Statement by CEO Mauricio Graber: “Supported by a strong Q4 performance, Chr. Hansen delivered a solid result for the first twelve months of the extended financial year 2022/23 at the upper end of our guidance with 11% organic revenue growth and an EBIT margin b.s.i. of 26.9%. Throughout the year, we have demonstrated the attractiveness of the markets we serve and the resilience of our business model, supported by a robust and agile organization adapting to changing customer requirements in a challenging environment.
Together with Novozymes, we continue the regulatory approval process in relation to the proposed merger with closing expected in the fourth quarter of the calendar year 2023 or the first quarter of the calendar year 2024.”
Q4 2022/23 highlights
- Revenue amounted to EUR 352 million, up 7% from EUR 328 million in Q4 2021/22. Year-to-date (September 1, 2022 – August 31, 2023) revenue amounted to EUR 1,334 million, up 10% from the same period in 2021/22.
- Organic growth was 16%, equally supported by both business areas. The Lighthouses delivered 41% organic growth combined in Q4, mainly driven by HMO, while the core businesses delivered 14% organic growth. Year-to-date Group organic growth was 11%. The Lighthouses delivered 24% organic growth, while the core businesses delivered 10% organic growth.
- EBIT b.s.i. amounted to EUR 99 million, up 8% from EUR 91 million in Q4 2021/22. The increase was driven by volume growth, a positive contribution from pricing initiatives, and stable operating expenses, which was partly offset by the negative impact of higher input costs and exchange rates.
- The EBIT margin b.s.i. was 28.0%, compared to 27.9% in Q4 2021/22, as the strong sales development including the impact from pricing initiatives were offset by the negative impact of higher input costs and exchange rates.
- Free cash flow b.a.s.i. amounted to EUR 202 million for the year to date, up 17% from EUR 172 million in the same period last year, driven by the improvement in operating profit and lower taxes paid, which was partly offset by a negative change in working capital.
Interim dividend for the period September 1, 2022 – August 31, 2023
In connection with the merger agreement, Novozymes and Chr. Hansen have agreed on certain specific provisions in respect of distributions to their shareholders until completion of the proposed merger. Consistent with the merger agreement with Novozymes, the Board of Directors has decided to declare an interim dividend of DKK 7.72 or EUR 1.04 per share. The total dividend of EUR 137 million is equivalent to 55% of the adjusted profit for the period September 1, 2022 to August 31, 2023, and will be paid on October 17, 2023 (ex-dividend date of October 13, 2023).
Follow-up on 12-month outlook, September 1, 2022 – August 31, 2023
| Actuals 2023 | Outlook July 6, 2023 | |
| Organic revenue growth | 11% | 9-11% |
| EBIT margin b.s.i. | 26.9% | 26-27% |
| Free cash flow b.a.s.i. | EURm 202 | EURm 200-230 |
Outlook, January 1, 2023 – December 31, 2023
In light of the performance for the first eight months of 2023, the outlook is adjusted for organic revenue growth and free cash flow b.a.s.i., while maintained for EBIT margin b.s.i. Organic growth for the remaining four months of 2023 is expected to be driven primarily by price growth including a positive impact from EUR-based pricing.
| Outlook October 12, 2023 | Outlook July 6, 2023 | |
| Organic revenue growth | 10-12% | 9-12% |
| EBIT margin b.s.i. | 26-27% | 26-27% |
| Free cash flow b.a.s.i. | EURm 190-230 | EURm 200-250 |
The outlook for the calendar year 2023 is based on actual exchange rates until October 11, 2023, and for the remainder of the calendar year 2023 assuming constant exchange rates at the current level of EUR/USD rate of 1.06, compared to 1.09 at the time of the most recent outlook, provided on July 6, 2023. For further details on the outlook for the January 1, 2023 – December 31, 2023, please refer to page 9.
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