Andre Thormann's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q4 2022
Question
Andre Thormann questioned why the full-year free cash flow of DKK 1.1 billion missed the Q3 guidance of DKK 1.3-1.7 billion. He also asked for clarification on capital expenditures for the Blair facility versus the guidance.
Answer
CFO Lars Green attributed the free cash flow miss to timing effects and specific Q4 costs, including roughly DKK 100 million in costs related to the Chr. Hansen transaction, timing of tax payments, and changes in net working capital. He clarified that the Blair facility spending was on track, and the lower-than-guided total CapEx was due to currency effects and lower spending on other portfolio projects.