Cheminova’s first-half sales decline by 3%
Deteriorating market conditions for the herbicide, glyphosate, led to a 3.2% dip in Cheminova’s half-yearly sales to DKK 2,972 million ($572 million at the current rate). Agrochemicals account for about 90% of the total. Earnings before interest, tax, depreciation and amortisation (EBITDA) went down 36% to DKK299 million ($58 million), with the EBITDA margin declining by 5 percentage points to 10%. EBIT was down by 46.4%, with the margin going down five points to 7%.