Novozymes meets 2011 financial targets

Our News Bureau - Mumbai

Novozymes, a world leader in bioinnovation and industrial enzymes, has reported its 2011 results in line with expectations. Earnings Before Interest and Taxes (EBIT) increased by 11 per cent and EBIT margin was at 22.3 per cent despite a negative impact from higher raw material prices, acquisitions and unfavourable currency rates. Net profit grew by 13 per cent.

Novozymes’ India operations began in 1983 with two employees operating from a business centre. Since then the Indian operations have grown into an organisation spread across three sites in India (Bangalore) covering manufacturing, business functions, a shared service centre, and research and development with over 400 employees. Over the last 25 years, it has become the largest supplier of industrial enzymes and micro-organisms in India, catering to requirements in the household care, food, feed, textile, leather, oils and fats, beverage alcohol and biofuel industries. Steen Riisgaard, Chief Executive Officer, Novozymes said, “I am delighted to report that we have delivered on our full-year growth expectations despite the uncertainty about the global economic situation. 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 am 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.”