The first half of 2013 came in as expected. Organic sales growth was 6% (5% DKK, 6% LCY) compared with the first half of 2012. The gross margin improved by 0.7 percentage point. EBIT grew by 7%, and the EBIT margin increased by 0.4 percentage point to 24.6% compared with 1H 2012.
The full-year 2013 outlook is adjusted for the unfavorable development in exchange rates since previous guidance and a positive effect from a lower effective tax rate. Sales growth in DKK is now expected at 5-7%, EBIT growth at 4-6% and net profit growth at 7-9%. Furthermore, net investments excl. acquisitions are expected to be lower at DKK 900-1,000 million and free cash flow before acquisitions is adjusted upwards to around DKK 1,700 million.
Peder Holk Nielsen, President and CEO of Novozymes, comments:
“The first six months developed as expected. Sales and earnings picked up during the period, and we're on track to meet our full-year organic sales growth and margin guidance. We're working hard on our priorities of driving innovation in the business and building our growth platforms, and I'm pleased with the progress. In the first half of 2013 we’ve launched new and exciting technology to Bioenergy and Household Care customers, we’ve made a bolt-on acquisition within BioAg and, within biomass conversion, Beta Renewables’ – and the world's – first commercial-scale biomass conversion plant started shipping commercial volumes of ethanol.”
Read the full announcement in PDF format.
