Corbion first half 2017 results
(Thomson Reuters ONE) -
Corbion reported H1 2017 sales of ? 461.9 million, an increase of 1.4% compared
to H1 2016.
Organic sales growth was -0.9%, mostly due to lower volumes in Bakery. EBITDA
excluding one-off items in H1 2017 decreased by 1.7% to ? 88.3 million. Organic
EBITDA has declined by 6.2% in H1 2017.
"Top-line development in the first half of the year fell short of our ambition
level, mainly due to a shortfall in Bakery. The first results of our actions to
recover sales in Bakery became visible in the course of the second quarter.
Based on this, and the positive developments in other parts of the business, we
are optimistic about our top-line performance in the second half of the year. As
expected, our margins in the second quarter were adversely affected by rising
sugar prices. The PLA joint venture with Total became operational in early
March, and plant construction is well underway and on schedule", comments Tjerk
de Ruiter, CEO.
Key financial highlights first half of 2017*:
* Net sales organic growth YTD was -0.9%; volume growth was -1.6%
* EBITDA before one-off items YTD was ? 88.3 million, an organic decrease of
6.2%
* EBITDA margin before one-off items YTD was 19.1%
* One-off items at EBITDA level of ? 6.0 million, mostly in connection with
the newly founded Total Corbion PLA joint venture
* Operating result YTD was ? 73.1 million, an organic increase of 10.8%
* Free cash flow was YTD ? 2.3 million
* Net debt/EBITDA at half year-end was 0.9x (year-end 2016: 0.6x)
* We commenced our ? 25 million share buyback program on 18 April 2017. By the
end of H1 the total buyback amount was ? 12.8 million. The program will be
completed before year-end.
? million YTD 2017 YTD 2016 Total growth Organic growth
Net sales 461.9 455.7 1.4% -0.9%
EBITDA excluding one-off items 88.3 89.8 -1.7% -6.2%
EBITDA margin excluding one-off 19.1% 19.7%
items
Operating result 73.1 63.4 15.3% 10.8%
ROCE 21.4% 23.2%
* For Non-GAAP definitions see page 19
PDF-version of press release:
http://hugin.info/160089/R/2126262/811743.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Corbion via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 555760
Anzahl Zeichen: 2906
contact information:
Town:
Amsterdam
Kategorie:
Business News
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