Chr. Hansen reports solid organic revenue growth of 9% in the first half of 2017/18:
Food Cultures & Enzymes 12%, Health & Nutrition 8% and Natural Colors 4%. EBIT before special items increased slightly to EUR 135.9 million, corresponding to an EBIT margin before special items of 26.2%. In Q2, organic growth was 9%, and EBIT before special items increased by 2% to EUR 71.2 million. The overall outlook for 2017/18 is unchanged.
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|EUR million||Q2 |
|EBIT before special items||71.2||70.1||2%||135.9||135.6||0%|
|Profit for the period||51.1||50.9||0%||97.6||97.9||0%|
|Free cash flow before acquisitions, divestments and special items||29.9||48.8||(39)%||11.0||29.8||(63)%|
|Organic growth, %||9%||9%||9%||10%|
|Gross margin, %||53.4%||53.7%||53.0%||53.5%|
|EBIT margin before special items, %||27.0%||27.0%||26.2%||27.1%|
|ROIC excl. goodwill, %||32.8%||34.1%||32.1%||35.2%|
Solid development continues
CEO Cees de Jong says: “The solid development from Q1 has continued into Q2, with strong organic growth in Food Cultures & Enzymes from all product categories and regions. Sales of bioprotective solutions also continue to show impressive organic growth rates at around 45%. Strong sales in animal health were driven by an improved sales coverage in EMEA and APAC.
In addition, we continue to benefit from the trend where farmers and feed manufacturers aim to use less antibiotics in livestock production. Probiotics for dietary supplements in North America are still impacted by changing market dynamics, and especially inventory reductions by a few large customers, which suppresses growth temporarily. Growth in both dietary supplements and infant formula in Asia Pacific was strong.
Our EBIT margin before special items in Q2 improved significantly compared with Q1, and was on par with last year despite an adverse impact from currencies of more than 1%-point. Higher depreciations related to the recent capacity expansion were offset by improved production efficiencies in Food Cultures & Enzymes and a better product mix in Health & Nutrition.
We are satisfied with the progress in the first half of the year, and we maintain our overall guidance for the full year. Expectations to organic growth for Food Cultures & Enzymes and Health & Nutrition are unchanged, however, we lower our expectations to organic growth in Natural Colors for the full year to be below the long-term ambition of around 10%, due to the sales development in the first half of the year.”
Outlook for 2017/18
|11 April 2018||
12 January 2018
|Organic revenue growth||8-10%||8-10%|
|EBIT margin before special items||Around 28.9%||Around 28.9%|
|Free cash flow before special items, acquisitions and divestments||Around EUR 188 million||Around EUR 188 million|
The guidance for EBIT margin before special items and for free cash flow before acquisitions, divestments and special items assumes constant currencies from the time of this announcement and for the remainder of the financial year.
科 汉森是一家全球性且具备差异化的生物科技公司，为食品行业、营养行业、制药行业和畜牧业开发天然原料的解决方案。 在科 汉森，我们拥有独特的优势，可通过微生物解决方案推动积极的变革。 在过去超过 145 年的时间里，我们致力于实现可持续的农业、更好的食品以及让全世界更多的人过上更健康的生活。 我们的微生物和发酵技术平台拥有改变规则的潜力，库存广泛且价值重大，包括约 40,000 种微生物菌株。 除了适应客户需求和全球趋势外，我们还将挖掘释放有益菌的力量，以应对食物浪费、全球健康以及抗生素和杀虫剂滥用等全球挑战。 作为全世界最具可持续性的生物技术公司，我们每天影响超过 10 亿人的生活。 受我们的创新传统与对前沿科学的求知驱动，公司宗旨“To grow a better world. Naturally.”体现在我们的所有工作中。