Corbion first half 2018 results
08 Agosto 2018 - 7:00AM
Corbion reported H1 2018 sales of € 439.2 million,
a decrease of 4.9% compared to H1 2017, entirely due to negative
currency effects. Organic sales growth was 3.1%. EBITDA excluding
one-off items in H1 2018 decreased by 19.0% to € 71.5 million due
to negative currency effects and the inclusion of the Algae
Ingredients business. Organic EBITDA excluding one-off items
increased by 1.2% in H1 2018.
"I am happy to report that we have seen a
continuation of improving organic sales growth rates in our Food
business segment which returned to growth in Q2 after a challenging
period. In the first half year, Corbion performed within the sales
growth rate target bandwidth of our Creating Sustainable Growth
strategy. Margins in Ingredient Solutions remained at a healthy
level of around 20%. As expected, our profitability in Innovation
Platforms is adversely impacted by the inclusion of the newly
acquired Algae Ingredients business which is in an early stage of
development. We believe that this platform offers many exciting
growth opportunities for Corbion, leveraging our expertise of
running industrial scale organic acid operations", comments Tjerk
de Ruiter, CEO.
Key financial highlights
first half of 2018*:
-
Net sales organic growth was 3.1%;
volume growth was 6.6%
-
EBITDA excluding one-off items was €
71.5 million (H1 2017: € 88.3 million)
-
EBITDA margin before one-off items was
16.3% (H1 2017: 19.1%)
-
One-off items at EBITDA level of € -1.8
million
-
Operating result was € 50.2
million
-
Free cash flow was € -16.3 million (H1
2017: €2.3 million). The decline is mostly due to investments in
the Total Corbion PLA and SB Renewable Oils joint ventures
-
Net debt/EBITDA at half year end was
1.8x (year-end 2017: 1.0x)
|
€ million |
YTD 2018 |
YTD 2017 |
Total growth |
Organic growth |
|
Net sales |
439.2 |
461.9 |
-4.9% |
3.1% |
|
EBITDA excluding one-off items |
71.5 |
88.3 |
-19.0% |
1.2% |
|
EBITDA margin excluding one-off items |
16.3% |
19.1% |
|
|
|
Operating result |
50.2 |
73.1 |
-31.3% |
-7.7% |
|
ROCE |
13.0% |
21.4% |
|
|
*For Non-GAAP definitions
see page 21
20180808 PR 2Q18 ENG
Final
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corbion via Globenewswire
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