Corbion full year 2020 results

Corbion reported net sales of € 986.5 million in 2020. Organic net sales growth was 5.6% for
the year. Adjusted EBITDA in 2020 increased organically by 13.4% to € 158.8 million. The company proposes to distribute a regular cash dividend of € 0.56 per share.

Olivier Rigaud, CEO, commented: “2020 has been a remarkable year. Following the presentation of our strategy, Advance 2025, in March, most of the world went into lockdown and our priorities became: safeguarding the health of our colleagues, securing supplies, and ensuring that our customers would continue to get their deliveries on time and in full. This resulted into a strong business performance: Organically, our core business grew by 7% for the full year - at the top end of our guidance range - and ended with very strong growth of 11% in Q4. The EBITDA margin development in 2020 was more favorable than initially forecast principally due to a significant decline in travel costs and a delay in the planned organizational expansion to meet future needs. Both were COVID-19 related. We are proud to have been awarded the highest CDP rating ‘A’ on climate change, confirming our commitment to more environmental transparency and action. I am very happy with the strong delivery and resilience of all our employees, and in recognition of their extraordinary performance, we have awarded them an additional one-off bonus in Q4. Although COVID-19 remains a significant factor of uncertainty, given our growth dynamic, combined with an improved pipeline, we look confidently towards the future.”

Key financial highlights FY 2020*:

• Net sales organic growth was 5.6%. Core net sales organic growth: 7.0%
• Adjusted EBITDA was € 158.8 million (FY 2019: € 145.9 million; organic increase: 13.4%)
• Adjusted EBITDA margin was 16.1% (FY 2019: 14.9%)
• Operating result was € 104.1 million (FY 2019: € 61.3 million)
• Free cash flow was € 32.1 million (FY 2019: € 9.6 million)
• Net debt/EBITDA at year-end was 1.7x (year-end 2019: 2.0x)
• Post-balance sheet events: In January 2021 the sale of our land in the municipality of Breda (NL) and our frozen dough activities (US) were finalized

€ million	FY 2020	FY 2019	Total growth	Organic growth
Net sales	986.5	976.4	1.0%	5.6%
Adjusted EBITDA	158.8	145.9	8.8%	13.4%
Adjusted EBITDA margin	16.1%	14.9%
Operating result	104.1	61.3	69.8%	76.0%
ROCE	12.9%	9.9%

Attachment

• 20190305 Corbion FY2020 PR ENG final