Corbion: first half-year 2024 results
08 August 2024 - 7:00AM
UK Regulatory
Corbion: first half-year 2024 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
2024.
Key highlights first half
20241:
- Organic sales growth -0.7% (Q2: +1.4%):
- Volume/mix +3.6% (Q2: +5.5%)
- Price -4.3% (Q2: -4.1%)
- Continued Operations:
- Sales € 637.1 million (Q2: € 336.7 million)
- Adjusted EBITDA € 86.1 million (Q2: € 51.6 million)
- Adjusted EBITDA organic growth + 21.9% (Q2:
46.1%)
- Operating profit € 33.6 million (Q2: € 22.0 million)
- Free Cash Flow € 336.5 million, € 12.7 million when excluding
divestment proceeds
- Divestment of non-core US Emulsifier business completed on
April 2nd
- Covenant net debt/covenant EBITDA at half year end was
2.2x
- Double digit growth in sales and Adjusted EBITDA in Health
& Nutrition
- Positive volume/mix in Functional Ingredients & Solutions
driven by our Food segment
- TotalEnergies Corbion joint-venture: sales € 66.4 million; an
organic growth of 14.1%
- Confirmation of FY24 outlook
€ million |
H1 2024 |
H1 2023 |
H1 growth |
H1
Organic growth |
|
Q2 2024 |
Q2 2023 |
Q2 growth |
Q2
Organic growth |
|
Continued Operations |
|
|
|
|
|
|
|
|
|
|
Sales |
637.1 |
641.7 |
-0.7% |
-0.7% |
|
336.7 |
329.2 |
+2.3% |
+1.4% |
|
Adjusted EBITDA |
86.1 |
69.0 |
+24.8% |
+21.9% |
|
51.6 |
33.6 |
+53.6% |
+46.1% |
|
Adjusted EBITDA margin |
13.5% |
10.8% |
|
|
|
15.3% |
10.2% |
|
|
|
Operating profit |
33.6 |
30.2 |
+11.3% |
3.6% |
|
22.0 |
14.7 |
+49.7% |
32.7% |
Note: For non-GAAP definition see page 23
Commenting on today's results, Olivier Rigaud, CEO, stated: “We
delivered a strong performance in the first half of 2024
demonstrating the underlying strength of our business. I am pleased
to see continuation of our positive volume/mix growth and Adjusted
EBITDA growth as well as a continuation of our positive free cash
flow delivery. We made good progress in the implementation of our
restructuring program, delivering increased margins. Building on
Corbion’s first half performance, where we saw strong Adjusted
EBITDA growth, we are well on-track to deliver in line with our
full year guidance.
We saw positive momentum in Functional Ingredients &
Solutions with strong volume/mix in our Food segment, partially
offset the Biochemicals segment where we continue to see temporary
softness in some markets. In line with our earlier guidance,
pricing has been lower as a result of price reductions in some
areas following input cost relaxation. In Health & Nutrition,
we continue to see strong double digit growth in both sales and
adjusted EBITDA mainly driven by the Nutrition segment (Omega-3 DHA
within aquaculture and pet nutrition).
Upon the completion of the start-up phase of our new circular
lactic acid plant in Thailand, we are expecting to gradually ramp
up. The first volumes of lactic acid from this new plant have been
produced.
Following the divestment of Emulsifiers, new targets have been
submitted for validation to the Science Based Targets initiative.
These increased targets are aligned with the ambition of keeping
global warming below 1.5°C. The ambition is to reduce our absolute
scope 1 and 2 emissions with 42% and our absolute scope 3 emissions
with 25% by 2030.”
1) Following the divestment of the Emulsifier business,
results are now presented on "Continued Operations (in line with
IFRS 5).
- 20240808 Corbion 24Q2 Press Release Final
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