Balance sheet - the Novozymes Group

Audited by PwC

Note		Dec. 31, 2010	Dec. 31, 2009
		DKK million	DKK million

	ASSETS

11	Intangible assets	1,070	1,124
13	Property, plant and equipment	5,866	4,804
14	Deferred tax assets	71	62
15	Other financial assets	50	1
	Total non-current assets	7,057	5,991

16	Inventories	1,640	1,535
17	Trade receivables	1,772	1,468
18	Tax receivables	232	210
19	Other receivables	249	215
15	Other financial assets	178	187
	Cash at bank and in hand	1,465	1,284
	Total current assets	5,536	4,899

	Total assets	12,593	10,890




	LIABILITIES AND SHAREHOLDERS' EQUITY

20	Common stock	650	650
20	Treasury stock	(1,479)	(1,624)
	Other reserves	540	154
	Retained earnings	8,113	6,651
21	Minority interests	12	10
	Total shareholders' equity	7,836	5,841

14	Deferred tax liabilities	493	694
22	Long-term employee benefits	13	13
23	Provisions	169	125
24	Other financial liabilities	1,574	1,696
	Total non-current liabilities	2,249	2,528

24	Other financial liabilities	291	632
23	Provisions	50	30
	Trade payables	764	531
18	Tax payables	86	97
25	Other payables	1,317	1,231
	Total current liabilities	2,508	2,521

	Total liabilities	4,757	5,049

	Total liabilities and shareholders' equity	12,593	10,890