Corbion Q1-2019 Interim Management Statement

Amsterdam / NL. (cb) The Netherland’s Corbion reported sales of EUR 228.9 million in the first quarter of 2019, an increase of 7.5 percent due to organic sales growth of 1.5 percent and currency effects. Adjusted Ebitda decreased organically by 6.7 percent to EUR 34.9 million due to higher losses in Innovation Platforms.

«One of our key priorities going into 2019 was to address the input cost increases that negatively affected our margins in the 2nd half of last year. I am happy to see that our measures have proven successful resulting in improved margins compared to H2 2018. It is also encouraging to see that Bakery returned to growth in Q1. The anticipated decline in Biochemicals was mostly due to phasing, and we expect the Biochemicals sales growth rate to recover in the quarters to come. This was the first full operating quarter of our PLA joint venture plant and we are optimistic on the progress there», commented Tjerk de Ruiter, CEO.

Key financial highlights first quarter of 2019

• Net sales organic growth was 1.5 percent; volume growth was 6.3 percent
• Adjusted Ebitda was EUR 34.9 million, an organic decrease of 6.7 percent
• Adjusted Ebitda margin was 15.2 percent (20.9 percent for Ingredient Solutions)
• Operating result was EUR 20.1 million, an organic decrease of 24.3 percent

EUR million	YTD 2019	YTD 2018	Total growth	Organic growth
Net sales	228.9	213.0	7.5%	1.5%
Adjusted Ebitda*	34.9	38.6	-9.6%	-6.7%
Adjusted Ebitda margin*	15.2%	18.1%
Operating result	20.1	30.0	-33.0%	-24.3%

(*)Adjusted Ebitda (margin) has replaced Ebitda (margin) excluding one-off items. Definitions are unchanged.

For additional information please read Corbion’s PDF file below (1065 KB).

20190427-CORBION-Q1-2019.