Annual report 10/11

• Revenue EUR 636 million, up 15% compared to 2009/10
• Organic revenue growth 14% (10% adjusted for increased sales prices to reflect higher raw material prices for carmine)
• EBIT before special items EUR 159 million, up 14% compared to 2009/10
• EBIT margin before special items 25%, unchanged from 2009/10
• Corporation tax EUR 34 million corresponding to an effective tax rate of 23% compared to 63% last year
• Net profit for the year EUR 119 million, EUR 117 million excluding minority interest, compared to EUR 19 million in 2009/10, EUR 18 million excluding minority interest
• Capital expenditure EUR 45 million, corresponding to 7% of revenue
• Research & Development expenses EUR 40 million, corresponding to 6% of revenue
• Net working capital EUR 98 million equal to 15% of revenue compared to EUR 90 million or 16% of revenue at 31 August 2010
• Free cash flow EUR 125 million, doubled compared to 2009/10. EUR 19 million related to sale of the Functional Blends activities
• Net interest-bearing debt EUR 348 million corresponding to 1.7 times EBITDA before special items compared to 2.6 times EBITDA before special items at 31 August 2010
• For the financial year 2010/11, a dividend of EUR 0.48 (DKK 3.57) per share corresponding to EUR 65 million is proposed. The dividend equals net cash proceeds from the sale of the Functional Blends activities plus 40% of net profit 

"We are pleased that Chr. Hansen once again can report a strong performance. We delivered on our financial targets for the year with profitable growth across all business areas. The positive development is a clear evidence of the resilience and scalability of our business model” says CEO Lars Frederiksen.