Corbion sees sales fall, earnings rise

10 Mar 2017

Corbion has reported sales of €911.3 million in 2016, a decrease of 0.8%. Organic sales growth was -1.2%. EBITDA excluding one-off items grew by 13.2% in 2016.

Corbion sees sales fall, earnings rise

Corbion has reported sales of €911.3 million in 2016, a decrease of 0.8%. Organic sales growth was -1.2%. EBITDA excluding one-off items grew by 13.2% in 2016. In Q4 2016 sales were €226.1 million, a decrease of 1.9%. Q4 2016 EBITDA excluding one-off items increased by 6.3%.

"In 2016 we continued to make good progress in executing our strategy and we are well on track to deliver on our 2015-2018 targets,” said Tjerk de Ruiter, CEO. “In the past year we have made strategic choices involving our customer and product portfolios. These choices resulted in a significant margin improvement, but at the same time had an adverse, albeit temporary, impact on our top-line growth in the year. For 2017, we are confident top-line growth will return to our guidance range. A notable highlight in the second half of the year was the announcement of the PLA joint venture together with Total, a market leader with technical and marketing expertise and a leading position in polymers."

For the full financial year, net sales organic growth was -1.2%, and volume growth was -1.2%. EBITDA excluding one-off items was €170.1 million, an organic increase of 13.8%. EBITDA margin excluding one-off items was 18.7%, up from 16.4%. The operating result was €126.9 million, an organic increase of 17.5%