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Novozymes Reports Strong 2008 Results
Bagsvaerd, Denmark (ots/PRNewswire) - Leading biotechnology company Novozymes reports 13% sales growth in 2008. Earnings were also very satisfactory. Growth outlook for 2009 of 8-13% in DKK in an uncertain market. Strong long-term trends lead to new, increased targets and higher investments to support higher future growth level.
@@start.t1@@ - 2008 sales up by 13% in local currencies (LCY), 10% in DKK, ending at
- Sales growth of 5% in LCY and 10% in DKK in the fourth quarter
- Operating profit of DKK 1,504m, a 7% increase@@end@@
"2008 was a strong year for Novozymes. I'm very pleased with our performance," says Steen Riisgaard, President and CEO. "Lower growth in the fourth quarter may point to a slowdown going into 2009. But further ahead there are favorable trends and opportunities for our business, so we have upped our level of ambition and increased our long-term targets."
Enzymes for fuel ethanol production were the strongest 2008 growth contributor, outperforming growth in North American fuel ethanol output.
In view of the economic environment, Novozymes considers its 2009 growth outlook satisfactory:
@@start.t2@@ - 2009 sales growth of 8-13% in DKK and 3-8% in LCY
- Growth in operating profit of 10-15% in DKK and in net profit of 5-10%
- Free cash flow of around DKK 100-300m, reduced by a high level of
Total expected investments in 2009 are DKK 1.3-1.5 billion. This includes the building of a new enzyme plant in Nebraska, USA, at a cost of USD 160-200 million in 2009-2010. Compared to the initial announcement, this roughly represents a doubling of the capacity to be built as well as investment cost, in order to ensure that future demand from the growing biofuels market can be met in the years to come.
In the light of last year's performance and the expected long-term trends, Novozymes has increased its long-term financial targets to:
- Organic sales growth of more than 10% p.a.
- Operating profit margin of more than 20%
- Return on invested capital of more than 22%
Read the full financial statement at:
Read Novozymes Annual Report 2008 at: http://www.report2008.novozymes.com/
ots Originaltext: Novozymes A/S
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