Financial Statements of Auriga Industries A/S for 2007
(Figures in brackets are the figures for 2006)
Revenue for Auriga's continuing operations was up just over 8% in 2007 at DKK
4,368 million and thereby lived up to expectations at the beginning of the
year. Cheminova's profit before tax was DKK 91 million, which was higher than
expected after Q3 2007. The divested activities, Hardi and Skamol, reduced
profit before tax by DKK -96 million. A positive available cash flow of DKK 642
million was realised.
Results in 2007
• Auriga's revenue increased by just over 8% to DKK 4,368 million (DKK 4,032
million), even though the settlement price of the group's main currency, USD,
declined to DKK 5.80 from DKK 6.14 in 2006.
• The continuing operations returned an operating profit of DKK 145 million
(DKK 7 million). Growth in the agrochemical market in 2007 had a positive
impact on Cheminova's revenue and earnings, but the competitive situation in
Brazil for the fungicide flutriafol impacted the contribution ratio
nega-tively. Increasing energy and raw material prices led to increasing
production costs. Development and registration activities continued at a high
level.
• A profit of DKK 76 million from the divestment of Skamol and a loss of DKK
-192 million from the di-vestment of Hardi adjusted for the two companies'
contribution to results of DKK 19 million meant that divested activities
accounted for a total reduction in profit before tax by DKK -96 million.
• Following the negative contribution from divested activities, the group saw a
loss before tax of DKK -13 million (DKK -92 million). A net loss of DKK -52
million was returned (DKK -163 million).
• The group's net interest-bearing debt was reduced by DKK 1,056 million from
DKK 1,757 million to DKK 701 million at year end.
Outlook 2008
• For 2008, the Auriga group expects revenue to grow by approx. 15 per cent to
just over DKK 5 bil-lion, with a profit before tax of DKK 210-260 million. Cash
flow from operating activities is also ex-pected to improve relative to 2007.
General meeting
• The annual general meeting will be held at the company offices in Harboøre,
Denmark, on April 21, 2008 at 2 pm. The Board of Directors will propose a
dividend of DKK 4.00 per share to be paid.
Ole Steen Andersen Bjørn Albinus
Chairman of the Board of Directors President and CEO
Enquiries concerning this notification should be addressed to President and CEO
Bjørn Albinus on tel. +45 7010 7030.
