January 27, 2012: Leading industrial enzymes company Novozymes has reported ‘satisfactory’ financial results for 2011 in line with its expectations. The gross margin was 56.2% (about 56.5% exclusive of acquisitions), 0.5 percentage points up on 2010; EBIT was DKK 2,340 million (about €315 million or $406 million), an increase of 11% compared to 2010. The EBIT margin was 22.3%, 0.5 percentage points up on 2010. Net profit was DKK 1,828 million (about €245 million or $317 million), an increase of 13% compared to 2010.
“I’m delighted to report that we delivered on our full-year growth expectations despite the uncertainty about the global economic situation,” said Novozymes CEO Steen Riisgaard. “The uncertainty is expected to continue in 2012 and, although the characteristics of our products, the many different industries we serve, and the way the business operates have made Novozymes’ sales and earnings fairly resilient in previous economic downturns, we currently see scenarios at both the high and low end of the guidance. On the development side, I’m particularly excited that one of our partners in cellulosic ethanol is scheduled to open the world’s first commercial-scale production facility in 2012 in Italy. More plants will follow in the years to come, and Novozymes is ready and well positioned to supply the producers with the right enzymatic solutions, regardless of substrate and production technology.”
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