Announcement of the 2003/04 financial results of the Chr. Hansen Group and Chr. Hansen Holding A/S

Chr. Hansen – Food Ingredients

Revenue increased by 8% in local currencies. Overall, exchange rates fell by 5%, and in DKK-terms revenue amounted to DKK 3,420 million (3,345)
The EBITA margin was 12.6% (13.0). EBITA amounted to DKK 431 million (435)
The return on average invested capital (ROAIC) was 11.3% (11.5)
The free sector cash flow before financial items amounted to DKK 226 million
For the 2004/05 financial year, the target is organic growth of 5-6% leading to revenue of approximately DKK 3.5 billion and, assuming that exchange rates remain at the cur­rent level, including a USD exchange rate of USD 1 = DKK 5.80, which is 2-3% lower than last year’s level. The EBITA margin is expected to increase to 13%

ALK-Abelló – Allergy Vaccines

Revenue increased by 8% in local currencies. Overall, exchange rates fell by 2%, and in DKK-terms revenue amounted to DKK 1,054 million (991)
EBITA for the core business was DKK 143 million (120)
Pipeline costs amounted to DKK 198 million (219)
Total EBITA was a loss of DKK 55 million (loss: 99)
For the 2004/05 financial year, the target is organic growth in the core business of 7-9%. The pipeline costs are expected to be at the 2003/04 level. Total EBITA is forecast at a loss of approximately DKK 30 million
Chr. Hansen Group

Revenue increased by 8% in local currencies to DKK 4,474 million (4,336)
Profit from ordinary activities before tax was DKK 202 million (139)
Net interest-bearing debt was reduced by DKK 4 million to DKK 2,293 million
Net profit for the year attributable to Chr. Hansen Holding A/S was DKK 76 million (9)
For the 2004/05 financial year, profit from ordinary activities before tax is forecast at DKK 225-245 million, assuming that exchange rates remain at the current level, includ­ing a USD exchange rate of USD 1 = DKK 5.80
The organic growth forecast for Q1 2004/05 is lower than the organic growth forecast for the full 2004/05 financial year due to particularly high sales in August

Hørsholm, November 16, 2004

CHR. HANSEN HOLDING A/S

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