This notice covers three separate Danisco events: Changes to the Board of
Directors (BoD); a Trading Statement lifting our FY 2008/09 EBIT outlook by DKK
75-100 million; and Information regarding increased financial disclosure.
Changes to Danisco's Board of Directors
The Chairman of Danisco's Board of Directors, Anders Knutsen (elected to the
BoD in 1997), and two further Board members, Peter Højland (elected to the BoD
in 1998) and Matti Vuoria (elected to the BoD in 1999), will not stand for
re-election at Danisco's upcoming Annual General Meeting (AGM) to be held on 20
August 2009.
Anders Knutsen comments: 'During my seven years as Chairman of Danisco's BoD, I
have worked for Danisco to become a pure play, bio-based ingredients company.
Having now divested Sugar, Danisco is ready to enter a new and challenging era
with focus on value creation and on leveraging our capabilities. Following
discussions with some of Danisco's largest shareholders, I have decided not to
stand for re-election at the upcoming AGM.'
Mr Jørgen Tandrup, the Board's current Deputy Chairman, has expressed his
willingness to assume the position as Chairman after the upcoming AGM to ensure
continuity on the BoD.
Danisco's BoD is now in the process of identifying new candidates for the three
available Board positions, the competences of whom should reflect Danisco's
strategic intent. The Board has appointed a nomination committee consisting of
three current Board members (the Chairmanship and Mr Håkan Björklund) as well
as external recruitment services. The chosen candidates will be announced along
with the AGM invitation, which we expect to publish by the end of July 2009.
Danisco's BoD currently consists of Anders Knutsen (Chairman), Jørgen Tandrup
(Deputy Chairman, elected to the BoD in 2002), Håkan Björklund (elected to the
BoD in 2004), Kirsten Drejer (elected to the BoD in 2006), Lis Glibstrup
(employee elected in 2002), Peter Højland, Flemming Kristensen (employee
elected in 2005) and Matti Vuoria. For further details on the Board, please
visit www.danisco.com.
Trading statement
In March 2009, we stated that we were facing an unusually high degree of
uncertainty in our financial outlook for the remaining quarter of the financial
year 2008/09 due to the global economic recession and resulting weaker customer
demand, not least in January 2009. We believe it is appropriate at this stage
to offer a brief trading statement - based on unaudited results for the full
year 2008/09.
In Q4 2008/09, we recorded revenue of around DKK 3.3 billion, or around 2%
growth Y/Y. Organic growth for the quarter was flat. This brings revenue for
the full year to DKK 13.0 billion and organic growth to around 4%.
In March 2009, we stated that we expected to report EBIT of around DKK 1,150
million after expenses of around DKK 50 million relating to Bio Chemicals
Projects (Goodyear) and before share-based payments and special items. Based on
the unaudited figures, we now expect to be able to report DKK 1,225-1,250
million after Bio Chemicals Projects (Goodyear) expenses of DKK 40 million.
Our full, audited FY 2008/09 results are still due to be released on 24 June
2009, along with our outlook for FY 2009/10.
Danisco increasing financial disclosure
We have decided to increase transparency by increasing the number of financial
reporting segments from the current two segments (Food Ingredients and
Genencor) to four (Enablers, Cultures, Sweeteners and Genencor). Previously,
Cultures and Sweeteners were shown as one cluster - Bio Actives - whilst all
activities except for Genencor were grouped as one segment - Food Ingredients.
This structure will be implemented already from FY 2008/09, thus implementing
IFRS 8 one year ahead of the legal requirement. In order to allow our external
stakeholders time to prepare for this increased level of information prior to
the release of our full-year results in June, we have attached an appendix to
this release that includes eleven quarters of restated segmental data.
We remain fully committed to our Food Ingredients and Bio Actives platforms and
will continue to communicate and report on activities within these areas even
if they are no longer defined as financial reporting segments. Thus, the
leadership structure around Food Ingredients and Bio Actives also remains
intact.
Yours faithfully
Anders Knutsen Tom Knutzen
Chairman CEO
