Adapting to a changing business environment, outlook for the new financial year is 7-10% organic growth
Statement by CEO Mauricio Graber: “We have delivered a solid financial performance despite a volatile macroeconomic and geopolitical environment. Organic growth reached 9%, EBIT margin b.s.i. 26.8%, and the free cash flow b.a.s.i. ended at EUR 172 million in line with our latest guidance. Looking into 2022/23 we will continue to adapt to a changing business environment for both us and our customers and aim to deliver solid organic revenue and EBIT growth in 2022/23 as we progress on our strategic ambition to differentiate as a bioscience company focused on microbial and fermentation technology platforms.”
2021/22 highlights
- Revenue amounted to EUR 1,218 million, up 13% from EUR 1,077 million in 2020/21. Organic growth was 9% in 2021/22, mainly driven by volume growth. The Lighthouses (Bioprotection, Fermented Plant Bases, Plant Health and HMO) delivered 14% organic growth combined, while the remaining core businesses delivered 9% organic growth. Food Cultures & Enzymes organic growth was 7% and mainly driven by volume, but with a positive impact from pricing. Health & Nutrition organic growth was 14%, driven by volume.
- EBIT before special items (b.s.i.) amounted to EUR 326 million, up 9% from EUR 298 million in 2020/21, while the EBIT margin b.s.i. was 26.8%, down from 27.7% in 2020/21. The decrease was mainly driven by a negative impact from higher input costs and increased cost levels to mitigate challenges in the supply chain, which was partly offset by the strong sales performance, pricing initiatives and efficiency improvements.
- Free cash flow b.a.s.i. amounted to EUR 172 million, down from EUR 196 million last year, as the cash flow from operating activities b.a.s.i. was impacted by higher taxes paid.
Q4 2021/22 highlights
- Revenue amounted to EUR 328 million, up 12% from EUR 293 million in Q4 2020/21. Organic growth was 6%, driven by both price and volume growth. The Lighthouses showed 9% negative organic growth due to order timing, while the remaining core businesses delivered 7% organic growth. Food Cultures & Enzymes organic growth was 5%, mainly driven by pricing. Health & Nutrition organic growth was 6%, driven by volume.
- EBIT before special items (b.s.i.) amounted to EUR 91 million, up 9% from EUR 84 million in Q4 2020/21, while the EBIT margin b.s.i. was 27.9%, down from 28.8% in Q4 2020/21. The decrease was mainly driven by a negative impact from higher input costs and increased cost levels to mitigate challenges in the supply chain, which was partly offset by pricing initiatives and a positive impact from currencies.
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Dividend
Based on a 13% increase in earnings per share to EUR 1.71, the Board of Directors proposes an ordinary dividend for 2021/22 of EUR 0.95 (DKK 7.04) per share, for a total of EUR 125 million. The proposed ordinary dividend is equivalent to 55% of the profit for the year. Furthermore, the Board of Directors will evaluate the capacity to distribute excess cash through a safe harbour share repurchase programme or alternatively through an extraordinary dividend during 2022/23 in line with the company’s capital allocation principles. Such an initiative intends to keep Chr. Hansen at a financial leverage consistent with a solid investment-grade credit profile.
Outlook 2022/23
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Organic revenue growth is expected to be in the range of 7-10%. Revenue is expected to be positively impacted by approx. 5% from exchange rates
- EBIT b.s.i. is expected to grow faster than revenue, and EBIT margin before special items is expected to be in the range of 27.0%-28.0%
- Free cash flow before special items is expected to be in the range of EUR 190-230 million
The outlook for 2022/23 is based on actual rates until October 11, 2022, and for the remainder of the year assuming constant exchange rates at the current level of EUR/USD rate of 0.97.
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 150 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 50,000 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。