11/04/13

Chr. Hansen achieved organic revenue growth of 9% (excluding the carmine price effect) (6% including the carmine price effect) to €353 million in the first half of 2012/13, up 6% compared with the year ago period. EBIT was €80 million, down 3%. The company described its performance as ‘strong’.

However, the company noted that preliminary analysis of two clinical studies relating to gastrointestinal health had been finalised. Despite indications of positive results, the studies’ primary end points were not met and consequently the data is assessed to be insufficient for approval of an EU health claim. Therefore, impairment of capitalised development costs of € 8 million was made in Q2. This impacted EBIT, which would otherwise have been flat compared with the previous year at 25%.

Q2 2012/13 revenue was €174 million, up 6% compared to Q2 last year. Organic growth was 8% (10% excluding carmine price effect). The EBIT margin of 18.7% compared to 25.4% in Q2 last year. The EBIT margin before impairment was 23.3%.

Chr, Hansen said that its outlook for 2012/13 is unchanged compared to the announcement of 16 January 2013. Organic revenue growth, excluding effect on sales prices from change in raw material prices for carmine, is expected to be in the range of 8-10% while organic revenue growth, including the effect from change in raw material prices for carmine, is expected to be in the range of 7-9%. The EBIT margin before special items and impairments is expected to be above last year. Free cash flow before acquisitions and divestments is expected to be at the same level as in 2011/12.