Continued strong growth in revenue and earnings
(Figures in brackets are figures for 2007)
Auriga's subsidiary Cheminova benefited from the favourable market conditions
for the agrochemical industry continuing into Q3 2008. In the first three
quarters of the year, Auriga's revenue was up 38 per cent at DKK 4,511 million,
while operating profit was DKK 482 million, corresponding to an EBIT margin of
11 per cent.
Consolidated revenue for the Auriga group in the first three quarters of the
year totalled DKK 4,511 million (DKK 3,274 million) after satisfactory growth
in sales in all Cheminova's regions.
Operating profit before depreciation and amortisation (EBITDA) amounted to DKK
652 million (DKK 255 million), while an operating profit (EBIT) of DKK 482
million (DKK 120 million) was realised. Consolidated profit before tax was DKK
416 million (80 million), which is in line with the outlook announced in the
interim financial report for the first half of 2008.
Cheminova has gained market shares as sales have almost grown at double the
general market growth in the first three quarters of the year. This is
explained, in particular, by a continued strong demand for the herbicide
glyphosate, which is Cheminova's most important single product. To this comes
the acquisition of 50 per cent of the Stähler group and almost a doubling of
sales of new generic products.
Outlook 2008
In light of the continued favourable market conditions for the agrochemical
industry, Auriga is now expecting revenue of DKK 5.7 billion for the year as a
whole against DKK 5.5 billion previously announced in the interim financial
report for the first half of 2008. The outlook for a profit before tax of DKK
440-490 million is maintained. As a result of high level of activity, a
negative cash flow from operating activities of just over DKK -100 million is
now expected, whereas the outlook announced earlier was a small positive cash
flow.
See Auriga's interim report for 3rd quarter 2008 in full in the attached file.
