Interim report for the first half of 2015.

Full-year profit outlook maintained. Sales growth expectations revised

Sales in the first half of 2015 grew by 5% organically and by 15% in DKK compared with 1H 2014. EBIT grew by 12%, and the EBIT margin was 27.2%. Adjusting for the one-time impact from The BioAg Alliance in Q1 2014, EBIT grew by ~20%, and the EBIT margin expanded by ~1 percentage point compared with 1H 2014. The EBIT margin improvement was mainly due to currencies and operational efficiencies. Net profit grew by 8%, and free cash flow before acquisitions came in at DKK 1,616 million.

The 2015 outlook for organic sales growth is revised to 4-7% (7-9% at previous guidance). Sales in DKK are now expected to increase by 13-16% (16-18% at previous guidance). The expectation for EBIT margin is increased to 27-28% (~27% at previous guidance). The expectations for EBIT growth, net profit growth, cash flow and ROIC are unchanged.

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