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Annual Report 2014/15Detailed Picture

Shareholder information

Chr. Hansen Holding A/S is listed on Nasdaq Copenhagen and aims to provide long-term returns to shareholders through increases in share price and dividend payouts.

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TOTAL SHAREHOLDER RETURN 2014/15

The share price developed positively in 2014/15. At the end of August 2015, the share traded at DKK 335, while the share price at 1 September 2014 was DKK 231, corresponding to an increase of DKK 104 per share.

During the year, an ordinary dividend for the 2013/14 financial year of DKK 3.77 per share and an interim dividend related to the 2014/15 financial year of DKK 6.57 per share were paid.

The total shareholder return for 2014/15 equaled DKK 115 or 50% per share.

Chr. Hansen is included in a number of share indexes, including the Nasdaq C20CAP index, and measures itself against a predefined group of companies.The Nasdaq C20CAP index returned 22%, while the predefined peer group returned 14% including dividends.

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CAPITAL STRUCTURE

The Board of Directors regularly assesses whether the capital structure of Chr. Hansen is in shareholders’ best interests.

The Board of Directors is committed to maintaining financial leverage consistent with a solid investment-grade credit profile while returning excess cash to shareholders through ordinary dividends and through either interim dividends or share buy-back programs, in accordance with the Company’s capital allocation priorities.

Dividends

The Company’s policy for ordinary dividends is a payout ratio of 30-50% of net profit. In addition to this, the Annual General Meeting has authorized the Board of Directors to distribute interim dividends.

The dividends proposed depend on the Board's assessment of factors such as business development, growth strategy and financing needs, and there can be no assurance that in any given year an ordinary or interim dividend will be proposed or declared.

The Board of Directors proposes that the Annual General Meeting approves an ordinary dividend for 2014/15 of EUR 0.63 (DKK 4.70) per share, or a total of EUR 82 million. The proposed ordinary dividend is equivalent to 50% of the profit for the year.

The Board of Directors believes that the proposed dividend best serves the interests of shareholders. The capital and share structure will be assessed regularly to determine whether it remains in shareholders’ best interests.

Changes to share capital

On 5 January 2015, the Company’s share capital was reduced by 2,647,480 shares acquired under a share buy-back program to redistribute excess cash of EUR 80 million to shareholders. Following the reduction, the share capital has a nominal value of DKK 1,318,524,960 (previously DKK 1,344,999,760).

Authorizations of the Board of Directors

The Board of Directors has been authorized by the Annual General Meeting up to and including 26 November 2017 to:

  • Increase the share capital in one or more stages, with pre-emptive rights for existing shareholders, by up to a total nominal value of DKK 131,852,496 (previously DKK 134,499,976). The capital increase shall be effected by payment in cash.
  • Increase the share capital in one or more stages, without pre-emptive rights for existing shareholders, by up to a total nominal value of DKK 131,852,496 (previously DKK 134,499,976), provided that the increase takes place at market price. The capital increase may be effected by payment in cash or by contribution of assets other than cash.
  • Have the Company acquire up to 13,185,249 (previously 13,449,997) own shares, provided that the Company’s holding of treasury shares at no time exceeds 10% of the Company’s share capital. The consideration payable for the shares may not deviate by more than 10% from the share price listed on Nasdaq Copenhagen at the time of acquisition.
  • Distribute extraordinary dividends in accordance with the rules and limitations set out in the Danish Companies Act.   

SHAREHOLDERS

At the end of August 2015, Chr. Hansen had around 21,600 institutional and private shareholders. At 31 August 2015, three shareholders held more than 5% of the shares each:

  • Novo A/S (Denmark) 25.7%
  • Capital Group Companies Inc. (US) 8.6%
  • APG Asset Management N.V. (Netherlands) 5.1%

Other institutional investors, primarily from the UK and the US, held around 50%, while retail investors held around 5%. Chr. Hansen held 1.2% in order to meet certain obligations to deliver shares under management incentive programs.

American Depositary Receipt program

Chr. Hansen has a sponsored Level 1 American Depositary Receipt (ADR) program with Bank of New York Mellon acting as depositary bank. An ADR is a USD-denominated negotiable certificate that represents ownership of shares in a non-US company, facilitating the purchase, holding and sale of non-US securities by US investors. At the end of 2014/15, 2.3% of the share capital was held through the ADR program.

The sole activity of the listed company Chr. Hansen Holding A/S is the general management and central administration of shareholdings in companies in the Chr. Hansen Group.

ANALYST COVERAGE

The Company is currently covered by more than 20 analysts, including major international investment banks. A list of analysts covering Chr. Hansen can be found at www.chr-hansen.com/investors/share-info/analysts.

INVESTOR RELATIONS ACTIVITIES

Chr. Hansen seeks to ensure that relevant, accurate and timely information is made available to the capital markets to serve as a basis for regular trading and fair pricing of the Company's shares. In providing this information, Chr. Hansen aims to ensure that it is perceived as a visible, accessible, reliable and professional company by the investor community, and that the Company is regarded as one of the best among its peers in this area. This is to be achieved while complying with the rules and legislation for listed companies on Nasdaq Copenhagen and Chr. Hansen's communication policy.

In 2014/15, Chr. Hansen held more than 350 meetings with investors and analysts, including road shows to Copenhagen, London, New York, Boston, Chicago, San Francisco, Los Angeles, Columbus, Denver, Santa Fe, Toronto, Montreal, Paris, Frankfurt, Munich, Geneva, Zürich, Amsterdam, Brussels, Luxembourg, Stockholm and Helsinki, and participated in a number of conferences held by various brokers.

INVESTOR RELATIONS WEBSITE

The Company's investor relations site contains both historical and current information about the Company, including company announcements, investor presentations, teleconferences, a financial calendar and annual reports.
See www.chr-hansen.com/investors.

CONTACT

The Investor Relations department handles the daily contact with analysts and investors.

Senior Director
Anders Mohr Christensen
Tel: +45 4574 7618
dkamc@chr-hansen.com

IR Manager
Anders Enevoldsen
Tel: +45 4574 7630
dkanen@chr-hansen.com

ANNUAL GENERAL MEETING

The Annual General Meeting will be held on Thursday, 26 November 2015 in Chr. Hansen’s headquarters at Bøge Allé 10-12, 2970 Hørsholm, Denmark, at 4 p.m. CET.  

SHARE DATA

Share capital, DKK 1,318,524,960
Number of shares 131,852,496 of DKK 10
Outstanding shares 130,260,454 of DKK 10
Classes of shares 1
Voting and ownership restrictions None
Stock exchange Nasdaq Copenhagen A/S
ISIN code DK0060227585
Ticker symbol CHR
Share price at year-end DKK 335
Interim dividend per share (paid July 2015) DKK 6.57 
Proposed dividend per share DKK 4.70

In the event of change of control, the members of the Executive Board do not receive any additional compensation.

FINANCIAL CALENDAR

Annual General Meetings

26 November 2015 Annual General Meeting 2014/15
29 November 2016 Annual General Meeting 2015/16

Statements of Results 2015/16

14 January 2016 Interim Report Q1
7 April 2016 Interim Report Q2
5 July 2016 Interim Report Q3
26 October 2016 Annual Report 2015/16

 

MAIN COMPANY ANNOUNCEMENTS 2014/15

1 December 2014 New long-term incentive program
30 January 2015 Total number of voting rights and share capital in Chr. Hansen Holding A/S
4 March 2015 CFO to leave Chr. Hansen Holding A/S
14 April 2015 Major shareholder announcement APG Asset Management N.V.
5 May 2015  New EVP, Natural Colors Division
25 June 2015 Major shareholder announcement WCM Investment Management
7 July 2015 New CFO appointed
20 August 2015 Major shareholder announcement WCM Investment Management