Hoersholm, 2012-10-31 07:59 CET (GLOBE NEWSWIRE) --
Company announcement no. 51/2012 – 31 October 2012
“The performance in 2011/12 confirmed the resilient business model of Chr. Hansen with a diversified and innovative product portfolio securing a strong organic revenue growth of 11% (excluding carmine price effect). Our profitability increased with EBIT margin at 26.5% compared to 25.0% the year before and Chr. Hansen is well prepared to ensure the future growth of the company.
For 2012/13 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 2011/12
- Revenue EUR 699 million, up 10% compared to 2010/11. Organic revenue growth 8% (11% adjusted for changes in sales prices to reflect changes in raw material prices for carmine)
- EBIT EUR 185 million, up 16% compared to 2010/11. EBIT margin 26.5%, up from 25.0% in 2010/11
- Profit for the year EUR 131 million, EUR 129 million excluding minority interest, compared to EUR 119 million in 2010/11, EUR 117 million excluding minority interest
- Earnings per share, continuing operations, diluted EUR 0.95, up 14% from EUR 0.83 in 2010/11
- Capital expenditure EUR 64 million, corresponding to 9.1% of revenue
- Research & Development expenditures incurred EUR 47 million, corresponding to 6.7% of revenue
- Impairment of EUR 4 million relating to a clinical study on immune health
- Net working capital EUR 99 million equal to 14.1% of revenue compared to EUR 98 million or 15.3% of revenue at 31 August 2011
- Free cash flow EUR 113 million, up 8% compared to 2010/11 when excluding divested operations
- Net interest-bearing debt EUR 364 million corresponding to 1.5 times EBITDA compared to 1.7 times EBITDA at 31 August 2011
- By 31 August 2012 a total number of 2,348,789 shares were acquired under the share buy-back program (total transaction value of EUR 52 million). The program was concluded on 19 October 2012 with a total number of 3,534,244 shares acquired (total transaction value of EUR 80 million)
- Q4 2011/12 revenue was EUR 185 million, up 15% compared to Q4 last year. Organic growth was 10% (14% adjusted for changes in sales prices to reflect changes in raw material prices for carmine). EBIT margin reached 27.2% compared to 28.4% in Q4 last year. Free cash flow amounted to EUR 67 million compared to EUR 88 million in Q4 2010/11.
