Corbion full year 2020 results


Corbion reported net sales of € 986.5 million in 2020. Organic net sales growth was 5.6% for
the year. Adjusted EBITDA in 2020 increased organically by 13.4% to € 158.8 million. The company proposes to distribute a regular cash dividend of € 0.56 per share.

Olivier Rigaud, CEO, commented: “2020 has been a remarkable year. Following the presentation of our strategy, Advance 2025, in March, most of the world went into lockdown and our priorities became: safeguarding the health of our colleagues, securing supplies, and ensuring that our customers would continue to get their deliveries on time and in full. This resulted into a strong business performance: Organically, our core business grew by 7% for the full year - at the top end of our guidance range - and ended with very strong growth of 11% in Q4. The EBITDA margin development in 2020 was more favorable than initially forecast principally due to a significant decline in travel costs and a delay in the planned organizational expansion to meet future needs. Both were COVID-19 related. We are proud to have been awarded the highest CDP rating ‘A’ on climate change, confirming our commitment to more environmental transparency and action. I am very happy with the strong delivery and resilience of all our employees, and in recognition of their extraordinary performance, we have awarded them an additional one-off bonus in Q4. Although COVID-19 remains a significant factor of uncertainty, given our growth dynamic, combined with an improved pipeline, we look confidently towards the future.”

Key financial highlights FY 2020*:

  • Net sales organic growth was 5.6%. Core net sales organic growth: 7.0%
  • Adjusted EBITDA was € 158.8 million (FY 2019: € 145.9 million; organic increase: 13.4%)
  • Adjusted EBITDA margin was 16.1% (FY 2019: 14.9%)
  • Operating result was € 104.1 million (FY 2019: € 61.3 million)
  • Free cash flow was € 32.1 million (FY 2019: € 9.6 million)
  • Net debt/EBITDA at year-end was 1.7x (year-end 2019: 2.0x)
  • Post-balance sheet events: In January 2021 the sale of our land in the municipality of Breda (NL) and our frozen dough activities (US) were finalized
€ millionFY 2020FY 2019Total growthOrganic growth
Net sales986.5976.41.0%5.6%
Adjusted EBITDA158.8145.98.8%13.4%
Adjusted EBITDA margin 16.1%14.9%  
Operating result104.161.369.8%76.0%
ROCE12.9%9.9%  



Attachment


View all Corbion Press releases

 

 

 

  1. Please tell us your name

  2. Please tell us which company you work for

  3. Please provide your email address

    Please enter a valid email address

  4. Please tell us the country you work in

  5. Please inform us about your area of interest

  6. Please tell us what you are looking for or how we can help you.

  7. Please tell us how you heard about us

  8. Please type in the numbers to verify you are a real person

    Please verify that the numbers you entered are correct.