2009 showed a strong earnings development. Favorable exchange rate levels, productivity improvements, a cautious cost approach, and an increase in organic sales were the main drivers. Free cash flow before acquisitions increased due to higher net profit and a lower investment level than initially expected. Novozymes met all but one of its environmental and social targets.
The following section presents the realized financial, environmental, and social data for the year. An overview of data and key figures can be found in Accounts and Key figures, while an overview of reporting in accordance with the Global Reporting Initiative (GRI) guidelines can be found under Supplementary reporting.
The financial performance in 2009 met all earnings expectations published at the beginning of the year. The expectations for sales development were adjusted downward after the first quarter of 2009 as a consequence of the global recession. The revised sales expectations announced after the first quarter were met for the full year.