Interim report for the first 9 months of 2014
Increased expectations for full-year profit. 2014 sales growth on track
Sales growth in the first nine months was in line with expectations. Organically, sales grew by 8% (5% DKK, 8% LCY) compared with the first nine months of 2013. In the third quarter alone, sales grew by 9% organically compared with Q3 2013. EBIT grew by 16%, and the EBIT margin was 27.4%, up 2.4 percentage points compared with the first nine months of 2013. Around half of the EBIT margin increase was a result of the one-time positive impact from The BioAg Alliance and the other half due to improved underlying profitability. Free cash flow came in strongly at DKK 4,319 million due to the positive one-time impact from The BioAg Alliance, higher profit, a low level of CAPEX and a lower net working capital ratio.