Chr. Hansen Holding A/S reported unaudited earnings results for the first quarter ended November 30, 2016. For the quarter, the company's revenue was €241.7 million against €214.4 million a year ago. Operating profit (EBIT) was €64.6 million against €54.0 million a year ago. Profit before tax was €61.8 million against €51.8 million a year ago. Profit for the period was €47.0 million against €38.9 million a year ago. Profit attributable to shareholders of Chr. Hansen Holding A/S was €47.0 million against €38.9 million a year ago. Earnings per share diluted were €0.35 against earnings per share basic and diluted of €0.30 a year ago. Cash flow from operating activities was €2.4 million against €1.2 million a year ago. Investments in intangible assets were €3.0 million against €5.2 million a year ago. Investments in property, plant and equipment was €21.7 million against €12.6 million a year ago. EBITDA was €79.5 million against €66.6 million a year ago. EBIT before special items was €65.5 million against €54.0 million a year ago. Net interest-bearing debt as on November 30, 2016 was €645.2 million against €512.7 million a year ago. The free cash flow before acquisitions and special items was a negative €19 million, which was slightly below last year, and that of course is due to an increased investment level.

The company expects tax rate to be 24% for the fiscal year 2017. The company is maintaining the outlook for the year of 8% to 10% organic growth and a slight increase in EBIT margin compared to last year. The free cash flow is still expected to be around the same level as last year due to higher investment level.