Corbion: Q1 2023 Interim Management Statement

Corbion NV

26/04/2023 06:00

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Corbion, the Amsterdam-listed sustainable ingredients company that champions
preservation through the application of science, today publishes its results
for the quarter ending 31 March 2023.

Key highlights first quarter of 2023
* Net sales € 359.6 million; an increase of 12.3%, of which organic 8.9%
* Adjusted EBITDA € 48.4 million; an increase of 21.0%, of which organic
18.5%
* Operating profit € 26.9 million; a decline of 10.9% due to last year’s
book profit of € 9.0 million related to the sale of a US warehouse. Organic
growth of 16.5%.
* Core Net sales: organic growth 9.9%, higher prices more than offset a
decline in volume/mix
* Core Adjusted EBITDA: organic growth 18.5%
* FY23 outlook improved: core Adjusted EBITDA organic growth at high end of
range 15-20%
* ‘Advance 2025’ strategy implementation on-track
 € million         Q1 2023  Q1 2022  Total growth  Organic growth  
 Net sales         359.6    320.1    12.3%         8.9%            
 Adjusted EBITDA   48.4     40.0     21.0%         18.5%           
 Operating profit  26.9     30.2     -10.9%        16.5%           
 Core activities                                                   
 Net sales         312.5    276.2    13.1%         9.9%            
 Adjusted EBITDA   41.6     34.7     19.9%         18.5%           

Commenting on today’s results, Olivier Rigaud, CEO, said:

“In a high inflationary environment, we delivered strong growth in Q1 in
both Net sales and Adjusted EBITDA. We successfully secured price increases in
the course of 2022 as compensation for higher input costs. We are now starting
to see some relaxation in input prices.

In Sustainable Food Solutions, we have experienced destocking in the value
chain, as well as some indications of softening of consumer demand in line
with macro conditions. As previously indicated, we expect our expansion plans
in product/market adjacencies to contribute to sales growth in the second half
of 2023. In Lactic Acid & Specialties, we have seen a continuation of lower
levels of sales to the TotalEnergies Corbion joint venture, whilst our Pharma
and Biomedical businesses continue to perform well. The Algae Ingredients
business has maintained strong and profitable growth, and we have initiated
activities to generate additional growth beyond aquaculture.

Building on Corbion's first-quarter performance and despite some challenging
circumstances, we are on-track to improve our absolute adjusted EBITDA for the
full year, and have accordingly raised our expected growth to the upper end of
our 15-20% guidance range. Furthermore, the divestment process of our US
emulsifiers business is progressing well, and we anticipate to conclude a
transaction before the end of 2023.”


Attachment
*     20230425 Corbion 1Q23 press release ENG
(https://ml-eu.globenewswire.com/Resource/Download/1a7c73af-dc4b-46c2-b23d-985ed90df8c6)