Chr. Hansen Reports 10% Organic Growth in 2014/15

21 Oct 2015 --- Chr. Hansen has reported revenue of €859 million in 2014/15, compared to €756 million in 2013/14, corresponding to organic growth of 10%. Revenue was positively impacted by changes in exchange rates, primarily by the appreciation of the US dollar.

EBIT before special items of €233 million, compared to €205 million in 2013/14. The EBIT margin before special items was 27.1%, unchanged from 2013/14. Income taxes of €57 million, equivalent to an effective tax rate of 26%, compared to 27% in 2013/14. Profit for the year was €163 million, compared to €132 million in 2013/14, with free cash flow of €151 million, compared to €115 million in 2013/14. Net interest-bearing debt of €488 million, or 1.7x EBITDA, compared to €404 million, or 1.6x EBITDA, at 31 August 2014.

In Q4, revenue of €234 million was reported, up 14% on Q4 2013/14, corresponding to organic growth of 11%. EBIT margin before special items of 31.1%, compared to 30.0% in Q4 2013/14. Free cash flow of €86 million, compared to €73 million in Q4 2013/14.

“The progress in 2014/15 was very satisfactory and with organic growth of 10%, we delivered at the upper end of our Nature’s No. 1 growth ambition. The Cultures & Enzymes Division and the Health & Nutrition Division delivered solid organic growth of 9% and 13% respectively. The performance of the Natural Colors Division improved during the year, and with organic growth of 9% for the full year, the division delivered in line with our long-term ambition. The EBIT margin before special items ended at 27.1%, unchanged from 2013/14, as a positive impact from higher sales volume and the stronger USD was offset by increased research & development expenditures related to biological plant protection and the human microbiome initiative,” says CEO Cees de Jong.

“For 2015/16, we expect organic revenue growth of 8-10% and an EBIT margin before special items above the 27.1% in 2014/15.”