Corbion: full year 2023 results
March 01 2024 - 1:00AM
Corbion: full year 2023 results
Corbion, the Amsterdam-listed sustainable ingredients company
that champions preservation through application of science, today
publishes its results for the year ending 31 December 2023.
Key highlights annual results 2023:
- Sales € 1,443.8 million; an organic increase of 1.2%
- Adjusted EBITDA € 191.8 million; an organic increase of
10.3%
- Operating profit € 117.2 million; an organic increase of
20.8%
- Organic growth core activities: Sales 3.0% & Adjusted
EBITDA 16.2%
- Q4 2023:
- Sales € 352.8 million and Adjusted EBITDA € 49.0 million
- Organic growth core activities: Sales -0.5% & Adjusted
EBITDA 29.3%
- Free Cash Flow full year € 18.6 million
- Covenant net debt/covenant EBITDA improved to 3.1x at
year-end
- Proposed regular cash dividend of € 0.61 per share, an increase
of 9% versus prior year reflecting the positive free cash flow
momentum
- World leading lactic acid plant in Thailand mechanical
completed in December 2023 according to schedule
- Divestment of Emulsifiers announced, completion anticipated in
Q2 2024
|
€ million |
YTD 2023 |
YTD 2022 |
Total growth |
Organic growth |
|
Sales |
1,443.8 |
1,457.9 |
-1.0% |
1.2% |
|
Adjusted EBITDA |
191.8 |
184.4 |
4.0% |
10.3% |
|
Adjusted EBITDA margin |
13.3% |
12.6% |
|
|
|
Operating profit |
117.2 |
110.8 |
5.8% |
20.8% |
|
|
|
|
|
|
|
Core activities |
|
|
|
|
|
Sales |
1,264.0 |
1,254.4 |
0.8% |
3.0% |
|
Adjusted EBITDA |
163.7 |
150.1 |
9.1% |
16.2% |
|
Adjusted EBITDA margin |
13.0% |
12.0% |
|
|
Commenting on today’s results, Olivier Rigaud, CEO, stated:
“I am pleased to report a 2023 full year outcome in line with
what we indicated earlier. We have reported organic sales growth
and double-digit organic growth in Adjusted EBITDA and Operating
Profit, whilst facing a challenging geopolitical and macro-economic
environment. We delivered a higher than anticipated positive free
cash flow for the year due to our focus on operational
efficiencies, optimizing working capital and capex discipline. As a
result, we propose to increase the regular cash dividend to our
shareholders with 9% to € 0.61 per share.
In Sustainable Food Solutions, sales growth was driven by
pricing. We observed strong growth in our product/market
adjacencies like dairy stabilizers, natural anti-oxidants and
natural mold inhibitors. In Q4, we saw a continuation of the upward
momentum in volume/mix growth reflecting the end of destocking.
In Lactic Acid & Specialties, we experienced lower lactic
acid supply to the TotalEnergies Corbion joint venture as well as
an ongoing market slowdown in semiconductors and agrochemicals.
Biomedical polymers continued its double digit growth
trajectory.
Algae Ingredients continued their growth momentum as a
sustainable alternative to fish oil in the aquaculture industry,
and concurrently we expanded our product portfolio and pipeline of
high-margin products for the petfood and human nutrition segments.
In 2023, the sales has grown over 50%, surpassing the € 100 million
landmark.
We achieved the mechanical completion of our world leading
lactic acid plant in December and are on track to commence the
start-up phase after commissioning is completed near the end of the
first quarter of 2024. In January 2024, we announced that we had
entered into a binding agreement for the divestment of the
Emulsifier business allowing Corbion to sharpen its focus on
fermentation based technologies”.
- 20240301 Press release 4Q23_FINAL
Corbion N.V (EU:CRBN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Corbion N.V (EU:CRBN)
Historical Stock Chart
From Dec 2023 to Dec 2024
