Corbion: Q2-2021 Interim Management Statement

Amsterdam / NL. (cb) Corbion reported net sales of EUR 515.6 million in the first half of 2021, driven by organic net sales growth of 15.5 percent. Adjusted Ebitda in the first half of 2021 increased organically by 4.7 percent to EUR 77.1 million.

Olivier Rigaud, CEO, commented: «I’m very pleased with the record sales growth in all three business segments. In Sustainable Food Solutions we gained market share by maintaining uninterrupted operations and by successfully converting our commercial pipeline. In Lactic Acid + Specialties the continued growth in PLA has been driving sales. In Incubator, algae-based omega-3 is seeing increased market receptiveness. We are raising our organic sales growth outlook for 2021 to 12-15 percent for our core activities.

Nevertheless, we are facing broad-based and rapid increases in our input costs. Prices for freight and raw materials have increased substantially. In response, we are taking firm pricing actions which will fully materialize next year, while partially contributing in 2021. Consequently, we are currently facing margin pressure and are reducing our Adjusted Ebitda margin outlook for our core activities for 2021 to 13-15 percent. We aim to restore the Adjusted Ebitda margin of our core activities to above 15 percent in 2022.

With our strategy Advance 2025, we embarked on a path of investing for growth in our organization. Since the beginning of 2020, we have grown our employee base by 9 percent, adding essential capabilities. Our current sales growth rate is evidence of our strategy bearing fruit, and a testament to the excellent operational execution and commitment of our employees.»

Key financial highlights first half 2021

  • Net sales growth was 4.8 percent. Core net sales organic growth was 16.4 percent
  • Adjusted Ebitda was EUR 77.1 million (H1 2020: EUR 83.8 million; organic increase: 4.7 percent)
  • Operating result was EUR 70.3 million (H1 2020: EUR 45.7 million)
  • Free cash flow was EUR -13.6 million (H1 2020: EUR -12.7 million)
  • Net debt/Ebitda at half year-end was 2.1x (year-end 2020: 1.7x)
(in million EUR) YTD 2021 YTD 2020 Total growth Organic growth
Net sales 515.6 492.2 4.8 percent 15.5 percent
Adjusted Ebitda 77.1 83.8 -8.0 percent 4.7 percent
Adjusted Ebitda margin 15.0 percent 17.0 percent
Operating result 70.3 45.7 53.8 percent 68.0 percent
ROCE 13.0 percent 13.6 percent
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