Chr. Hansen Holding A/S reported unaudited group earnings results for the first quarter ended November 30, 2012. For the quarter, the company reported revenue of EUR 178.5 million compared to EUR 167.6 million a year ago. Operating profit was EUR 47.6 million compared to EUR 41.1 million a year ago. Profit before tax was EUR 43.9 million compared to EUR 35.6 million a year ago. Profit from continued operations was EUR 32.1 million compared to EUR 26.4 million a year ago. Profit distributed to shareholders of the company was EUR 31.8 million compared to EUR 26 million a year ago. Earnings per share, continuing operations diluted were EUR 0.24 compared to EUR 0.19 a year ago. Cash used in operating activities was EUR 12.8 million compared to EUR 10.3 million a year ago. Investments in intangible assets were EUR 5.8 million compared to EUR 6.9 million a year ago. Investments in property, plant and equipment were EUR 8.1 million compared to EUR 5.7 million a year ago. Negative free cash flow was EUR 26.7 million compared to EUR 22.9 million a year ago. ROIC excluding goodwill was 33.3% compared to 29.9% a year ago. Net interest-bearing debt amounted to EUR 420 million at November 30, 2012.

The company provided earnings guidance for the year 2013. Outlook for the fiscal 2013 remains unchanged compared to the announcement of October 31, 2012. Organic revenue growth, excluding effect on sales prices from change in raw material prices for carmine, is expected to be in the range of 810% while organic revenue growth, including the effect from change in raw material prices for carmine, is expected to be in the range of 79%. The EBIT margin before special items and impairments is expected to be above last year. Free cash flow before acquisitions and divestments is expected to be at the same level as in 2012. It sees a positive free cash flow during the second half. The company expects the tax rate will go up for fiscal 2013. It would expect to be at around 27%, or maybe just a little below, but in that range.