Currency assumptions


Audited by PwC

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.

(DKK) EUR USD JPY CNY
Average exchange rate 2009 745 536 5.73 78.47
Spot rate January 20, 2010 744 527 5.78 77.14
Change in estimated average exchange rate for
2010 compared to average exchange rate in 2009   0% -2% 1% -2%

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).

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