Corbion Q1 2022 Interim Management Statement

Corbion

Corbion reported net sales of € 320.1 million in the first quarter of 2022, driven by organic net sales growth of 20.2% and positive currency effects. Adjusted EBITDA decreased by 8.9% to € 40.0 million.

“Following last year’s unprecedented increases in input costs, our necessary pricing initiatives are beginning to bear fruit. Price increases are clearly reflected in our higher organic net sales growth. Profit margins are recovering from the lows in the second half of 2021. Given the high inflationary environment, we are currently prioritizing price increases and product mix improvements. At the same time we continue to drive operational efficiencies. We remain confident about our future growth prospects as we continue to invest in capacity expansion. The construction of our new lactic acid plant in Thailand is progressing well and is on schedule. Even though Corbion’s direct exposure to either Ukraine or Russia is negligible, the conflict introduced further input cost volatility to which we respond via our flexible quarterly contract structure. Building on the first quarter performance, we are on track to improve our absolute Adjusted EBITDA for the year”, commented Olivier Rigaud, CEO.

Key financial highlights first quarter of 2022

• Net sales growth was 27.3%; organic growth was 20.2% (19.6% for core activities)

• Adjusted EBITDA was € 40.0 million, a decrease of 8.9%

• Adjusted EBITDA margin was 12.5% (12.6% for core activities)

• Adjustments on Operating result were € 7.5 million (Q1 2021: € 29.7 million), which included a € 9.0 million book profit on the sale of a warehouse in Totowa (US). Q1 2021 included the book profits on the sale of a Dutch plot of land and the divestment of the Frozen dough activities

• Operating result was € 30.2 million
  
  

€ million	YTD 2022	YTD 2021	Total growth	Organic growth
Net sales	320.1	251.5	27.3%	20.2%
Adjusted EBITDA	40.0	43.9	-8.9%	-14.8%
Adjusted EBITDA margin	12.5%	17.5%
Operating result	30.2	58.8	-48.6%	-54.3%

Attachment

• 20220429 Corbion 1Q22 press release ENG