Strong growth in Q1 2008
(Figures in brackets are figures for 2007)
Better market conditions, acquisition of Stähler and a good start to the year
in most of the world have led to better than expected results for Cheminova. In
Q1, Auriga's revenue increased by 33 per cent to DKK 1,430 million, while the
EBIT margin improved by 5 percentage points to 8.5 per cent, corresponding to
an operating profit of DKK 122 million for the quarter.
• Revenue for the Auriga group for Q1 2008 amounted to DKK 1,430 million
(DKK 1,078 million) after strong growth in Cheminova.
• Operating profit for Q1 2008 was DKK 122 million (DKK 38 million), and
profit before tax was DKK 109 million (DKK 26 million).
• The acquisition of a 50 per cent stake in the German Stähler group,
which is pro rata-consolidated, contributed to the increase in revenue
and earnings after a good start to the season with introduction of new
products. The underlying growth in revenue was more than 20 per cent.
• A good start to the year in most of the world meant that pre-season
purchases by distribution channels were higher than normally due to
fear of product shortages.
• Introduction of new products and better market conditions for glyphosate
contributed to the improved contribution ratio.
Upward adjustment of outlook 2008
• Good conditions for the agricultural sector with high prices for most
crops and increasing prices for many products, including glyphosate,
are expected to continue through 2008.
• Auriga is making an upward adjustment of the outlook for 2008 to revenue
of just over DKK 5.2 billion, an EBIT margin of 7-8 per cent and a
profit before tax of DKK 260-310 million.
