Corbion NV: announces full year 2022 results

Amsterdam / NL. (cb) Corbion NV published its annual results for the year ending 31 December. FY-2022 key highlights include:

  • Total net sales growth of 36.2 percent at EUR 1,457.9 million (FY 2021: EUR 1,070.8 million)
  • Organic net sales growth of 24.6 percent. Core organic net sales growth: 24.3 percent.
  • Adjusted Ebitda was EUR 184.4 million (FY 2021: EUR 135.8 million; organic increase: 17.9 percent)
  • Operating result was EUR 110.8 million (FY 2021: EUR 82.0 million)
  • Free cash flow was EUR -160.1 million (FY 2021: EUR -97.0 million)
  • Covenant net debt/covenant Ebitda reduced to 3.0x (H1 2022: 3.3x)
  • Proposed regular cash dividend of EUR 0.56 per share
  • Advance 2025 strategy implementation and updated objectives remain on track
  • Near-term guidance and medium targets are unchanged
EUR in million YTD 2022 YTD 2021 Total growth Organic growth
Net sales 1,457.9 1,070.8 36.2% 24.6%
Adjusted Ebitda 184.4 135.8 35.8% 17.9%
Adjusted Ebitda margin 12.6% 12.7%
Operating result 110.8 82.0 35.1% 18.1%
ROCE 9.6% 9.6%

Commenting on the results, CEO Olivier Rigaud said: «We are proud to have delivered strong growth in both sales and Ebitda during a period of unprecedented cost inflation and supply chain disruptions. Our full-year organic sales growth of 24.6 percent and organic Adjusted Ebitda growth of 17.9 percent demonstrate the strong potential of our strategy and excellence of execution. We successfully increased prices to compensate for additional input costs and delivered a volume/mix growth in the core business of 5.6 percent, despite the previously highlighted slowdown in the PLA market. Algae Ingredients continued its strong growth dynamics. We have made substantial progress in our sustainability efforts during 2022 and by the end of the year our more ambitious emission reduction targets have been validated by the Science Based Target Initiative (SBTi). The new reduction goals align with the ambition to limit average global temperature rise to 1.5°C. Our strategy to drive sustainable growth is showing results, and we are confident achieving our updated Advance 2025 initiatives and targets.»

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