Hoersholm, 2013-01-16 08:01 CET (GLOBE NEWSWIRE) --
Company announcement no. 02/2013
“Chr. Hansen Group delivered organic revenue growth of 7% (excluding carmine price effect) in Q1 2012/13. The solid momentum in the Cultures & Enzymes Division continued with 10% organic growth driven by our innovative product portfolio. The Health & Nutrition Division also delivered solid organic growth of 9% while sales in the Natural Colors Division as expected were soft, primarily driven by the lower carmine prices and volumes.
Our operating profit continued to grow faster than revenue and our profitability also increased with an EBIT margin of 26.7% compared to 24.5% in Q1 last year.
Our outlook for 2012/13 remains unchanged and we expect organic revenue growth between 8-10% (excluding carmine price effect) and an EBIT margin before special items and impairments above 2011/12” says CEO Lars Frederiksen.
Highlights Q1 2012/13
- Revenue EUR 179 million, up 7% compared to Q1 2011/12. Organic growth 5% (7% adjusted for lower sales prices to reflect lower raw material prices for carmine)
- EBIT EUR 48 million, up 16% compared to Q1 2011/12. EBIT margin 26.7%, up from 24.5% in Q1 2011/12
- Profit for the period EUR 32 million compared to EUR 26 million in Q1 2011/12
- Diluted earnings per share from continuing operations improved by 26% to EUR 0.24 from EUR 0.19 in Q1 2011/12
- Capital expenditure EUR 14 million, corresponding to 7.8% of revenue
- Research & Development expenditures incurred EUR 12 million, corresponding to 6.7% of revenue
- Net working capital EUR 137 million equal to 19.3% of revenue compared to EUR 128 million or 19.5% of revenue at 30 November 2011
- Free cash flow negative with EUR 27 million compared to negative EUR 23 million in Q1 2011/12
- Net interest-bearing debt EUR 420 million corresponding to 1.7 times EBITDA compared to 1.8 times EBITDA at 30 November 2011
Outlook 2012/13
The outlook for 2012/13 remains unchanged compared to the announcement of 31 October 2012. Organic revenue growth, excluding effect on sales prices from change in raw material prices for carmine, is expected to be in the range of 8-10% while organic revenue growth, including the effect from change in raw material prices for carmine, is expected to be in the range of 7-9%. The EBIT margin before special items and impairments is expected to be above last year. Free cash flow before acquisitions and divestments is expected to be at the same level as in 2011/12.
