Results update for 2023 – unaudited
01 2월 2024 - 3:59PM
Results update for 2023 – unaudited
6% organic sales growth in Q4 and 5% for the full year with
solid margins and free cash flow generation
As Novozymes just closed the combination with
Chr. Hansen on January 29, and the annual report now is expected to
be released on February 8, this announcement only contains
unaudited numbers. Full audited financial statements as well as
non-financial numbers will be released with the annual report on
February 8. This result update allows us to provide selected
numbers for Novozymes standalone as early as possible.
Ester Baiget, President &
CEO: “I am very pleased with our performance in 2023 - a
year characterized by changing market demand and inventory
adjustments in certain industries. The strength of Novozymes’
diversified portfolio and end-market exposure enables us to capture
growth opportunities as they arise, providing a solid overall
performance. We delivered organic sales growth of 5% for the year
with solid earnings and cash flows. We closed the combination with
Chr. Hansen on January 29. Our new company, Novonesis, is better
equipped to enable customers further address the ever-increasing
needs for healthier lives and a healthier planet supported by our
broad portfolio of innovative, value added biosolutions. Thank you
to all stakeholders for supporting us in making Novonesis become a
reality”.
Sales performance
(unaudited)
- DKK sales growth at 2% (5% org.,
-3% FX, 0% M&A), Q4 DKK sales growth at 2% (6% org., -4% FX, 0%
M&A).
- 5% organic sales growth driven by
broad-based pricing, flat volumes (Q4: ~4% pricing, ~2% volumes):
- Household Care 5% (Q4: 10%): Growth
in developed markets from innovation and increased penetration
despite declining in-market detergent volumes. Emerging markets
grew from increased penetration of enzymatic solutions. Strong end
to the year with high uptake of innovation and penetration.
- Food, Beverages & Human Health
-2% (Q4: -4%): Year characterized by destocking and a one-off in
the comparable base (performance flat excluding the one-off).
Demanding Q4 year-on-year comparable and timing impact. Human
Health soft as well with sequential growth in Q4 over Q3, but with
high Q4 comparator from last year.
- Bioenergy 23% (Q4: 20%): Demand
remaining strong across geographies and a broad, differentiated
portfolio of solutions for multiple end-markets. ~4% Q4 y/y volume
growth in US ethanol production.
- Grain & Tech Processing -6%
(Q4: 2%): Growth in Grain offset by expected softness in tech from
reduced sales of solutions for Covid-19 test kits and,
additionally, declining demand in textile. Q4 with a less negative
textile market and growth in grain.
- Agriculture, Animal Health &
Nutrition 3% (Q4: -7%): Growth driven by performance in Animal
Health & Nutrition with strong demand for sustainable yield and
health solutions. Performance muted in Q4 following year-end
inventory optimization and destocking in value chain.
Financial performance
(unaudited)
- Reported EBIT margin b.s.i. at
25.4% (underlying ~25.5% b.s.i.) for the year and 25.1% in Q4
(underlying ~26% b.s.i.) and negative FX for both periods. Higher
input costs partly mitigated by positive pricing taking gross
margin to 54.3% with y-o-y and Q4 vs. Q3 improvement.
- Free cash flow bef. acq. at a solid
DKK 2.1 billion for the year, 1 billion higher than in 2022, mainly
from lower investments.
- Solid balance sheet with
NIBD/EBITDA ratio of 1.2x.
- ROIC incl. goodwill b.s.i. solid at
16.5% with higher invested capital year-on-year.
- Interim dividend of DKK 4.20 per
share for January 1 – August 31 period paid on October 17.
|
|
Outlook 2023 |
12M 2023 |
12M 2022 |
Q4 2023 |
Q4 2022 |
Sales growth, organic |
% |
4-6 |
5 |
9 |
6 |
11 |
EBIT margin, b.s.i.* |
% |
25-26 |
25.4 |
26.4 |
25.1 |
23.4 |
ROIC
incl. goodwill, b.s.i.* |
% |
16-17 |
16.5 |
17.9 |
|
|
*Special items include costs related to the combination with
Chr. Hansen
Other key events and
information
- 18 new products launched in 2023,
of which 8 in Q4. Of the 18 products, 7 were public (3 in Q4).
- Site for production of Advanced
Protein Solutions in Blair, US, on-line in December. First shipment
in January.
- New company name ‘Novonesis’
announced, and level 3 leadership structure formalized.
- Combination with Chr. Hansen
completed on January 29, 2024 (announcement 02, 2024) following all
regulatory approvals received and registrations completed.
- Novozymes expects to release its
2023 Annual Report on February 8 following the recent approval of
the combination with Chr. Hansen.
- Proforma numbers
for Novonesis including revenue, organic revenue growth, key
financial numbers as well as 2024 outlook will be provided no later
than March 31.
- Novonesis will host a Capital
Markets Day in London on June 18, 2024.
- Proposed dividend
for the period September 1 - December 31, 2023 will be announced by
the Board of Directors of Novonesis in connection with the notice
to convene at the Annual Shareholders’ Meeting.
Selected key data (unaudited)
|
|
12M 2023 |
12M 2022 |
Q4 2023 |
Q4 2022 |
|
|
|
|
|
|
Sales performance,
organic |
% |
5 |
9 |
6 |
11 |
Household Care |
% |
5 |
1 |
10 |
4 |
Food, Beverages & Human
Health |
% |
(2) |
10 |
(4) |
16 |
Bioenergy |
% |
23 |
25 |
20 |
22 |
Grain & Tech
Processing |
% |
(6) |
10 |
2 |
5 |
Agriculture, Animal Health
& Nutrition |
% |
3 |
8 |
(7) |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
DKKm |
17,899 |
17,553 |
4,603 |
4,529 |
Sales performance, DKK |
% |
2 |
17 |
2 |
18 |
Gross margin |
% |
54.3 |
54.6 |
54.0 |
53.5 |
EBITDA |
DKKm |
5,365 |
6,046 |
1,320 |
1,392 |
EBIT |
DKKm |
3,976 |
4,561 |
955 |
1,022 |
EBIT margin |
% |
22.2 |
26.0 |
20.7 |
22.6 |
EBIT before special
items* |
DKKm |
4,552 |
4,629 |
1,157 |
1,059 |
EBIT margin before special
items* |
% |
25.4 |
26.4 |
25.1 |
23.4 |
Net profit |
DKKm |
3,039 |
3,686 |
695 |
877 |
|
|
|
|
|
|
|
|
|
|
|
|
Net investments excl.
acquisitions |
DKKm |
2,052 |
2,862 |
603 |
898 |
Free cash flow before
acquisitions |
DKKm |
2,100 |
1,144 |
519 |
(314) |
NIBD/EBITDA |
x |
1.2 |
1.0 |
|
|
ROIC, incl. goodwill |
% |
14.4 |
17.6 |
|
|
ROIC, incl. goodwill, before
special items* |
% |
16.5 |
17.9 |
|
|
|
|
|
|
|
|
Special items* |
DKKm |
(576) |
(68) |
(202) |
(37) |
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
10.92 |
13.29 |
2.52 |
3.19 |
EPS (diluted) |
|
10.88 |
13.19 |
2.51 |
3.18 |
|
|
|
|
|
|
|
|
|
|
|
|
Avg. USD/DKK |
|
689 |
708 |
694 |
730 |
|
|
|
|
|
|
*Special items include costs related to the combination with
Chr. Hansen
Contact information |
Investor
Relations |
|
|
Tobias Bjorklund |
+45 3077 8682 |
tobb@novozymes.com |
Anders Enevoldsen |
+45 5350 1453 |
adev@novozymes.com |
Media
Relations |
|
|
Lina Danstrup |
+45 3077 0552 |
lind@novozymes.com |
|
|
|
- 2024_06_Q42023_CompanyAnnouncement
Novonesis AS (TG:NZM2)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Novonesis AS (TG:NZM2)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024