Group financial statement for the first quarter of 2012

Sales growth and profitability in Q1 2012 as expected. Full-year outlook maintained

25. April 2012

Overall sales growth of 2% in DKK for Q1 2012 is in line with expectations, on the back of a challenging comparison in the first quarter of 2011. The outlook for sales growth is maintained at 7–11% in DKK and 4–8% organically. EBIT grew by 7% compared to the first quarter of 2011, resulting in an EBIT margin of 24.9%. Full-year outlook for earnings, free cash flow and net investments unchanged.

 

In Q1:

 

  • Sales increased by 2% in DKK, while flat organically and down by 1% in LCY vs. Q1 2011
  • Gross margin was 57.7%, an increase of 2.2 %-points compared to Q1 2011 (an increase of 0.7 %-points excluding Q1 2011 acquisition impact)
  • EBIT was DKK 680 million, an increase of 7% over Q1 2011
  • EBIT margin was 24.9%, up 1.3 %-points on Q1 2011
  • Net profit was DKK 510 million, up 4% compared to Q1 2011
  • Net investments excluding acquisitions totaled DKK 158 million, vs. DKK 206 million in Q1 2011
  • Free cash flow before acquisitions was DKK 456 million, against DKK 477 million in Q1 2011
  • ROIC was 20.9%, against 22.8% in Q1 2011, including goodwill

 

 The first quarter developed as expected on the back of a challenging comparison in the first quarter of 2011," says Steen Riisgaard, President & CEO. “We are performing as planned and posting higher profitability, with enzymes sales for the Household Care and Feed industries being the strongest growth contributors as expected. Although the global economic situation remains uncertain, I’m pleased that we're on track to meet the outlook for the full year. 

 

2012_33_Q112_CompanyAnnouncement-EN_FINAL.pdfDownload the whole announcement

 

Contact persons:

 

Press and media:
Investor relations:
René Tronborg (Europe)
Tel. (direct): +45 4446 2274
Tel. (mobile): +45 3077 2274
 
Paige Donnelly (USA)
Tel. (direct): +1 919 494 3209
Tel. (mobile): +1 919 218 4501
Martin Riise
Tel. (direct): +45 4446 0738
Tel. (mobile): +45 3077 0738
 
Thomas Bomhoff (USA)
Tel. (direct): +1 919 494 3483
Tel. (mobile):  +1 919 649 2565