During its Capital Markets Update for analysts and investors in Amsterdam today, Corbion management will present a review of the 'Advance 2025' strategy development and introduce updated targets for the 2024-2025 period.
Key highlights
- Key financial metrics for 2023 in line with guidance1
- Emulsifier business divested (closing anticipated in Q2)
- EBITDA growth rate outlook for '24/'25 reconfirmed
- Restructuring program in place to deliver significant Free Cash Flow in '24/'25 (> € 125 million cum)
- Simplified business structure (two Business Units)
- Algae roadmap: Increased value creation potential at existing production facility (€ 200 million sales by 2028)
- Committed to PLA journey with focus on a differentiated strategy
- Biomedical polymers: Goal to double sales (> €100 million) in 5 years with limited investment
Olivier Rigaud, CEO of Corbion, comments:
"I am pleased to report a 2023 full year outcome in line with what we indicated in October of last year. This performance was realized in a challenging geopolitical and macro-economic environment. Although we see a sequential improvement in some of our key markets, we have embarked on a restructuring program, designed to achieve significant free cash flow delivery, and enabling leverage reduction. We have developed a simpler, more efficient and focused organization consisting of two business units and will implement appropriate measures to deliver annualized cost savings of around €55 million. The recent announcement of the disposal of our Emulsifier business not only completes a strategic realignment of our portfolio but also contributes to bolstering the balance sheet."
Attachment
- Press Release Capital Market Update 240131 (https://ml-eu.globenewswire.com/Resource/Download/9261b61a-f20e-47cf-a4e2-fffbf161780d)
