Investments are expected to be in the range of DKK 1.0–1.1 billion, similar to the investment level in 2009. The new USD 160–200 million enzyme production facility in the US, initiated in 2009 and to be built over a period of three years, makes up roughly DKK 200–300 million of the 2010 investment needs. The new hyaluronic acid facility in China, expected to be completed at the end of 2010, makes up around DKK 200 million.
Cash flow from operations is expected to be sufficient to cover the expected investment needs. Free cash flow before acquisitions is expected to be in the range of DKK 700–800 million, on par with what was realized in 2009.
ROIC is expected to be around 20%, on par with the level seen in 2009. A relatively higher level of invested capital affects ROIC negatively, whereas increased earnings impact ROIC positively.