Corbion: Full Year 2022 Results
Corbion, the Amsterdam-listed company that champions preservation through the application of science, today publishes its annual results for the year ending 31 December 2022.
2022 Key highlights include:
- Total net sales growth of 36.2% at €1,457.9 million (FY 2021: €1,070.8 million)
- Organic net sales growth of 24.6%. Core organic net sales growth: 24.3%.
- Adjusted EBITDA was €184.4 million (FY 2021: €135.8 million; organic increase: 17.9%)
- Operating result was €110.8 million (FY 2021: €82.0 million)
- Free cash flow was €-160.1 million (FY 2021: €-97.0 million)
- Covenant net debt/covenant EBITDA reduced to 3.0x (H1 2022: 3.3x)
- Proposed regular cash dividend of €0.56 per share
- Advance 2025 strategy implementation and updated objectives remain on track
- Near-term guidance and medium targets are unchanged
| € million | YTD 2022 | YTD 2021 | Total growth | Organic growth |
| Net sales | 1,457.9 | 1,070.8 | 36.2% | 24.6% |
| Adjusted EBITDA | 184.4 | 135.8 | 35.8% | 17.9% |
| Adjusted EBITDA margin | 12.6% | 12.7% | ||
| Operating result | 110.8 | 82.0 | 35.1% | 18.1% |
| ROCE | 9.6% | 9.6% |
Commenting on today’s results, Olivier Rigaud, CEO, said:
“We are proud to have delivered strong growth in both sales and EBITDA during a period of unprecedented cost inflation and supply chain disruptions. Our full-year organic sales growth of 24.6% and organic Adjusted EBITDA growth of 17.9% demonstrate the strong potential of our strategy and excellence of execution. We successfully increased prices to compensate for additional input costs and delivered a volume/mix growth in the core business of 5.6%, despite the previously highlighted slowdown in the PLA market. Algae Ingredients continued its strong growth dynamics. We have made substantial progress in our sustainability efforts during 2022 and by the end of the year our more ambitious emission reduction targets have been validated by the Science Based Target Initiative (SBTi). The new reduction goals align with the ambition to limit average global temperature rise to 1.5°C. Our strategy to drive sustainable growth is showing results, and we are confident achieving our updated Advance 2025 initiatives and targets.”
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