Interim report, 1st half 2008
Strong growth throughout 1H 2008
(Figures in brackets are figures for 2007)
The favourable market conditions experienced by the company in Q1 continued in Q2 and re-sulted in strong growth in revenue and earnings for Auriga’s subsidiary Cheminova. In 1H, Auriga’s revenue increased by 47 per cent to DKK 3,076 million, while the EBIT margin im-proved by 8 percentage points to 11 per cent, corresponding to an operating profit of DKK 347 million for the first six months.
- Revenue for the Auriga group for 1H 2008 amounted to DKK 3,076 million (DKK 2,094 million) after continued growth in Cheminova.
- Operating profit for 1H was DKK 347 million (DKK 68 million), and profit before tax was DKK 319 million (DKK 45 million).
- Favourable market conditions for Cheminova’s biggest product, glyphosate, is the single most important factor behind the growth and improvement in earnings, but Cheminova also realised satisfactory growth in sales of new products.
- Stähler, which is consolidated on a pro rata basis with Cheminova, contributed to the growth after a good half year which exceeded expectations. The underlying growth in revenue was more than 40 per cent.
Outlook for 2008 maintained
- Auriga is maintaining the upward adjustment of the outlook announced in the company an-nouncement on June 24, 2008 of revenue for the year of approx. DKK 5.5 billion and a profit before tax of DKK 440-490 million.
Cheminova’s financial targets for 2010 expected to be met already in 2009
- Provided that the favourable market conditions for plant protection products continue, Chemi-nova expects already in 2009 to meet the previously announced financial targets for 2010 (ex-cluding Stähler) of revenue of DKK 5.5 billion and an EBIT margin of 10 per cent. With pro rata consolidation of Stähler, revenue of just under DKK 5.9 billion is thus expected for 2009 with an EBIT margin of approx. 10 per cent.
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