Auriga's revenue increased by 17 per cent in Q3 2007, and revenue for the first
three quarters of the year is up by DKK 229 million to DKK 4,002 million.
Consolidated earnings for Q3 were slightly lower than expected, but the outlook
for the year is maintained. At DKK 474 million, available cash flow developed
positively in the first three quarters.
Revenue for the first three quarters totalled DKK 4,002 million (DKK 3,773
million) with an operating profit of DKK 152 million (DKK 169 million)
corresponding to an EBIT margin of 4 per cent (4 per cent). Profit before tax
(including Skamol) was DKK 173 million (DKK 101 million).
Cheminova's sales in Q3 were DKK 183 million higher than last year, but still
lower than expected. This is primarily due to the US market where the need to
combat Asian soybean rust has been low and where the cotton acreage has been
considerably reduced.
Hardi's sales in Q3 were just over 8 per cent higher than the year before, but
were limited by bottlenecks in production. Increased capacity costs due to
lower efficiency and delayed outsourcing projects had a negative impact on
earnings in Q3.
Skamol was sold to the Danish equity fund Polaris under an agreement of July 2,
2007. Net proceeds from the sale amounted to just over DKK 72 million, which
has been recognised as income in Q3. Skamol's operating profit of DKK 13
million was recognised as income in the first half of the year.
Outlook for 2007
For 2007 as a whole, the Auriga group expects revenue of approx. DKK 5.3
billion and a profit before tax of approx. DKK 105 million. To this should be
added the profit from discontinuing operations, i.e. Skamol, of DKK 85 million,
which means that the total profit before tax is expected to be approx. DKK 190
million. Available cash flow is expected to improve significantly relative to
2006.
The outlook is unchanged relative to the outlook after the first six months.
AURIGA INDUSTRIES A/S
Ole Steen Andersen
Chairman of the Board of Directors
Bjørn Albinus
President and CEO
Enquiries concerning the interim financial report for the third quarter should
be addressed to President and CEO, Bjørn Albinus on tel. +45 7010 7030.
