08:00 CEST(GLOBE NEWSWIRE) -- Company announcement no. 28/2014 “With organic growth of 10% and solid margins in Q3, Chr. Hansen continued the strong performance from Q2, and we maintain our outlook for the full year, expecting organic revenue growth of 7-9% and an EBIT margin before special items above 26%,” says CEO Cees de Jong. “Implementation of our Nature’s No. 1 strategy remains a key focus area. It’s encouraging to see the successful implementation of our new fermentation capacity for cultures in Copenhagenand the progress in our other strategic initiatives such as the strengthening of our position in emerging markets and creating fuel for growth through strong cost focus and scalability”. Highlights YTD 2013/14 -- Revenue EUR 551 million, compared to EUR 545 millionin the first nine months of 2012/13, corresponding to organic growth of 7%. Revenue negatively impacted by exchange rate effects, primarily related to BRL, USD and AUD -- Operating expenses EUR 142 million, compared to EUR 146 millionin the first nine months of 2012/13. Last year’s operating expenses were impacted by impairment charges of EUR 8 million. Before impairments, expenses increased by 2% -- EBIT before special items and impairments EUR 143 million, compared to EUR 141 millionlast year. EBIT margin before special items and impairments of 26.0%, compared to 25.9% last year. Negative impact of 1.1 percentage points from lower level of capitalization of development costs -- Special items (expenses) EUR 5 millionrelated to optimization of the organization and business processes -- EBIT EUR 139 million, compared to EUR 133 millionin the first nine months of 2012/13. EBIT margin 25.1% compared to 24.4% last year -- Income taxes EUR 35 million, equivalent to an effective tax rate of 27%, unchanged from the first nine months of 2012/13 -- Profit for the period EUR 94 million, compared to EUR 88 millionin the first nine months of 2012/13. Diluted earnings per share EUR 0.70, compared to EUR 0.66last year -- Capital expenditures EUR 41 million, or 7.4% of revenue, compared to EUR 47 million, or 8.6%, in the first nine months of 2012/13 -- Incurred research & development expenditures EUR 36 million, or 6.6% of revenue, up from 6.5% in the first nine months of 2012/13 -- Net working capital EUR 154 million, or 20.8% of revenue, compared to EUR 138 million, or 19.3% in the first nine month of 2012/13. Net working capital negatively impacted by higher receivables at end of Q3 and higher inventories to support the implementation of new production capacity for cultures -- Free cash flow EUR 42 million, compared to EUR 52 millionin the first nine months of 2012/13 -- Net interest-bearing debt EUR 439 million, or 1.7x EBITDA, unchanged compared to 31 May 2013-- Q3 2013/14 results: Revenue EUR 198 million, up 3% on last year. Organic growth 10%. EBIT margin before special items 27.8%, compared to 27.6% last year. Free cash flow EUR 41 million, compared to EUR 46 millionlast year. OUTLOOK FOR 2013/14 The outlook for 2013/14 is unchanged from the announcement of 9 April 2014. Organic revenue growth: 7-9% Research & development expenditures incurred (% of revenue): toward 7% Negative impact on EBIT margin from increased research & development activity and lower level of capitalization: 1-1.5%-points EBIT margin before special items: above 26% Special items (cost): EUR 8-10 millionFree cash flow before acquisitions and divestments: around EUR 110 millionCopyright © 2014 OMX AB (publ).