Novozymes 1Q 2011: Outlook

Novozymes 1Q 2011: Outlook

FOCUS ON C ATA LY S T S approach described in Butamax’s patent. New Topsoe purification products for syngas Novozymes 1Q 2011: Bioenergy Enzyme s...

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approach described in Butamax’s patent.

New Topsoe purification products for syngas

Novozymes 1Q 2011: Bioenergy Enzyme sales

Ethanol Producer Magazine, May 2011 (Website: http://www.ethanolproducer.com/)

Topsoe’s research work has resulted in the development of advanced feed purification products, the hydrogenation catalyst TK-261 and the sulfur absorbent HTZ-51, for syngas production. Both TK-261 and HTZ-51 considerably reduce the catalyst volume required and extend the catalyst lifetime.

In 1Q 2011, Novozymes’ Bioenergy Enzymes sales were up by 8% in DKR to 457 M. Novozymes’ Bioenergy Enzymes sales in the US grew slightly less than the preliminary 1Q 2011 ethanol production growth in the US market. Key sales data are tabulated. The smaller European sales of Bioenergy enzymes also declined compared to 1Q 2010. On the US market, favourable blending economics and exports continued to keep US ethanol production growing.

Dyadic International launches AlternaFuel CMAX AlternaFuel CMAX, an advanced biofuel enzyme, has been unveiled by Dyadic International Inc. The enzyme was derived from the firm’s patented C1 platform technology for converting various forms of biomass into fermentation sugars for use in producing cellulosic ethanol. Ethanol Producer Magazine, May 2011 (Website: http://www.ethanolproducer.com/)

Genencor launches new enzyme for cellulosic ethanol Genencor announced a product advancement, Accellerase TRIO. This new product will enable biofuel producers to more cost-effectively manufacture cellulosic ethanol from a wide range of renewable nonfood feedstocks such as switchgrass, wheat straw, and corn stover as well as from municipal solid waste. Accellerase TRIO allows for a low enzyme dosage to produce ethanol, helping to improve the economics of cellulosic biofuel production. Genencor has improved the effectiveness of converting biomass into sugars, a critical step in the production of cellulosic ethanol. With Accellerase TRIO, Genencor provides a combined ‘cocktail’ of enzymes all in one product to breakdown the glucan (C6) and xylan (C5) in the biomass feedstock into fermentable sugars, thus increasing the ethanol yield per unit of feedstock. Ethanol producers will discover other benefits. Accellerase TRIO works with a wide variety of renewable feedstocks, allowing producers to select nonfood crops and municipal solid waste that are abundant in their region to convert to ethanol or biochemicals. In addition, Accellerase TRIO can help boost total production by lowering viscosity and enabling producers to process more biomass. Press release from: Genencor International Inc, 200, Meridian Centre Boulevard, Rochester, NY 146183916, USA. Tel: +1 585 256 5200. Fax: +1 585 256 6952. Website: http://www.genencor.com) (22 Jun 2011) & Renewable Energy Focus (Online Version), 29 Jun 2011 (Website: http://www.renewableenergyfocus.com)

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Nitrogen + Syngas, May/Jun 2011, (311), 48-50 (Website: http://www.bcinsight.com/)

PetroAlgae partners with Haldor Topsoe for renewable fuels from biomass Renewable energy firm Petro Algae Inc has signed an agreement with Haldor Topsoe A/S and its US subsidiary Haldor Topsoe Inc to provide technology and catalysts to upgrade oils produced from PetroAlgae’s biomass. The biomass is to be used to produce renewable fuels, including diesel and jet fuels. Under the agreement, the two firms will apply Haldor Topsoe’s catalysts, equipment, and licensed technology to upgrade oils that PetroAlgae derives from biocrude. Original Source: Chemical Engineering World, Apr 2011, 46 (4), 40. Website: http://www.cewindia.com/, © Jasubhai Group 2011

Hitachi creating unit to make denitration catalysts in China Tokyo-based Hitachi Ltd is establishing a new unit in Jun 2011 to engage in the manufacture of denitration catalysts in China. The subsidiary, named Babcock-Hitachi (Hangzhou) Environmental Equipment, will be 90:10 owned by Babcock-Hitachi KK and Hitachi (China) Ltd, both subsidiaries of the Japanese firm, and will be given an initial capital of roughly Yen 1 bn ($12.3 M). The new Hitachi unit will initially invest around Yen 1 bn to build a plant in Hangzhou, Zhejian Province, that will come online in Apr 2012. Original Source: Japan Chemical Web, Website: http://www.japanchemicalweb.jp, © The Chemical Daily Co Ltd 2011

Novozymes Group Financial Statement for 1Q 2011, 29 Apr 2011, 3,13 (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 1Q 2011: Outlook Novozymes’ full-year organic sales growth expectation and the expectation for growth in local currency (LCY) are maintained at 710% and 10-13% respectively. Based on exchange rates at 28 Apr 2011, and including the acquisition of EMD/Merck Crop BioScience, sales growth in DKR is now expected at 811%. Within the Enzyme Business, Household Care Enzymes are expected to be the strongest contributor to full-year sales growth. Feed enzyme sales are still expected to be a good relative growth contributor. Included in the full-year sales outlook is an expectation that the US biofuel industry produces roughly 13.8 bn gallons of ethanol in 2011, corresponding to output growth, close to 5% over the 13.2 bn gallons of ethanol produced in the US in 2010. Under current market conditions the US bioethanol industry is benefiting from favourable blending economics and higher exports. BioBusiness sales are expected to grow double-digit organically, driven by growth in the microorganism business in particular. The acquisition of EMD/Merck Crop BioScience is expected to contribute positively to full-year sales by approximately DKR 300 M. Roughly two-thirds of this is expected to be realized during 1H 2011. Despite the recent currency development, EBIT growth is maintained at 8-11%, supported by

AUGUST 2011

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higher expectations for full-year operational performance compared to previous guidance. As communicated in relation to the Group financial statement for 2010, Novozymes has decided to invest an additional DKR 150 M focusing on selected R&D and business-building activities during 2011. The EBIT margin is now expected at around 22%. Net profit is expected to grow by 10-13% as a result of maintained EBIT growth and higher gains on currency hedging contracts compared to previous guidance.

or early 2012. The firm’s primary shareholders are private equity firm the Carlyle Group, Ineos, and PQ management. PQ is a manufacturer of silicates, zeolites, and silica-based speciality chemicals based in Valley Forge, PA, USA.

polypropylene (PP) production in emerging markets in Asia, including China. The company’s catalysts are made of magnesium and titanium. PP production in India, China, and the Middle East is projected to increase by 5.2%/y in 2010-2014.

Original Source: Chemical Week, 13 Jun 2011. Website: http://www.chemweek.com/ © IHS Inc 2011

Original Source: Japan Chemical Web, 15 Jun 2011, Website: http://www.japanchemicalweb.jp © The Chemical Daily Co Ltd 2011

Süd-Chemie 1Q 2011: Business performance for the three months ended 31 Mar 2011

Novozymes Group Financial Statement for 1Q 2011, 29 Apr 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)

For 1Q 2011, Süd-Chemie reported revenue of €318.7 M, 20.6% more than for 1Q 2010. EBITDA rose to €36.5 M (1Q 2010: €29.8 M) whilst EBIT amounted to €20.3 M (1Q 2010: €14.7 M). Süd-Chemie employed 6410 personnel at the end of 1Q 2011, compared to 6490 at the end of 1Q 2011. Key data are tabulated. For the whole of 2011, Süd-Chemie expects a 10% increase in revenue to around €1.35 bn. Following adjustment for nonrecurring items, EBIT should rise by 15% to some €120 M.

Uhde and c-LEcta announce exclusive alliance to optimise and commercialise technology for renewable lactic acid

Novozymes invests strongly in growth in China According to Berlingske Business an annual growth of 20% in China will secure Novozymes’ future earnings and the company will develop new business areas in that country. Novozymes has hitherto focused on the US and Europe but is now investing in high growth rates in China. Novozymes is planning growth in China which is double that of the Chinese economy, with sales of enzymes expected to grow much more in China than in other geographical markets. NP Investor, 3 Jun 2011 (Website: http://www.npinvestor.dk/) (in Danish)

GTL plant arrives in Brazil Oxford Catalysts Group has received its gas-to-liquids (GTL) demonstration facility in Fortaleza, Brazil. The GTL plant was completed in Asia in 2010. The process of reassembling, precommissioning and commissioning the demonstration plant is expected to conclude within four months. The plant is expected to come online in Sep 2011.

Süd Chemie Report 1Q 2011, 3 May 2011, 1-2,9 (SüdChemie AG, Lenbachplatz 6, 80333 Munich, Germany. Tel: +49 89 5110 0. Fax: +49 89 5110 375. Website: http://www.sud-chemie.com)

Süd-Chemie 1Q 2011: Catalytic Technologies Business Unit Süd-Chemie’s Catalytic Technologies Business Unit comprises the Chemicals, Petrochemicals, Refinery, and Olefin Polymerization Industry Groups. For 1Q 2011, this Business Unit reported revenue of €89.9 M (1Q 2010: €84.5 M). EBITDA amounted to €13.2 M (1Q 2010: €16.5 M) whilst EBIT totalled €6.3 M (1Q 2010: €10.2 M). Key data are tabulated. At the end of 1Q 2011, the Business Unit employed 2376 personnel (1Q 2010: 2411). Süd Chemie Report 1Q 2011, 3 May 2011, 6 (SüdChemie AG, Lenbachplatz 6, 80333 Munich, Germany. Tel: +49 89 5110 0. Fax: +49 89 5110 375. Website: http://www.sud-chemie.com)

Nitrogen + Syngas, May/Jun 2011, (311), 14 (Website: http://www.bcinsight.com/)

PQ plans IPO by early 2012

Toho Titanium to promote its PP catalysts in emerging markets

PQ Corp reportedly has plans to launch an initial public offering (IPO) that would be completed by late 2011

Toho Titanium plans to expand the marketing and sales of its THC polymerization catalysts for

AUGUST 2011

Uhde GmbH and c-LEcta GmbH announced the execution of an exclusive cooperation agreement. The partners will jointly develop and optimise scalable production processes based on the fermentation of sugars to produce lactic acid. The alliance combines Uhde’s fermentation and downstream processing expertise in the field of lactic acid production with c-LEcta’s competence in the area of strain engineering. This combination will allow the partners to efficiently optimise and adapt existing lactic acid technology to specific customer needs. Lactic acid is increasingly used for making polylactic acid. Press release from: c-LEcta GmbH, Deutscher Platz 5, 04103 Leipzig, Germany. Tel: +49 0 341 355 214 0. Fax: +49 0 341 355 214 33. E-mail: [email protected] Website: http://www.cLEcta.com (22 Jun 2011)

Virent to market bio-PX, biogasoline in 2014 Virent, a US renewable-based technology company, aims to see construction, if not full operation, of a commercial-scale biorefinery plant by 2014 to produce its BioFormPX biobased paraxylene and BioFormate biobased gasoline using plant sugar as feedstock. The site for the facility would depend on economics and feedstock availability, while capacity will be contingent upon future partner needs. Virent’s patented BioForming process technology exploits catalytic chemical reaction rather than fermentation to transform plant sugarbased compounds into nonoxygenated hydrocarbon mixtures. The company will first focus on BioFormPX, which could potentially

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