Corbion Q3 2019 Interim Management Statement

Corbion reported sales of € 728.9 million in the first nine months of 2019, an increase of 9.4% compared to the first nine months of 2018. Organic sales growth was 2.8%. Adjusted EBITDA in the first nine months increased organically by 5.8% to € 112.1 million.

"Quarter three is my first quarter as CEO, and I am happy to see a combination of organic sales growth in excess of 6% and healthy EBITDA growth. Growth was driven by continued improvements in Food, particularly by natural preservation solutions in Meat, and strong momentum in PLA-related sales. However, in Biochemicals we continued to see weakness in Electronics, and Algae Ingredients are behind our expectation despite significant growth in the quarter. As a consequence, we have to slightly downward adjust our full-year net sales outlook. In the past few months I have visited all the Corbion locations and met most of our people around the world. This further strengthened my excitement about the future of our company", commented Olivier Rigaud, CEO.

Key financial highlights first nine months of 2019

  • Net sales organic growth YTD was 2.8%
  • Adjusted EBITDA YTD was € 112.1 million, an organic increase of 5.8%
  • Adjusted EBITDA margin YTD was 15.4%
  • One-off items at EBITDA level of € 3.0 million
  • Operating result YTD was € 71.4 million, an organic increase of 2.3%
€ millionYTD 2019YTD 2018Total growthOrganic growth
Net sales728.9666.49.4%2.8%
Adjusted EBITDA112.1104.47.4%5.8%
Adjusted EBITDA margin 15.4%15.7%  
Operating result71.472.5-1.5%2.3%


Background information:

Corbion is the global market leader in lactic acid, lactic acid derivatives, and a leading company in emulsifiers, functional enzyme blends, minerals, vitamins and algae ingredients. We develop sustainable ingredient solutions to improve the quality of life for people today and for future generations. For over 100 years, we have been uncompromising in our commitment to safety, quality, innovation and performance. Drawing on our deep application and product knowledge, we work side-by-side with customers to make our cutting edge technologies work for them. Our solutions help differentiate products in markets such as food, home & personal care, animal nutrition, pharmaceuticals, medical devices, and bioplastics. In 2018, Corbion generated annual sales of € 897.2 million and had a workforce of 2,040 FTE. Corbion is listed on Euronext Amsterdam.  For more information: www.corbion.com

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