Hoersholm, 2012-01-11 08:00 CET (GLOBE NEWSWIRE) --  

Company Announcement No. 1/2012 - 11 January 2012

"Our financial year 2011/12 has started positively. Organic revenue growth reached 13% and with EBIT up by 20% reaching an EBIT margin two percentage points higher than Q1 last year we continue to demonstrate the scalability of our business model. At the same time we have increased our investment in Research & Development which shows our commitment to building a strong future for Chr. Hansen.

In a challenging world economy it is encouraging to see the strength of our growth platform with solid improvements across our regions and divisions.

With the strong performance in Q1 we reiterate our outlook for the year." says CEO Lars Frederiksen.

Highlights Q1 2011/12:

  • Revenue EUR 168 million, up 12% compared to Q1 2010/11. Organic growth 13% (12% adjusted for change in sales prices to reflect changes in raw material prices for carmine)
  • EBIT before special items (b.s.i.) EUR 41 million, up 20% compared to Q1 2010/11. EBIT margin before special items 25% compared to 23% in Q1 last year
  • Net profit for the period EUR 26 million compared to EUR 23 million in Q1 2010/11
  • Total Research & Development spend EUR 12 million, corresponding to 7% of revenue compared to EUR 8 million or 6% in Q1 2010/11.
  • Free cash flow negative with EUR 23 million compared to a negative EUR 24 million in Q1 2010/11
  • Net interest bearing debt EUR 376 million corresponding to 1.8 times EBITDA before special items compared to 2.6 times EBITDA before special items at 30 November 2010

Outlook

The outlook for 2011/12 remains unchanged from the outlook given in the announcement of 3 November 2011. Excluding effect on sales prices from change in raw material prices for carmine the organic growth is still expected to be in the range of 7-10%. Including the effect from change in carmine prices organic growth is expected in the range of 5-8%. EBIT margin b.s.i. is expected to be above 26%. 

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