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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