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Click below to download The Novozymes Report 2015 in PDF format.

  •  The big picture
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  •  Accounts and performance
  •  Supplementary

Sales

###Sales and sales growth graph###

Total sales in 2015 were DKK 14,002 million, up 12% compared with 2014. Exchange rates had a positive impact on sales, and sales were up by 4% organically. Sales to the Agriculture & Feed and Food & Beverages industries were the most significant contributors to organic sales growth.

Gross profit and margin

Gross profit increased by 14% to DKK 8,129 million, and the gross margin was 58.1%, an increase of 0.7 percentage point from 57.4% in 2014. The higher gross margin came as a result of continued productivity improvements and slightly lower raw material costs.

Operating costs

Operating costs increased by 6% to DKK 4,343 million. The ratio of operating costs to sales was 31%.

  • Sales and distribution costs increased by 12%, representing 11% of sales 
  • R&D costs increased by 3%, representing 14% of sales
  • Administrative costs increased by 2%, representing 6% of sales

Other operating income

Other operating income was DKK 98 million. In 2014, other operating income was DKK 339 million, largely driven by the one-time realized gain from the transfer of assets to Monsanto on completion of The BioAg Alliance agreement in February 2014.

Depreciation and amortization

Depreciation and amortization increased to DKK 1,127 million in 2015, up 11% from DKK 1,016 million in 2014. This was mainly due to a DKK 174 million write-down of intangible assets associated with Beta Renewables partnership, recognized in Cost of goods sold. The write-down was partly offset by a compensation of DKK 120 million in accordance with the Beta Renewables agreement.

EBIT

EBIT grew by 15% to DKK 3,884 million, up from DKK 3,384 million in 2014. The EBIT growth can be attributed to a positive impact from currencies, higher organic sales and operational efficiencies.

EBIT margin

###EBIT margin graph###

The EBIT margin was 27.7%, an increase of 0.5 percentage points from 27.2% in 2014. This was driven by a higher gross margin and lower operating costs relative to sales, due to currency developments and a stable development in operating costs.

Net profit

Net profit grew by 12% to DKK 2,825 million in 2015, up from DKK 2,525 million in 2014, as the higher EBIT was somewhat offset by higher net financial costs.

Earnings per share

Earnings per share increased by 14% to DKK 9.23, compared with DKK 8.10 in 2014, due to higher net profit.

Consolidated statements of income

INCOME STATEMENT              
               
DKK million     Note   2015 2014
               
Revenue     2.1, 2.2   14,002  12,459 
Cost of goods sold 2.3, 3.1, 3.2, 4.4   (5,873) (5,310)
Gross profit           8,129  7,149 
               
Sales and distribution costs   2.3, 3.1, 3.2   (1,571) (1,406)
Research and development costs   2.3, 3.1, 3.2   (1,896) (1,841)
Administrative costs   2.3, 3.1, 3.2   (876) (857)
Other operating income, net       2.4   98  339 
Operating profit / EBIT           3,884  3,384 
               
Share of losses in associates       3.4   (6) (21)
Financial income       5.2   35 
Financial costs       5.2   (261) (119)
Profit before tax           3,621  3,279 
               
Tax       2.5   (796) (754)
Net profit           2,825  2,525 
               
Attributable to              
Shareholders in Novozymes A/S           2,823  2,526 
Non-controlling interests           (1)
            2,825  2,525 
               
Proposed dividend per share           DKK 3.50 DKK 3.00
               
Earnings per share       2.6   DKK 9.23 DKK 8.10
Earnings per share, diluted       2.6   DKK 9.12 DKK 8.02
STATEMENT OF COMPREHENSIVE INCOME
         
DKK million Note   2015 2014
         
Net profit     2,825  2,525 
         
Items that may be reclassified subsequently to the income statement:        
         
Currency translation adjustments        
Subsidiaries and non-controlling interests     399  365 
Hedges of net investments in foreign subsidiaries     (315)   -
Tax on currency translation adjustments     23  (7)
Currency translation adjustments     107  358 
         
Cash flow hedges        
Fair value adjustments     (113) (104)
Tax on fair value adjustments     24  22 
Fair value adjustments reclassified to financial costs     152  (31)
Tax on reclassified fair value adjustments     (33)
Cash flow hedges     30  (105)
         
Other comprehensive income     137  253 
         
Comprehensive income for the year     2,962  2,778 
         
Attributable to        
Shareholders in Novozymes A/S     2,960  2,778 
Non-controlling interests       -
      2,962  2,778