Novozymes 1H 2011: Household Care Enzyme sales

Novozymes 1H 2011: Household Care Enzyme sales

FOCUS strengthen its global enzymes and enzymatic-catalysis business. Nagase will pay Yen 70 bn ($897 M) to buy all shares to be offered by a corporat...

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FOCUS strengthen its global enzymes and enzymatic-catalysis business. Nagase will pay Yen 70 bn ($897 M) to buy all shares to be offered by a corporation that will be created from the consolidation of Hayashibara with its two group companies, Hayashibara Biochemical Laboratories and Hayashibara Shoji. Original Source: Japan Chemical Web, 9 Aug 2011 (Website: http://www.japanchemicalweb.jp) © The Chemical Daily Co Ltd 2011

Novozymes 1H 2011: development in line with expectations For Novozymes, in 1H 2011, sales grew by 9% in DKR to DKR 5229 M. Sales grew by 11% in local currency (LCY) compared to 1H 2010, with around 5%-points from acquisitions. The gross margin was 56.3% (57.0% excluding acquisitions), on par with 1H 2010. EBIT was DKR 1213 M, an increase of 9% compared to 1H 2010, and the EBIT margin was 23.2% (23.9% excluding acquisitions), against 23.1% in 1H 2010. Net profit was DKR 946 M, an increase of 15% and net investments excluding acquisitions totalled DKR 547 M (1H 2010: DKR 554 M). Free cash flow before acquisitions was DKR 1001 M, against DKR 425 M in 1H 2010. ROIC was 22.1%, against 24.0% in 1H 2010, including goodwill. Total costs excluding net financials and tax increased by 9% to DKR 4060 M. R&D costs increased by 8% to DKR 714 M, (1H 2010: DKR 661 M), representing 14% of sales. Novozymes Group Financial Statement for 1H 2011, 11 Aug 2011, 1,4-6,12,15-17 (Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected]ozymes.com. Website: http://www.novozymes.com)

Novozymes 1H 2011: Household Care Enzyme sales Novozymes’ sales of Household Care Enzymes increased by 9% in local currency (LCY) and by 8% in DKR to DKR 1621 M (1H 2010: DKR 1499 M). Growth continued to be driven by increased enzyme penetration across detergent tiers to enhance wash performance, enable low-temperature washing, and replace traditional chemicals in detergent formulations. Sales of Household Care Enzymes to the emerging markets continued to be

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a strong growth driver throughout 1H 2011. Key sales data are tabulated and graphically illustrated. Household Care Enzymes accounted for 31% of total sales. Novozymes Group Financial Statement for 1H 2011, 11 Aug 2011, 2,14 (Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com)

Novozymes 1H 2011: outlook In spite of increased general uncertainty concerning the global economic situation and increased volatility in Novozymes’ end markets, all expectations for the full year 2011 are maintained, except for the expectation for free cash flow, which is increased. The full-year guidance does not include any significant changes to global demand that may result from downgrading of countries’ credit ratings or the recent credit crisis. The full-year organic and local currency (LCY) sales growth expectations are maintained at 7-10% and 10-13% respectively. Based on exchange rates on 10 Aug 2011, sales growth expectation in DKR is maintained at 8-11%. Within the Enzyme Business, Household Care Enzymes are still expected to be the strongest contributor to full-year sales growth. Feed Enzymes, now included in the Feed & Other Technical Enzymes area, are also expected to be a relatively strong contributor to full-year 2011 sales growth. The fullyear 2011 sales outlook is based on the expectation that the US biofuel industry will produce roughly 13.8 bn gallons of ethanol in 2011, corresponding to output growth of roughly 4% over the 13.3 bn gallons of ethanol produced in the US in 2010 (the 2010 full-year ethanol production figure was recently adjusted upward to 13.3 from previously 13.2 bn gallons, following a more thorough analysis by the EIA). BioBusiness sales are expected to support Novozymes’ overall 7-10% organic growth guidance for the full year, with a positive contribution from both Biopharma and Microorganisms. The acquisition of EMD/Merck Crop BioScience is expected to contribute positively to full-year 2011 sales by roughly DKR 300 M and is included in Microorganisms. Slightly more than two thirds of the DKR 300 M has been

realized during 1H 2011. The EBIT growth expectation is maintained at 811%. The additional 2011 investment of DKR 150 M, as communicated in relation to the full-year 2010 Group financial statement, is ongoing. Novozymes is ramping up its emerging market presence, and R&D is hiring more talent for the selected R&D and business-building activities aiming to secure double-digit sales growth on the 5-10-year horizon. The EBIT margin expectation is maintained at around 22%. Net profit is still expected to grow by 10-13%. Investments are still expected to be around DKR 1400 M. The relatively high level is mainly related to the ongoing construction of the Nebraska enzyme facility. Free cash flow before acquisitions is increased to DKR 1100-1200 M following a stronger than expected development in operating cash flow in 1H 2011. Return on invested capital is maintained at around 21%. Novozymes Group Financial Statement for 1H 2011, 11 Aug 2011, 7-8 (Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com)

Oxford Catalysts wins biofuel reactor order A US company has placed an order with the Oxford Catalysts Group for two full-scale FT microchannel reactors for a 50 bbl/day synthetic fuels production facility. The reactors will utilise a Fischer-Tropsch process to manufacture the fuels from biomass, waste, and hydrocarbon feedstocks. Plant start-up is expected in 2012. Original Source: Renewable Energy Focus (Online Version), 2 Aug 2011 (Website: http://www.renewableenergyfocus.com) © Elsevier Ltd 2011

Rhodia half-year financial report: Advanced Materials For its 1H 2011 (period ends 30 Jun 2011), the Advanced Materials segment of Rhodia SA has reported net sales of €397 M (€249 M for its 1H 2010), operating profit of €108 M (€36 M), and recurring EBITDA of €124 M (€52 M). Advanced Materials comprises the Silica and Rare Earth Systems GBUs and serves highperformance industries such as energy efficient tires, automotive

OCTOBER 2011