Corbion first half-year 2021 results
August 10 2021 - 1:00AM
Corbion first half-year 2021 results
Corbion reported net sales of €
515.6
million in the first half of
2021, driven by organic
net sales growth of
15.5%.
Adjusted EBITDA in the first half of
2021 increased
organically by 4.7% to €
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% 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%. We aim to restore the
Adjusted EBITDA margin of our core activities to above 15% 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%, 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%. Core net sales organic growth was
16.4%
- Adjusted EBITDA was € 77.1 million (H1 2020: € 83.8 million;
organic increase: 4.7%)
- Operating result was € 70.3 million (H1 2020: € 45.7
million)
- Free cash flow was € -13.6 million (H1 2020: € -12.7
million)
- Net debt/EBITDA at half year-end was 2.1x (year-end 2020:
1.7x)
|
€ million |
YTD 2021 |
YTD 2020 |
Total growth |
Organic growth |
|
Net sales |
515.6 |
492.2 |
4.8% |
15.5% |
|
Adjusted EBITDA |
77.1 |
83.8 |
-8.0% |
4.7% |
|
Adjusted EBITDA margin |
15.0% |
17.0% |
|
|
|
Operating result |
70.3 |
45.7 |
53.8% |
68.0% |
|
ROCE |
13.0% |
13.6% |
|
|
- 20210810 Corbion 2Q21 ENG final
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