Chr. Hansen delivered solid results in 2012/13 with organic growth of 9 percent excluding carmine price effect and an EBIT margin before impairment of 27.2 percent. 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 to 9 percent and an EBIT margin before special items above 26 percent.”
- Revenue EUR 738 million, up 6 percent on 2011/12
- Organic growth 7 percent (9 percent excluding carmine price effect)
- EBIT EUR 193 million, compared to EUR 185 million in 2011/12
- EBIT margin 26.1 percent, down from 26.5 percent in 2011/12. EBIT margin before impairment 27.2 percent, unchanged from 2011/12
- Q4 2012/13 results: Revenue EUR 194 million, up 5 percent on 2011/12. Organic growth 10 percent (12 percent excluding carmine price effect). EBIT margin before impairment 30.7 percent, up from 29.8 percent in 2011/12
Outlook for 2013/14
Organic revenue growth is expected to be 7 to 9 percent.
Research and development expenditures incurred as a percentage of revenue are expected to move toward 7 percent of revenue from 6.1 percent 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 and development activity and lower level of capitalization are estimated to reduce the EBIT margin by 1 to 1.5 percentage points.
The EBIT margin before special items is expected to be above 26 percent.
Free cash flow before acquisitions and divestments is expected to be at the same level as in 2012/13.