Sales expectations

Audited by PwC

In 2010, Novozymes expects sales growth of 2–6% in local currency. Divestments are expected to impact sales growth negatively by 0.5 percentage points. We expect a continued high level of uncertainty about the growth of the markets where we are active, and we have taken account of this uncertainty by giving a wide range to our estimates for the year.

Our sales growth expectations are based on the assumptions that there will be no weakening of demand in the major industries and that US biofuel production for 2010 will be 12–12.5 billion gallons. Fulfillment of the expectations further requires the technical and market assumptions for newly launched products and concepts across industries to materialize.

Exchange rates, especially the development of the USD, are expected to have a negative impact on sales growth. As a result, sales in DKK are expected to grow by 1–5% for the year, using the spot rates for the most important currencies as of January 20, 2010.

Due to the global recession and the weakening of currencies, Novozymes no longer deems it possible to reach the ambition of sales of DKK 10 billion in 2010. The 10-in-10 ambition was launched in 2007 to focus on sales growth in the business. This ambition was complemented by the existing long-term growth targets launched at the beginning of 2009.

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