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Categories: Corporate Results

Danisco Seen Posting 18 Pct Fall in Year EBIT

Source: Reuters
22/06/2009

Copenhagen, June 19 - Danisco is expected to report an 18 percent drop in full-year operating profit next week, when the focus will be on the Danish ingredients group's outlook for 2009-10.

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The average forecast for earnings before interest and tax (EBIT) for the year to end-April was 1.22 billion Danish crowns ($228 million), according to a Reuters survey on Friday.

Sales were forecast up 6.4 percent at 13 billion crowns. The results were due on Wednesday, June 24.

In May, Danisco raised its 2008-09 operating profit guidance to 1.23-1.25 billion crowns.

"Danisco has removed the excitement from the report. The changes in the company's guidance show how difficult it has been to predict the development, and the market will be focusing on Danisco's expectations for the coming financial year", Jyske Bank said in a research note.

Fourth-quarter consensus on pretax profit includes write-downs on goodwill of 24 million crowns.

Danisco sells enzymes and ingredients used to produce items such as ice cream, soft drinks, jeans, detergents and biofuels, after it sold its sugar business to Germany's Nordzucker in March.

Of seven analysts who disclosed their rating on its stock, four were positive, two were neutral, and one was negative.

All figures in millions of Danish crowns, except EPS and dividend which are in crowns:

 2008-09              Mean  Median    High     Low   No.  Yr ago
 Total sales        12,999  13,000  13,056  12,910    9   12,219
 EBITDA              1,827   1,813   1,942   1,725    3    2,201
 EBIT (group)        1,224   1,229   1,246   1,163    9    1,499
 Pretax profit         357     350     445     275    9    1,203
 Net profit             88      88      150     -4    9      770
 EPS                  1.84    1.84    3.14   -0.08    9    16.04
 Dividend per share   6.55    6.55    7.50    5.59    2     7.50
 Special items        -753    -750    -750    -780    9      -95
 
 Fourth quarter       Mean  Median    High     Low   No.  Yr ago
 Total sales         3,318   3,319   3,375   3,229    9    3,104
 EBITDA                376     363     491     275    3      488
 EBIT (group)          292     297     315     232    9      319
 Pretax profit         193     186     268     140    9      216
 Net profit            130     130     192      38    9       95
 EPS                  2.72    2.72    4.02    0.79    9     2.00
 Special items         -24     -21     -15     -51    9      -88
 
 2009-10              Mean  Median    High     Low   No.
 Total sales        13,620  13,551  14,322  13,221    8
 EBITDA              2,048   2,037   2,116   1,990    3
 EBIT (group)        1,377   1,395   1,490   1,201    8
 Pretax profit       1,135   1,133   1,290     955    8
 Net profit            752     761     825     611    8
 EPS                 15.73   15.91   17.26   12.78    8
 Dividend per share   4.72    4.72    4.72    4.72    1
 Special items          -3       0       0     -20    7

The following banks provided the estimates: Alm Brand, Cheuvreux, Dansk Aktie Analyse, Danske Bank, Goldman Sachs, Handelsbanken Capital Markets, Jyske Bank, Proactive Independent Ideas and Sydbank.



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