Expectations for 2011

Audited by PwC

Novozymes expects continued positive sales growth, and although we will be stepping up our activity levels, we still expect a very healthy profit margin in 2011 above our long-term target.

Expectations for 2011*

Financial targets:

•	Sales growth of 7–10% in DKK
•	Sales growth of 7–10% in local currency (LCY)
•	Organic sales growth of 7–10%
•	EBIT growth of 8–11%
•	EBIT margin of 21–22%
•	Net profit growth of 8–11%
•	Investments of around DKK 1.4 billion
•	Free cash flow before acquisitions of DKK 900–1,000 million
•	ROIC of 21–22%

Sustainability targets:

•	Enable a 45 million ton reduction in CO₂ emissions through our customers' application of our products
•	Improve energy efficiency by 32% compared to 2005
•	Improve CO₂ efficiency by 41% compared to 2005
•	Improve water efficiency by 31% compared to 2005
•	Score at least 75 for ”satisfaction and motivation” in our employee survey
•	Score at least 70 for ”opportunities for professional and personal development” in our employee survey
•	Keep the frequency of occupational accidents below 4.5 per million working hours
•	Keep employee absence below 3%
•	Keep employee turnover between 4% and 9%
•	Retain our Gold Class rating by SAM in the Sustainability Yearbook

* The 2011 outlook excludes any potential impact from the EMD/Merck Crop BioScience acquisition.

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Expectations for 2011

Expectations for 2011*