Corbion: Q1-2022 Interim Management Statement

Amsterdam / NL. (cb) Dutch Corbion NV reported net sales of EUR 320.1 million in the first quarter of 2022, driven by organic net sales growth of 20.2 percent and positive currency effects. Adjusted Ebitda decreased by 8.9 percent to EUR 40.0 million.

«Following last year’s unprecedented increases in input costs, our necessary pricing initiatives are beginning to bear fruit. Price increases are clearly reflected in our higher organic net sales growth. Profit margins are recovering from the lows in the second half of 2021. Given the high inflationary environment, we are currently prioritizing price increases and product mix improvements. At the same time we continue to drive operational efficiencies. We remain confident about our future growth prospects as we continue to invest in capacity expansion. The construction of our new lactic acid plant in Thailand is progressing well and is on schedule. Even though Corbion’s direct exposure to either Ukraine or Russia is negligible, the conflict introduced further input cost volatility to which we respond via our flexible quarterly contract structure. Building on the first quarter performance, we are on track to improve our absolute Adjusted Ebitda for the year», commented Olivier Rigaud, CEO.

Key financial highlights first quarter of 2022

  • Net sales growth was 27.3 percent; organic growth was 20.2 percent (19.6 percent for core activities)
  • Adjusted Ebitda was EUR 40.0 million, a decrease of 8.9 percent
  • Adjusted Ebitda margin was 12.5 percent (12.6 percent for core activities)
  • Adjustments on Operating result were EUR 7.5 million (Q1 2021: EUR 29.7 million), which included a EUR 9.0 million book profit on the sale of a warehouse in Totowa (US). Q1 2021 included the book profits on the sale of a Dutch plot of land and the divestment of the Frozen dough activities
  • Operating result was EUR 30.2 million
EUR in million YTD 2022 YTD 2021 Total growth Organic growth
Net sales 320.1 251.5 27.3 percent 20.2 percent
Adjusted Ebitda 40.0 43.9 -8.9 percent -14.8 percent
Adjusted Ebitda margin 12.5 percent 17.5 percent
Operating result 30.2 58.8 -48.6 percent -54.3 percent