Corbion, the Amsterdam-listed sustainable ingredients company committed to preservation through the application of science, today publishes its results for the first half of the year ending June 30, 2024.
Key highlights in the first half of 20241:
- Organic sales growth -0.7% (Q2: +1.4%):
- Volume/mix +3.6% (Q2: +5.5%)
- Price -4.3% (Q2: -4.1%)
- Continuing operations:
- Sales €637.1 million (Q2: €336.7 million)
- Adjusted EBITDA €86.1 million (Q2: €51.6 million)
- Organic growth of adjusted EBITDA: +21.9% (Q2: 46.1%)
- Operating profit €33.6 million (Q2: €22.0 million)
- Free cash flow €336.5 million, €12.7 million excluding divestment proceeds
- Divestiture of non-core US emulsifier business completed on April 2and
- The ratio of covenant net debt to covenant EBITDA was 2.2 times at the end of the half-year
- Double-digit growth in sales and adjusted EBITDA in the Health & Nutrition segment
- Positive volume/positive mix in Functional Ingredients & Solutions, driven by our Food segment
- TotalEnergies Corbion joint venture: turnover of 66.4 million euros; organic growth of 14.1%
- Confirmation of the outlook for the 2024 financial year
|
Million € |
1st half of 2024 | 1st half of 2023 | Growth in the first half of the year | H1 Organic growth |
2nd quarter 2024 | 2nd quarter 2023 | Growth in the 2nd quarter | questionnaire Organic growth |
|
| Continuing 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 result | 33.6 | 30.2 | +11.3% | 3.6% | 22.0 | 14.7 | +49.7% | 32.7% |
note: For the non-GAAP definition, see page 23
Commenting on today’s results, Olivier Rigaud, CEO, said: “We delivered a strong performance in the first half of 2024, demonstrating the fundamental strength of our business. I am pleased with the continuation of our positive volume/mix growth and adjusted EBITDA, as well as the continuation of our positive free cash flow. We made good progress in executing our restructuring program and delivered higher margins. Building on Corbion’s performance in the first half, where we delivered strong adjusted EBITDA growth, we are on track to meet our full year guidance.
We saw positive momentum in Functional Ingredients & Solutions with strong volume/mix in our Food segment, partially offsetting the Biochemicals segment where we continue to see temporary weakness in some markets. In line with our previous guidance, pricing has been lower due to price reductions in some areas following the easing of input costs. In Health & Nutrition, we continue to see strong double-digit growth in both revenue and Adjusted EBITDA, mainly driven by the Nutrition segment (Omega-3 DHA in aquaculture and pet food).
We expect a gradual increase after the start-up phase of our new closed-loop lactic acid plant in Thailand has been completed. The first quantities of lactic acid from this new plant have already been produced.
Following the divestment of Emulsifiers, new targets were submitted to the Science Based Targets Initiative for validation. These increased targets are consistent with the goal of keeping global warming below 1.5°C. The goal is to reduce our absolute Scope 1 and 2 emissions by 42% and our absolute Scope 3 emissions by 25% by 2030.”
1) Following the divestment of the emulsifier business, the results are now reported taking into account the “continuing operations” (according to IFRS 5).
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20240808 Corbion 24Q2 Press Release, final
