Corbion full year 2018 results

Corbion full year 2018 results

Corbion reported net sales of € 897.2 million in 2018. Organic net sales growth was 3.7% for the year. EBITDA excluding one-off items in 2018 decreased by 19.8% to € 131.6 million, mostly due to the acquisition of the TerraVia assets and a negative currency impact. The company proposes to distribute a regular dividend of € 0.56 per share.

"I am encouraged to see Corbion growing at a significantly higher pace than in previous years while we are starting to deliver on long-term innovations such as bioplastics. Our top-line performance in Ingredient Solutions was slightly below our ambition level, mostly due to the slower than anticipated recovery in Bakery. Growth across all other segments was satisfactory. We were not immune to the inflationary pressures in the second half of the year and have started to take pricing actions to address this. In Innovation Platforms we significantly grew our sales to the Total Corbion PLA joint venture, which commissioned its plant on time and within budget - a significant achievement of which we are all very proud," commented Tjerk de Ruiter, CEO.

Key financial highlights FY 2018*:

  • Net sales growth was 0.6%; organic sales growth was 3.7%; volume growth was 8.6%
  • EBITDA excluding one-off items was € 131.6 million, an organic decrease of 5.4%
  • EBITDA margin before one-off items was 14.7% (2017: 18.4%)
  • One-off items at EBITDA level of € -2.1 million
  • Operating result was € 87.9 million, an organic decrease of 8.2%
  • Free cash flow was € 11.9 million (2017: € 24.2 million)
  • Net debt/EBITDA at year-end was 1.6x (year-end 2017: 1.0x)
€ million FY 2018 FY 2017 Total growth Organic growth
Net sales 897.2 891.7 0.6% 3.7%
EBITDA excluding one-off items 131.6 164.1 -19.8% -5.4%
EBITDA margin excluding one-off items 14.7% 18.4%    
Operating result 87.9 122.3 -28.1% -8.2%
ROCE 11.0% 17.4%    

* For non-GAAP definitions see page 22

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