Off to a positive start to 2020/21 with good commercial traction and integration of acquisitions on track
- Q1 2020/21 organic sales growth was 10%, equally split between volume/mix and price, and driven by Health & Nutrition, which delivered 15% growth, while Food Cultures & Enzymes delivered 8% growth
- Underlying EBIT margin b.s.i. (see reconciliation on p. 20) of 28.5%, incl. 1%-point negative currency impact, compared to 29.0% in Q1 2019/20. Reported EBIT margin b.s.i. (incl. all acquisition impacts) was 25.2%
- Integration of probiotic acquisitions well on track, but temporary capacity constraints in HMO will phase part of expected FY21 revenues and capex to FY22
- Outlook for 2020/21 is unchanged on all key parameters
| EUR million | Q1 2020/21 | Q1 2019/20 | Growth |
| Revenue | 243.5 | 220.0 | 10.7% |
| EBITDA before special items | 87.8 | 80.1 | 9.6% |
| EBIT before special items | 61.4 | 63.8 | (3.8%) |
| Profit from continuing operations | 36.1 | 45.6 | (20.8%) |
| Free cash flow before acquisitions and special items | (6.9) | 7.5 | (192.0%) |
| Organic growth | 10% | 2% | |
| Gross margin | 55.9% | 60.2% | |
| EBITDA margin before special items | 36.1% | 36.4% | |
| EBIT margin before special items | 25.2% | 29.0% | |
| ROIC excl. goodwill | 20.6% | 29.4% | |
CEO Mauricio Graber says: “Our first quarter came in quite strong on a relatively easy comparable from Q1 last year, with good performance across our business, especially within Health & Nutrition. We were able to win new business, launch new products in Food Cultures & Enzymes and drive upselling in key markets such as cheese – all despite the difficulties of COVID-19. We have more product launches scheduled for the current financial year, which will help to ensure that we have a healthy commercial pipeline in the years to come.
Chr. Hansen is on track to execute on our 2025 strategy and become a focused bioscience company based on a unique microbial and fermentation technology platform. This is a year of transition, where we need to secure a successful integration of the acquired businesses. We have started out strong, and we will address any challenges that may arise in those processes head on and with determination. The divestment process of Natural Colors is also on track and the business delivered as expected.
Our outlook for 2020/21 remains cautious, and despite COVID-19 we are able to maintain our outlook on all key parameters. This means that we will still outgrow the underlying markets as we strive to deliver industry-leading growth rates.”
Outlook for 2020/21
| Organic revenue growth | 5-8% |
| EBIT margin before special items | 27-28% |
| Free cash flow before special items, acquisitions and divestments | EUR 120-160 million |
The guidance for EBIT margin before special items and for free cash flow before acquisitions and special items assumes constant currencies from the time of this announcement and for the remainder of the financial year.
Chr. Hansen est une entreprise internationale spécialisée dans la bioscience qui se démarque et met au point des solutions naturelles pour les secteurs alimentaire, nutritionnel, pharmaceutique et agricole. Chez Chr. Hansen, nous bénéficions d’une position unique pour stimuler un changement positif au travers de nos solutions microbiennes. Depuis près de 150 ans, nous travaillons en faveur d’une agriculture durable, d'une meilleure alimentation et d’un mode de vie plus sain pour une part croissante de la population mondiale. Nos plateformes technologiques de solutions microbiennes et de fermentation, qui incluent notre vaste collection d’environ 50 000 souches microbiennes importantes, ont le pouvoir de changer la donne. En répondant aux besoins des consommateurs et aux tendances mondiales, nous libérons le potentiel des bonnes bactéries et relevons les défis planétaires du gaspillage alimentaire, de la santé mondiale et de la surconsommation d’antibiotiques et de pesticides. À titre d’entreprise de fabrication d’ingrédients alimentaires la plus durable au monde, nous intervenons quotidiennement dans la vie de plus d’un milliard de personnes. Motivés par notre tradition d’innovation et notre curiosité de pionniers de la science, notre objectif qui consiste à « cultiver un monde meilleur, naturellement » est au cœur de chacune de nos actions.
