Novozymes, the world leader in bioinnovation and industrial enzymes, today reported a first quarter of 2013 in line with expectations. Organic sales growth was 5 percent (4 percent DKK, 5 percent LCY) compared with Q1 2012. EBIT grew by 4 percent, and the EBIT margin was 24.9 percent—on par with the first quarter of 2012. The outlook for full-year 2013 sales growth in DKK is increased from 4 to 7 percent to 5 to 8 percent. All other expectations are maintained.
“Overall, the first quarter was as expected. We're off to a satisfactory start in 2013, and we maintain the full-year outlook,” says Peder Holk Nielsen, who took office as Novozymes' CEO on April 1, 2013. “Organic sales growth came in at the lower end of our full-year guidance, and we remain confident that it will pick up during the course of the year. We’ve executed well, and we’re pleased that we can deliver an EBIT margin at this high level in the first quarter despite a little headwind from currency and acquisition costs. These are exciting times for Novozymes as we steer Novozymes forward in our quest to change the world together with our customers."
Q1 2013 vs. Q1 2012:
- Sales grew by 4 percent in DKK, 5 percent in LCY and organically
- The gross margin was 58.2 percent, an improvement of 0.5 percent-point
- EBIT was DKK 709 million, an increase of 4 percent
- The EBIT margin was on par at 24.9 percent
- Net financial costs increased by DKK 26 million to DKK 48 million
- Net profit was DKK 514 million, an increase of 1 percent
- Free cash flow before acquisitions was DKK 82 million, down DKK 374 million
- ROIC (including goodwill) was 18.6 percent, against 20.9 percent