Q4 2019 Novozymes A/S Earnings Call Transcript
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Good morning, and welcome to the Novozymes conference call. My name is Peder Holk Nielsen, and I'm CEO of Novozymes. I'm joined here today by the Executive Leadership team and Investor Relations. We'll start by reviewing our performance and key events for 2019, and we'll discuss the outlook for 2020. Our presentation should take around 30 minutes. And afterwards, we will be happy to answer your questions.
Please turn to Slide #2. Despite an improvement in the second half of the year, sales performance in 2019 was unsatisfactory. Organic sales grew 1% in the fourth quarter but declined 1% in the year. As expected, the first half was negatively impacted by the annualized effects of sanctions and the general economical distress in the Middle East. On top of that, the challenge -- it was challenged by severe weather conditions in the U.S. Midwest.
Household Care performed well, especially in the second half, and delivered on the expectations we communicated at the beginning of the year. The severe weather
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