Corbion first half-year 2022 results
Corbion reported net sales of € 687.4 million in H1 2022. Organic net sales growth was 23.4% for the first half year. Adjusted EBITDA in H1 2022 increased by 16.6% to € 89.9 million.
Olivier Rigaud, CEO, commented: “We are proud to have delivered strong growth in sales and EBITDA during a period of unprecedented cost inflation and supply chain disruptions. Given that we are prioritizing price increases and mix improvements, we are encouraged to see that this has not led to adverse volume impact. This confirms the strength of our differentiated portfolio. I am happy to report that our AlgaPrime DHA business has been profitable as of June. Looking forward, we are on track to substantially improve our absolute Adjusted EBITDA for the company compared to last year, as we continue to adapt to the inflationary environment with price adjustments, and the realization of operational efficiencies. Given our growth prospects, we continue to invest in our production capabilities. Our major investment initiatives are progressing well and according to plan. We remain confident on the delivery of our Advance 2025 targets.
We are clearly ahead of schedule on reducing greenhouse gas emissions. As we already achieved our 2025 CO2 reduction target, we have increased our commitment by submitting updated 1.5°C targets to the Science Based Targets initiative, in line with the most ambitious goal of the Paris Agreement.
Key financial highlights H1 2022*:
- Total net sales was € 687.4 million (H1 2021: € 515.6 million)
- Net sales organic growth was 23.4%. Core net sales organic growth: 23.0%
- Adjusted EBITDA was € 89.9 million (H1 2021: € 77.1 million; organic growth: -0.4%)
- Adjusted EBITDA margin was 13.1% (H1 2021: 15.0%)
- Operating result was € 59.1 million (H1 2021: € 70.3 million)
- Free cash flow was € -68.6 million (H1 2021: € -13.6 million)
- Covenant net debt/covenant EBITDA at half year-end was 3.3x (year-end 2021: 2.6x)
| € million | YTD 2022 | YTD 2021 | Total growth | Organic growth |
| Net sales | 687.4 | 515.6 | 33.3% | 23.4% |
| Adjusted EBITDA | 89.9 | 77.1 | 16.6% | -0.4% |
| Adjusted EBITDA margin | 13.1% | 15.0% | ||
| Operating result | 59.1 | 70.3 | -15.9% | -32.3% |
| ROCE | 10.9% | 13.0% |
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