Corbion: Q1-2021 Interim Management Statement

Amsterdam / NL. (cb) Corbion reported organic net sales growth of 9.5 percent. Total net sales were EUR 251.5 million in the first quarter of 2021. Adjusted Ebitda increased organically by 14.0 percent to EUR 43.9 million due to improvements in all business segments. We increase our full year organic growth outlook.

«I am very pleased with the strong start that we have made to 2021, continuing the positive momentum that we developed in the first year of our Advance 2025 strategy. We have seen continued strong demand in Sustainable Food Solutions, despite Q1 2020 having been positively impacted by the onset of the Covid-19 pandemic. Growth in Lactic Acid + Specialties was modest in Q1 2021, mostly due to phasing; we expect significantly stronger growth in the coming quarters. Growth in Incubator accelerated from last year due to better traction in the aquaculture sector, putting us on track for break-even for the omega-3 activities by 2022. The Total Corbion PLA joint venture continued on its rapid expansion path, again featuring double digit growth. We are making good progress on our strategic initiatives such as capacity expansions and organizational capability building. We expect the organic sales growth outlook for all three units to remain strong for the year. We now anticipate organic sales growth for our core activities in 2021 in the 7-10 percent range, above our multi-year guidance», commented Olivier Rigaud, CEO.

Key financial highlights first quarter of 2021

  • Net sales growth was -1.9 percent; organic growth was 9.5 percent (10.7 percent for core activities).
  • Adjusted Ebitda was EUR 43.9 million, an organic increase of 14.0 percent.
  • Adjusted Ebitda margin was 17.5 percent (17.4 percent for core activities).
  • Operating result was EUR 58.8 million.
  • One-off result after taxes impact of EUR 29.7 million due to sale of plot of land in the municipality of Breda (NL) and our frozen dough activities (US).