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Sales, profit rise at Corbion

Corbion has reported Q4 2014 sales of €200.6 million, an 8.7% increase compared to Q4 2013, driven by organic sales growth (2.9%) and currencies (5.8%). The Biobased Ingredients business unit grew sales organically by 2.0%; this comprised flat growth at Food, and 8.2% growth in Biochemicals. EBITDA before one-off costs in Q4 2014 increased significantly […]

Corbion has reported Q4 2014 sales of €200.6 million, an 8.7% increase compared to Q4 2013, driven by organic sales growth (2.9%) and currencies (5.8%). The Biobased Ingredients business unit grew sales organically by 2.0%; this comprised flat growth at Food, and 8.2% growth in Biochemicals. EBITDA before one-off costs in Q4 2014 increased significantly by 35.9% to € 30.3 million. Organic EBITDA growth in Q4 2014 amounted to €30.3 million – a 26.0% increase.

“I am happy to report that Corbion ended 2014 on a high note,” said Tjerk de Ruiter, CEO. “Particularly EBITDA grew significantly in the 4th quarter. In the Strategy Update we presented our vision of disciplined value creation which will create a more competitive and profitable Corbion. Productivity improvement program Streamline, is firmly underway with our new organization in place and detailed implementation plans having been developed. Successful execution of this program will be an important focus for us in 2015.”

Net sales in 2014 increased by 3.6% to € 770.1 million (2013: € 743.6 million) mainly driven by organic growth (3.2%). Exchange rate movements impacted the sales figures negatively by € 5.9 million mainly driven by the weakening of the Brazilian real and Japanese yen. EBITDA excluding one-off costs in FY 2014 was € 109.6 million, an organic increase of 10.8%

Organic growth in the Biobased Ingredients business unit of 2.5% was mainly driven by the business segment Biochemicals. In the business segment Food, volume growth was slightly negative due to industry consolidation in the bakery market segment and the ongoing impact of the earlier legislative change in the US on the meat market segment. Price/mix in Food was slightly negative as a result of lower raw material prices. In the Biochemicals business segment, volumes increased by 14.0% driven by product introductions and a widening geographical spread. The growth in Biobased Innovations, which was mainly driven by Bioplastics, contributed 0.7% points to the overall organic growth.