Cheminova nine-month sales down 7%
Substantial price erosion for the herbicide, glyphosate, this year led to a 7.2% dip in Cheminova’s nine-month sales to DKK 4,180 million ($826 million at the current rate). Agrochemicals account for about 90% of the total. Agrochemical sales excluding glyphosate were up by 10% at constant exchange rates. Earnings before interest, tax, depreciation and amortisation (EBITDA) went down 68.8% to DKK 205 million ($41 million), with the EBITDA margin declining by ten percentage points to 5%. EBIT was down by 87.6% to DKK 63 million ($12 million), with the margin going down nine points to 2%.