Corbion first half 2020 results
07 August 2020 - 7:00AM
Corbion first half 2020 results
Corbion reported sales of € 492.2 million in the first
half of 2020, an increase of 4.3% due to organic net sales growth
of 4.0% and positive currency effects. Organic net sales growth in
Core activities was 5.3%. Adjusted EBITDA increased organically by
16.9% to € 83.8 million due to improvements in all business
segments.
“The Covid-19 pandemic has had a profound impact throughout the
first half of 2020. I am therefore particularly proud of the
Corbion teams’ dedication and execution excellence to drive sales
and profit growth in the first half while all our plants continued
to operate in uncertain and challenging times. Our priorities were
and still are clear: protecting the health and safety of our people
while supporting business continuity for our customers and
executing on the Advance 2025 strategy we set out in March. In
Sustainable Food Solutions, next to pantry loading, we saw our
customers securing supplies as much as possible in March. As supply
chains held firm in the subsequent weeks, our customers proceeded
to bring inventories down to pre-crisis levels in the second
quarter. In Lactic Acid & Specialties, we experienced some
adverse COVID-19 impact in certain markets such as Biopolymers.
However, we saw good growth driven by positive developments in PLA
and the electronics segment. The Total Corbion PLA joint venture is
going from strength to strength.”, commented Olivier Rigaud,
CEO.
Key financial highlights first half of
2020*
- Net sales organic growth was 4.0%; organic growth in core
activities was 5.3%
- Adjusted EBITDA was € 83.8 million (H1 2019: € 71.4 million),
an organic increase of 16.9%
- Adjusted EBITDA margin was 17.0% (H1 2019: 15.1%); adjusted
EBITDA margin for core activities was 17.3% (H1 2019: 15.4%)
- Adjustments at EBITDA level of € -5.8 million
- Operating result was € 45.7 million (H1 2019: 46.4
million)
- Free cash flow was € -12.7 million (H1 2019: € -29.3
million)
- Net debt/EBITDA at end H1 was 2.0x (year-end 2019: 2.0x)
| € million Corbion Total
Company |
YTD 2020 |
YTD 2019 |
Total growth |
Organic growth |
| Net sales |
492.2 |
471.9 |
4.3% |
4.0% |
| Adjusted EBITDA |
83.8 |
71.4 |
17.4% |
16.9% |
| Adjusted EBITDA margin |
17.0% |
15.1% |
|
|
| Operating result |
45.7 |
46.4 |
-1.5% |
-1.3% |
| ROCE |
13.6% |
10.8% |
|
|
- 20200807 Corbion PR 2Q20 ENG final
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