Earnings expectations

Audited by PwC
Operating profit is expected to grow by 3–7% in DKK for 2010. Increased sales activities and strong productivity improvements are expected to improve gross profit. A dynamic and continuously cost-conscious organization will contribute to the positive development in operating profit. Strong productivity improvements will also have a positive effect on our water and energy consumption, enabling our environmental impact to be reduced.

Net profit in DKK is expected to grow by 9–13% in 2010. While current exchange rate levels are expected to affect sales and operating profit growth negatively, hedging contracts are expected to impact net profit positively. In late 2008, Novozymes entered into hedging contracts for the USD and the JPY covering 2009 and 2010. Net cash flow for the USD exposure is hedged at a DKK/USD rate of 591 for the full year, whereas DKK/JPY cash flow exposure is hedged at 6.53 for the full year.
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