9M sales and earnings performance was in line with expectations. Organic sales growth was 6% (5% DKK, 7% LCY), EBIT grew by 6%, net profit by 8%, and the EBIT margin increased by 0.4 percentage point to 25.0% compared with the first 9 months of 2012.
The full-year 2013 outlook is narrowed within the existing ranges following a 9M performance in line with expectations and to reflect the unfavorable development in exchange rates since previous guidance. Organic sales growth is now expected at 5-7%, sales growth in local currency at 6-8% and sales growth in DKK at 3-5%. EBIT growth is now expected at 4-5%, and the outlook for EBIT margin has increased to 24-25%. Net profit growth is now expected at 7-8%.
Peder Holk Nielsen, President and CEO of Novozymes, comments:
“Our performance has continued in line with what we had expected in these first 9 months, and our full-year expectations have been narrowed to reflect performance and also the fact that currencies unfortunately continue to work against us. I'm pleased to see that all sales areas are contributing to growth. Household Care and BioAg have done well, and we're currently seeing strong momentum in Bioenergy due to fantastic innovation, which saves both corn and energy for our customers. On the earnings side we’re in good shape, and we’ve been able to take margins slightly higher compared with the first 9 months of 2012. I'm excited to see our customers and partners advance cellulosic ethanol around the world, and our new collaboration with Raízen in Brazil offers many interesting perspectives in an important region for this industry.”