Group financial statement for first half of 2009
Operating profit growth of 7% in the first half of 2009
As expected, sales growth was challenged in the second quarter of 2009. The global recession and a US bioethanol industry under pressure impacted Novozymes’ sales growth negatively. Sales in the first half were up by 3% in DKK and down by 3% in local currency (LCY). Operating profit increased by 7%, raising operating profit margin to 19.3%. Expected 2009 sales growth in LCY is maintained at slightly positive. Full-year expectations for operating and net profit growth are also maintained, whereas the full-year free cash flow expectation is increased due to a lower investment level.
“2009 continues to be tough half way into the year. The markets remain uncertain, but we reconfirm our expectation of slightly positive growth in local currencies for the full year,” says Steen Riisgaard, President and CEO. “It’s only the recent US dollar development that is causing us to adjust outlook for sales growth in Danish kroner. We're expecting lower growth in costs for the full year than we were after the first quarter, which enables us to maintain expectations for growth in operating and net profit for the year.”