Solid annual results provide strong platform for Chr. Hansen’s future performance.
“Chr. Hansen delivered solid results in 2012/13 with organic growth of 9% excluding carmine price effect and an EBIT margin before impairment of 27.2%. The performance in the past year provides a strong platform for future success and with our Nature’s No. 1 strategy we are ready to take Chr. Hansen to the next level,” says CEO Cees de Jong.
“For 2013/14 we expect organic revenue growth of 7-9% and an EBIT margin before special items above 26%.”
- Revenue EUR 738 million, up 6% on 2011/12
- Organic growth 7% (9% excluding carmine price effect)
- EBIT EUR 193 million, compared to EUR 185 million in 2011/12
- EBIT margin 26.1%, down from 26.5% in 2011/12. EBIT margin before impairment 27.2%, unchanged from 2011/12
- Q4 2012/13 results: Revenue EUR 194 million, up 5% on 2011/12. Organic growth 10% (12% excluding carmine price effect). EBIT margin before impairment 30.7%, up from 29.8% in 2011/12.
Outlook for 2013/14
Organic revenue growth is expected to be 7?9%.
Research & development expenditures incurred as a percentage of revenue are expected to move towards 7% of revenue from 6.1% in 2012/13. Chr. Hansen has reassessed the capitalization of development expenditures. Based on this reassessment, a higher proportion of development expenditures is expected to be expensed in 2013/14. The increased research & development activity and lower level of capitalization are estimated to reduce the EBIT margin by 1-1.5 percentage points.
The EBIT margin before special items is expected to be above 26%.
Free cash flow before acquisitions and divestments is expected to be at the same level as in 2012/13.
Please see the annual report for further details:
Chr. Hansen is a global bioscience company that develops natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural industries. The products include cultures, enzymes, probiotics and natural colors, and all solutions are based on strong research and development competencies coupled with significant technology investments. Revenue in the 2013/14 financial year was EUR 756 million. The company holds a leading market position in all its divisions: Cultures & Enzymes, Health & Nutrition and Natural Colors. It has more than 2,500 dedicated employees in over 30 countries and main production facilities in Denmark, France, USA and Germany. Chr. Hansen was founded in 1874 and is listed on NASDAQ OMX Copenhagen.