Chr. Hansen reports 10% organic growth for first quarter of 2022/23

Chr. Hansen reports 10% organic growth for first quarter of 2022/23
Press Release | Jan 12. 2023 07:07 GMT

Solid Q1 supports the outlook for 2022/23

Statement by CEO Mauricio Graber: “The solid results for Q1 show the strength of our business model. Organic growth reached 10%, driven by both volume and pricing initiatives and EBIT b.s.i. increased by 17% supported by the organic growth and exchange rates, leading to an EBIT margin b.s.i. of 24.7%. In light of the Q1 performance we maintain our underlying target for the year but update the outlook to reflect current exchange rate levels.

We will maintain a clear and strong focus on executing on our targets for the financial year 2022/23 while preparing for the proposed merger with Novozymes, which offers an exciting opportunity to create a leading global biosolutions partner based on strong complementary technology platforms, highly dedicated employees and a customer-centric approach.”

Q1 2022/23 highlights

  • Revenue amounted to EUR 310 million, up 15% from EUR 268 million in Q1 2021/22.
  • Organic growth was 10% in Q1 2022/23 driven by a mix of volume and price growth. Food Cultures & Enzymes organic growth was 8% mainly driven by price initiatives, but with good volume growth above underlying markets. Health & Nutrition organic growth was 12% driven by volume. The Lighthouses (Bioprotection, Fermented Plant Bases, Plant Health and HMO) was impacted by timing of orders and delivered 4% organic growth combined in Q1, while the core businesses delivered 10% organic growth.
  • EBIT b.s.i. amounted to EUR 77 million, up 17% from EUR 65 million in Q1 2021/22. The increase was driven by a positive contribution from exchange rates and pricing initiatives, which was partly offset by a negative impact from higher input costs.
  • The EBIT margin b.s.i. was 24.7%, up from 24.4% in Q1 2021/22. The improved margin was due to a positive contribution from exchange rates, which was partly offset by continuing inflationary pressures, despite ongoing price initiatives.
  • Free cash flow b.a.s.i. amounted to EUR 17 million, down from EUR 55 million last year, as the cash flow from operating activities b.a.s.i. was negatively impacted by a change in working capital and higher taxes paid.
  • On December 12, 2022 Chr. Hansen and Novozymes announced that the two companies had entered into an agreement to create a leading global biosolutions partner through a statutory merger. Work has been initiated to seek customary merger control and other regulatory approvals from relevant authorities, while the extraordinary general meeting for shareholder approval is currently expected to be held in the first half of the calendar year 2023.

Outlook
The current exchange rate level for the EUR/USD stands at 1.07 versus 0.97 at the time of the initial 2022/23 outlook provided on October 12, 2022. To reflect the 10% depreciation of the USD we update the outlook for the year regarding the impact from exchange rates on revenue, EBIT margin b.s.i. and cashflow b.a.s.i. The expectations to the underlying business incl. organic growth, EBIT margin b.s.i. and cash flow b.a.s.i. net of exchange rates remain unchanged.

12 January 2023

12 October 2022

Organic revenue growth

7-10%

7-10%

Impact from exchange rates on revenue

Neutral

5%

EBIT b.s.i. growth compared to revenue

In line

faster

EBIT margin b.s.i.

26-27%

27-28%

Free cash flow b.a.s.i.

EUR 170-210 million

EUR 190-230 million

The outlook for 2022/23 is based on actual exchange rates until January 11, 2023, and for the remainder of the year assuming constant exchange rates at the current level of EUR/USD rate of 1.07. For further details on the outlook for 2022/23, please refer to page 10.


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 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。

分享