforms performed as expected. Today we are excited to present our Advance 2025 strategy which talks about our vision for the Corbion future including the outlook for 2020.”

Key financial highlights FY 2019:

• Net sales organic growth was 2.5%; volume growth was 3.4%
• Adjusted EBITDA was € 145.9 million (FY 2018: € 131.6 million), an organic increase of 7.8% (including 6.1% positive effect from IFRS 16 implementation)
• Adjusted EBITDA margin was 14.9% (FY 2018: 14.7%)
• Adjustments at EBITDA level of € +18.4 million
• Impairment of € 41.4 million related to our Algae business
• Operating result was € 61.3 million (FY 2018: 87.9 million)
• Free cash flow was € 9.6 million (FY 2018: € 11.9 million); the decline is mostly due to the acquisition of Granotec do Brazil (25 April 2019)
• Net debt/EBITDA at year-end was 2.0x (year-end 2018: 1.6x)

Attachment

• 20190309 Corbion FY2019 PR final ENG