BioFuels Journal

EBIT grew by 6%, and the EBIT margin was 27.4%. 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 Q1 2014.

The EBIT margin expansion was mainly due to currencies. Net profit grew by 2%, and free cash flow before acquisitions came in at DKK 610 million.

The 2015 outlook is adjusted for currencies only. Organic sales growth is expected at 7-9%.

Currencies are expected to provide further tailwind, and sales in DKK are now expected to increase by 16-18% compared with 13-15% at previous guidance.

The expectation for EBIT growth is increased by 3 percentage points to 15-17%, and the EBIT margin is adjusted to ~27%.

The expectation for net profit growth is increased to 11-13%, up from 10-12%.

Expectations for net investments, cash flow and ROIC are unchanged.

“First-quarter sales and earnings were good and, overall, in line with our expectations at 8% organic sales growth and an EBIT margin above 27%”, says CEO Peder Holk Nielsen.

“We see good developments within the agriculture and food markets but also detect a growing uncertainty in Household Care and Bioenergy, as customers navigate volatile currency, grain and energy markets.

"We're positive about the year as a whole and, due to the appreciation of the US dollar, we increase our outlook.”

Read the full report here.

For more information, please contact Paige Donnelly at 919-494-3209 or pagd@novozymes.com