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% |
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