Corbion first half-year 2023 results
10 August 2023 - 7:00AM
Corbion first half-year 2023 results
Corbion, the Amsterdam-listed sustainable ingredients company
that champions preservation through application of science, today
publishes its results for the first half ending 30 June 2023.
Key highlights first half
2023:
- Sales € 738.0 million; an increase of 7.4%, of which organic
6.7%
- Adjusted EBITDA € 96.8 million; an increase of 7.7%, of which
organic 13.3%
- Operating profit € 53.6 million; a decline of 9.3% due to last
year’s book profit of € 9.3 million related to the sale of a US
warehouse. Organic growth of 12.1%
- Core Sales: organic growth 7.9%
- higher prices more than offsetting decline in volume/mix
- Algae Ingredients: strong volume/mix growth of +69.3%, launch
in human nutrition
- Biomedical breakthrough: FDA approval for new drug delivery
product
- PLA market showing early signs of recovery
- Vinegar plant acquisition: insource vinegar production
- Core Adjusted EBITDA: organic growth 15.7%
- Free Cash Flow € -37.4 million (H1 2022: € -68.6 million);
positive Free Cash Flow in Q2
- Covenant net debt/covenant EBITDA at half year end was 3.4x (H1
2022: 3.3x)
|
€ million |
H1 2023 |
H1 2022 |
Total growth |
|
Organic growth |
|
Sales |
738.0 |
687.4 |
7.4% |
|
6.7% |
|
Adjusted EBITDA |
96.8 |
89.9 |
7.7% |
|
13.3% |
|
Adjusted EBITDA margin |
13.1% |
13.1% |
|
|
|
|
Operating profit |
53.6 |
59.1 |
-9.3% |
|
12.1% |
|
|
|
|
|
|
|
|
Core activities |
|
|
|
|
|
|
Sales |
641.7 |
591.7 |
8.5% |
|
7.9% |
|
Adjusted EBITDA |
82.2 |
75.6 |
8.7% |
|
15.7% |
|
Adjusted EBITDA margin |
12.8% |
12.8% |
|
|
|
Commenting on today's results, Olivier Rigaud, CEO, stated:
“We delivered a solid performance in the first half of 2023
demonstrating the underlying strength and resilience of our
business. Despite a particularly challenging operating environment,
we have delivered growth in both Sales and Adjusted EBITDA. Whilst
we remain confident in our longer-term outlook, we anticipate the
challenging operating environment to persist through the second
half of this year.
In Sustainable Food Solutions, growth was driven by pricing
whilst experiencing volume reduction due to customer destocking and
softer consumer markets. We continue to see a strong innovation
pipeline and are making good progress on our expansion plans in
product/market adjacencies to contribute to growth in the second
half of 2023. In Lactic Acid & Specialties, we see a
continuation in the temporary slowdown in some markets, with some
early signs of recovery for our PLA business. Our biomedical
business continues to perform well. The Algae Ingredients business
delivered excellent volume/mix growth in aquaculture and created an
extended portfolio and pipeline for petfood and human nutrition
markets. We anticipate a positive free cash flow in H2 2023
following relaxation in input costs, operational efficiencies,
further working capital optimization and our capital discipline.
Furthermore, the divestment process of our emulsifiers business is
continuing to progress and we anticipate concluding a transaction
within this year.”
- 20230810 Corbion 2Q23 press release ENG
Corbion N.V (EU:CRBN)
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