The 2010 outlook is based on exchange rates for the company’s key currencies remaining at the spot rates on January 20, 2010, for the full year. Novozymes’ key currencies are: EUR, USD, JPY, and CNY.
|Average exchange rate 2009
|Spot rate January 20, 2010
|Change in estimated average exchange rate for
|2010 compared to average exchange rate in 2009
As relatively more sales than costs are realized in currencies other than DKK, operating profit is disproportionately affected by movements in currencies. For the most important currency, the USD, a 5% movement either up or down would result in a change in operating profit for the year of around DKK 45–65 million, all other things being equal (see Currency exposure
in Note 36)