Novozymes done

Income statement (DKKm) Q1/02

Enzymes ###
Growth (%) ###
Microorganisms ###
Growth (%) ###
Biopharma Ingredients ###
Growth (%) ###
Internal sales ###
Growth (%) ###
Sales ###
Growth (%) ###
Organic growth (%)
Cost of Sales ###
Gross Profit ###
% ###
Research and development costs ###
% ###
Distribution and sales cost ###
% ###
Administrative expenses ###
% ###
Other operating income ###
% ###
Other operating expenses
% ###
Share based payments
% ###
caarm:
EBIT ### - goodwill för 2003
% ###
ENZYMES
MICROORGANISMS
BIOPHARMA INGREDIENTS
ELIMINATIONS
Total EBIT
Diff
Amortizations ###
% ###
Depreciations ###
% ###
EBITDA ###
% ###
caarm: caarm: caarm:
Special items
egen just egen just egen just
% ###
Interest income
% ###
Interest cost ###
% ###
Pre-tax profit ###
Growth (%) ###
Tax ###
Tax rate (%) ###
Minority interests
% ###
Net profit ###

EPS ###
Growth (%)
No of shares (millions) ###

Dividend
Dividend/EPS
Sales incl. Surfactants
EPS incl. Surfactants
Sales incl. Biomass
EPS incl. Biomass
Sales incl. Surfactants & Biomass
EPS incl. Surfactants & Biomass ###
Sales growth 12m rolling
Clean EBIT margin 12m rolling
Mkt Cap. (DKKm)

Price

P/E
EPS 5 YRS CAGR
PEG

P/E excl. 2G bioethanol

P/E incl. 2G bioethanol

EV/EBITDA
EV/EBITDA 12m forward
EV/EBIT
EV/EBIT 12m forward
EV/Sales
EV/Sales 12m fwd
SALES 5 YRS CAGR
EBIT 5 YRS CAGR
EBITDA margin 3 YRS
EPS 5 YRS CAGR
P/E 12m rolling
EBIT margin 12m rolling

Buy-backs (million shares)

% of shares outstanding
12m forward EPS

Net debt
Net debt/EBITDA
Interest rate paid
Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05
1352 1445 1469 1424 1387 1454 1529 1528
#DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.6% 0.6% 4.1% 7.3%
81 83 67 67 74 82 77 75
#DIV/0! #DIV/0! #DIV/0! #DIV/0! -8.6% -1.2% 14.9% 11.9%
0 0 0 0 15 25 14 21
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

1433.0 1528.0 1536.0 1491.0 1476.0 1561.0 1620.0 1624.0
3.0% 2.2% 5.5% 8.9%

-658 -711 -721 -748 -693 -703 -759 -781

775.0 817.0 815.0 743.0 783.0 858.0 861.0 843.0
54.1% 53.5% 53.1% 49.8% 53.0% 55.0% 53.1% 51.9%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-516 -556 -498 -491 -508 -536 -549 -546
-36.0% -36.4% -32.4% -32.9% -34.4% -34.3% -33.9% -33.6%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

caarm:
259.0
- goodwill för 2003
261.0 317.0 252.0 275.0 322.0 312.0 297.0
18.1% 17.1% 20.6% 16.9% 18.6% 20.6% 19.3% 18.3%
247 249 313 239 267 316 305 296
12 12 4 13 8 6 7 1
0 0 0 0 0 0 0 0

259.0 261.0 317.0 252.0 275.0 322.0 312.0 297.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-125 -125 -125 -120 -117 -123 -110 -112
-8.7% -8.2% -8.1% -8.0% -7.9% -7.9% -6.8% -6.9%
384.0 386.0 442.0 372.0 392.0 445.0 422.0 409.0
26.8% 25.3% 28.8% 24.9% 26.6% 28.5% 26.0% 25.2%
caarm: caarm: caarm:
egen just egen just egen just
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
23
0.0% 0.0% 0.0% 1.5% 0.0% 0.0% 0.0% 0.0%
-17 -33 -6 -8 0 -16 -32
-1.2% -2.2% -0.4% 0.0% -0.5% 0.0% -1.0% -2.0%
242.0 228.0 311.0 275.0 267.0 322.0 296.0 265.0
10.3% 41.2% -4.8% -3.6%
-63 -58 -80 -80 -74 -74 -73 -68
-26.0% -25.4% -25.7% -29.1% -27.7% -23.0% -24.7% -25.7%
 1.0 0.0 0.0 -12.0 -1.0 0.0 0.0 -2.0
0.1% 0.0% 0.0% -0.8% -0.1% 0.0% 0.0% -0.1%
180.0 170.0 231.0 183.0 192.0 248.0 223.0 195.0

2.71 2.56 3.48 2.76 2.89 3.76 3.42 3.03

6.7% 46.8% -1.7% 10.0%
66.4 66.4 66.4 66.4 66.4 66.0 65.2 64.3

4.9%
18.2% 18.3% 19.2% 18.9% 19.2%
Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07
1516 1538 1658 1608 1727 1661 1759 1759
9.3% 5.8% 8.4% 5.2% 13.9% 8.0% 6.1% 9.4%
94 90 83 81 84 91 71 62
27.0% 9.8% 7.8% 8.0% -10.6% 1.1% -14.5% -23.5%
23 21 15 75 120 51 30 23
53.3% -16.0% 7.1% 257.1% 421.7% 142.9% 100.0% -69.3%
0 0 0 0
0.0% 0.0% 0.0% 0.0%
1633.0 1649.0 1756.0 1764.0 1931.0 1803.0 1860.0 1844.0
10.6% 5.6% 8.4% 8.6% 18.2% 9.3% 5.9% 4.5%
14.0%
-751 -736 -807 -853 -927 -834 -870 -858
882.0 913.0 949.0 911.0 1004.0 969.0 990.0 986.0
54.0% 55.4% 54.0% 51.6% 52.0% 53.7% 53.2% 53.5%
-245 -215 -223 -312
0.0% 0.0% 0.0% 0.0% -12.7% -11.9% -12.0% -16.9%
-225 -225 -242 -229
0.0% 0.0% 0.0% 0.0% -11.7% -12.5% -13.0% -12.4%
-569 -569 -600 -577 -189 -175 -164 -147
-34.8% -34.5% -34.2% -32.7% -9.8% -9.7% -8.8% -8.0%
14 75 34
0.0% 0.0% 0.0% 0.0% 0.7% 4.2% 0.0% 1.8%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

313.0 344.0 349.0 334.0 359.0 429.0 361.0 332.0
19.2% 20.9% 19.9% 18.9% 18.6% 23.8% 19.4% 18.0%
303 323 332 354 345 332 352 325
9 9 8 8 8 9 7 6
0 0 0 0 12 5 3 2
-1 1 0 -2 2 3 -2 -1
311.9 332.5 339.7 359.6 367.9 348.9 360.1 332.6
-1.1 -11.5 -9.3 25.6 8.9 -80.1 -0.9 0.6
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-107 -107 -117 -138 -114 -109 -111 -197
-6.6% -6.5% -6.7% -7.8% -5.9% -6.0% -6.0% -10.7%
420.0 451.0 466.3 471.8 473.0 538.0 472.0 529.0
25.7% 27.3% 26.6% 26.7% 24.5% 29.8% 25.4% 28.7%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

-48 -18 -44 -12 -13 -15 -47 -21
-2.9% -1.1% -2.5% -0.7% -0.7% -0.8% -2.5% -1.1%
265.0 326.0 305.0 322.0 346.0 414.0 314.0 311.0
-0.7% 1.2% 3.0% 21.5% 30.6% 27.0% 3.0% -3.4%
-69 -79 -77 -82 -92 -98 -74 -79
-26.0% -24.2% -25.2% -25.5% -26.6% -23.7% -23.6% -25.4%
 -2 -3 -1 4 0 0 1 5
-0.1% -0.2% -0.1% 0.2% 0.0% 0.0% 0.1% 0.3%
194.0 244.0 227.0 244.0 254.0 316.0 241.0 237.0
22%
3.05 3.85 3.63 3.94 4.10 5.11 3.89 3.83
5.3% 2.6% 6.2% 30.0% 34.7% 32.4% 7.0% -2.7%
63.7 63.3 62.5 61.9 61.9 61.9 62.0 61.8

Outlook for 2006 NZYM ACTUAL Outlook for 2007 NZYM ACTUAL
Sales growth 8% 8% Sales growth 8-10% 9%
EBIT growth 10% 11% EBIT growth 11-13% 11%
Net profit growth 5-6% 6% Net profit growth 14-16% 15%
Free cash flow 950-1000 795 Free cash flow 850-950 1,534
Long term financial targets Long term financial targets
Annual growth in EBIT of at least 10% Annual growth in EBIT of at least 10%
Operating profit margin of around 17% Operating profit margin of around 17%
6.7% 7.6% 8.4% 8.3% 10.3% 11.2% 10.4% 9.4%
19.3% 19.4% 19.6% 19.7% 19.3% 19.1% 18.9% 18.3%

19.7% 19.5% 19.5% 19.0%

Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
1841 1861 1963 1868 1897 1868 1995 2038
6.6% 12.0% 11.6% 6.2% 3.0% 0.4% 1.6% 9.1%
132 126 83 64 160 117 85 53
57.1% 38.5% 16.9% 3.2% 21.2% -7.1% 2.4% -17.2%
53 46 16 93 55 43 45 92
-55.8% -9.8% -46.7% 304.3% 3.8% -6.5% 181.3% -1.1%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2026.0 2033.0 2061.8 2025.1 2112.1 2027.8 2124.8 2183.2
4.9% 12.8% 10.8% 9.8% 4.2% -0.3% 3.1% 7.8%
11.0% 16.0% 16.0% 13.0% 0.0% -3.0% 1.0% 13.0%
-965 -954 -946 -922 -958 -888 -961 -941
1061.0 1079.0 1116.0 1103.0 1154.0 1140.0 1164.0 1242.0
52.4% 53.1% 54.1% 54.5% 54.6% 56.2% 54.8% 56.9%
-274 -274 -289 -334 -296 -284 -287 -306
-13.5% -13.5% -14.0% -16.5% -14.0% -14.0% -13.5% -14.0%
-233 -225 -227 -223 -239 -243 -223 -251
-11.5% -11.1% -11.0% -11.0% -11.3% -12.0% -10.5% -11.5%
-182 -203 -214 -176 -211 -210 -201 -260
-9.0% -10.0% -10.4% -8.7% -10.0% -10.4% -9.5% -11.9%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 -1.1 0 0 0 0 0
0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0%
372.2 376.6 385.0 369.8 407.8 402.3 452.7 424.9
18.4% 18.5% 18.7% 18.3% 19.3% 19.8% 21.3% 19.5%
368 372 393 374 379 383 439 418
13 13 8 6 16 11 8 5
5 5 2 9 6 4 5 9

386.7 389.4 402.5 389.3 400.9 398.3 451.4 432.3

14.5 12.8 17.4 19.5 -6.9 -4.0 -1.3 7.4
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-120 -121 -139 -176 -140 -142 -139 -143
-5.9% -6.0% -6.7% -8.7% -6.6% -7.0% -6.5% -6.6%
492.2 497.6 524.0 545.8 547.8 544.3 591.7 568.3
24.3% 24.5% 25.4% 27.0% 25.9% 26.8% 27.8% 26.0%
0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-20 3 -16 -52 2 -21 -27 -22
-1.0% 0.1% -0.8% -2.6% 0.1% -1.0% -1.3% -1.0%
352.2 379.6 369.0 317.8 409.8 381.3 425.7 402.9
1.8% -8.3% 17.5% 2.2% 16.4% 0.4% 15.4% 26.8%
-88 -95 -97 -77 -107 -99 -112 -109
-25.0% -25.0% -26.3% -24.2% -26.1% -26.0% -26.3% -27.1%
 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
264.2 284.6 272.0 240.8 302.8 282.3 313.7 293.9

4.27 4.61 4.39 3.89 4.88 4.55 5.05 4.73

4.2% -9.8% 13.1% 1.5% 14.3% -1.1% 15.0% 21.7%
61.8 61.8 61.9 61.9 62.0 62.0 62.1 62.1

Outlook for 2008 NZYM ACTUAL Outlook for 2009 NZYM CDV
Sales growth 9-11% 10% Sales growth >2% 4%
EBIT growth 5-7% 7% EBIT growth 10-12% 12%
Net profit growth 7-9% 8% Net profit growth 8-10% 12%
Free cash flow 750-800 755 Free cash flow 400-500 553
Long term financial targets Long term financial targets
Annual sales growth of at least 10% Annual sales growth of more than 10%
Operating profit margin of around 17% Operating profit margin of 20%
6.1%
18.4%

19.0% 18.9% 19.0% 19.2% 19.2% 19.3% 19.8% 19.9%

Q1/10 Q2/10E Q3/10E Q4/10E 2004 2005 2006 2007
2154 2015 2100 2147 5690 5898 6320 6906
13.5% 7.9% 5.3% 5.3% 3.7% 7.2% 9.3%
142 129 94 58 298 308 348 308
-11.3% 10.0% 10.0% 10.0% 3.4% 13.0% -11.5%
29 47 50 101 0 75 134 224
-47.3% 10.0% 10.0% 10.0% #DIV/0! 78.7% 67.2%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2324.6 2190.6 2242.8 2306.5 5988.0 6281.0 6802.0 7438.0
10.1% 8.0% 5.6% 5.6% 4.9% 8.3% 9.4%
10.1% 8.0% 5.6% 5.6% 14.0%
-1017 -975 -1003 -1036 -2838 -2936 -3147 -3489
1308.0 1215.8 1240.3 1270.9 3150.0 3345.0 3655.0 3949.0
56.3% 55.5% 55.3% 55.1% 52.6% 53.3% 53.7% 53.1%
-302 -285 -292 -300 -780 -793 -880 -995
-13.0% -13.0% -13.0% -13.0% -13.0% -12.6% -12.9% -13.4%
-232 -241 -247 -254 -709 -748 -844 -921
-10.0% -11.0% -11.0% -11.0% -11.8% -11.9% -12.4% -12.4%
-238 -230 -235 -242 -603 -632 -650 -675
-10.3% -10.5% -10.5% -10.5% -10.1% -10.1% -9.6% -9.1%
0 0 0 0 31 34 59 123
0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.9% 1.7%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
535.0 460.0 466.5 475.1 1089.0 1206.0 1340.0 1481.0
23.0% 21.0% 20.8% 20.6% 18.2% 19.2% 19.7% 19.9%
517 413 430 451 1048 1184 1312 1355
14 13 9 6 41 22 35 31
3 5 5 10 0 0 0 22
-3 6
534.0 430.6 444.8 466.8 1089.0 1206.0 1343.6 1413.6
-1.0 -29.4 -21.7 -8.3 0.0 0.0 3.6 -67.4
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-151 -164 -164 -177 -495 -462 -469 -531
-6.5% -7.5% -7.3% -7.7% -8.3% -7.4% -6.9% -7.1%
686.0 623.8 630.3 651.6 1584.0 1668.0 1809.0 2012.0
29.5% 28.5% 28.1% 28.3% 26.5% 26.6% 26.6% 27.1%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 23 0 0 0
0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0%
-2 -3 -3 -4 -56 -56 -122 -96
-0.1% -0.1% -0.1% -0.2% -0.9% -0.9% -1.8% -1.3%
533.0 456.8 463.3 470.7 1056.0 1150.0 1218.0 1385.0
30.1% 19.8% 8.8% 16.8% 8.9% 5.9% 13.7%
-128 -110 -111 -113 -281 -289 -307 -343
-24.0% -24.0% -24.0% -24.0% -26.6% -25.1% -25.2% -24.8%
 -1 0 0 0 -11 -3 -2 6
0.0% 0.0% 0.0% 0.0% -0.2% 0.0% 0.0% 0.1%
404.0 347.2 352.1 357.7 764.0 858.0 909.0 1048.0
-25.8% -24.0% -22.9% -23.2%
6.51 5.59 5.67 5.76 11.51 13.10 14.46 16.93
33.2% 22.8% 12.2% 21.7% 14% 10% 17%
62.1 62.1 62.1 62.1 66.4 65.5 62.9 61.9

Outlook for 2010 NZYM CDV 3.50 4.00 4.50 5.00

LCY sales growth 4-6% 7% 30.4% 30.5% 31.1% 29.5%
EBIT growth 12-14% 15% 6802 7438
Net profit growth 17-19% 22% 14.46 16.93
Free cash flow 700-800 957 6802 7438
Long term financial targets 14.46 16.93
Annual sales growth of more than 10% 6802 7438
Operating profit margin of 20% 14.46 16.93

18459 22589 30554 36023

278 345.0 486 582

24.2 26.3 33.6 34.4

12.9% 14.3%
2.60 2.41

12.1 13.9 17.5 18.9

17.7 19.2 23.7 25.7

965 2,092
1.4 1.0
0.2% 4.6%
2008 2009 2010E 2011E 2012E 2013E 2014E 2015E
7533 7798 8415 9501 10469 12657 14408 16776
9.1% 3.5% 7.9% 12.9% 10.2% 20.9% 13.8% 16.4%
405 415 423 465 511 562 619 680
31.5% 2.5% 1.8% 10.0% 10.0% 10.0% 10.0% 10.0%
208 235 227 250 275 302 332 366
-7.1% 13.0% -3.4% 10.0% 10.0% 10.0% 10.0% 10.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
8145.8 8447.8 9064.5 10215.8 11254.4 13521.0 15358.5 17821.8
9.5% 3.7% 7.3% 12.7% 10.2% 20.1% 13.6% 16.0%
13.0% 2.0% 7.3% 12.7% 10.2% 20.1% 13.6% 16.0%
-3787 -3748 -4030 -4357 -4896 -5882 -6681 -7752
4359.0 4700.0 5034.9 5858.9 6358.8 7639.4 8677.6 10069.3
53.5% 55.6% 55.5% 57.4% 56.5% 56.5% 56.5% 56.5%
-1171 -1172 -1178 -1328 -1463 -1758 -1997 -2317
-14.4% -13.9% -13.0% -13.0% -13.0% -13.0% -13.0% -13.0%
-907 -957 -974 -1098 -1209 -1453 -1650 -1915
-11.1% -11.3% -10.7% -10.7% -10.7% -10.7% -10.7% -10.7%
-776 -883 -946 -1103 -1215 -1460 -1659 -1925
-9.5% -10.5% -10.4% -10.8% -10.8% -10.8% -10.8% -10.8%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-1 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1503.6 1687.8 1936.6 2330.0 2471.1 2968.7 3372.2 3913.0
18.5% 20.0% 21.4% 22.8% 22.0% 22.0% 22.0% 22.0%
1507 1619 1811 2045 2253 2724 3101 3611
41 40 42 46 51 56 62 68
21 24 23 25 27 30 33 37
1 6 2 4 5 7 8 9
1569.2 1689.3 1878.0 2120.1 2336.7 2817.0 3203.6 3723.8
65.6 1.5 -58.6 -210.0 -134.4 -151.7 -168.6 -189.2
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-556 -564 -655 -662 -675 -675 -675 -675
-6.8% -6.7% -7.2% -6.5% -6.0% -5.0% -4.4% -3.8%
2059.6 2252.2 2591.6 2991.7 3146.6 3644.2 4047.7 4588.5
25.3% 26.7% 28.6% 29.3% 28.0% 27.0% 26.4% 25.7%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-85 -68 -13 29 83 83 83 83
-1.0% -0.8% -0.1% 0.3% 0.7% 0.6% 0.5% 0.5%
1418.6 1619.8 1923.7 2358.7 2553.8 3051.5 3454.9 3995.8
2.4% 14.2% 18.8% 22.6% 8.3% 19.5% 13.2% 15.7%
-357 -427 -462 -566 -613 -732 -829 -959
-25.2% -26.4% -24.0% -24.0% -24.0% -24.0% -24.0% -24.0%
 0 0 -1 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1061.6 1192.8 1460.9 1792.5 1940.8 2319.0 2625.6 3036.6
-23.7% -25.3% -23.8% -24.3% -24.8% -24.7% -24.6% -24.5%
17.15 19.21 23.53 28.87 31.25 37.35 42.28 48.90
1% 12% 22% 23% 8% 19% 13% 16%
61.9 62.1 62.1 62.1 62.1 62.1 62.1 62.1

5.25 5.76 7.06 8.66 9.38 11.20 12.68 14.67

30.6% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
8146 8448 9145 10584 11969 14978 17217 20096
17.15 19.21 23.72 29.78 33.06 41.01 46.94 54.59
8146 8448 9064 10740 11831 14085 15979 18504
17.15 19.21 23.53 29.17 31.60 37.69 42.66 49.31
8146 8448 9145 11108 12546 15542 17837 20779
17.15 19.21 23.72 30.95 34.38 42.32 48.38 56.16

25872 33532 44150

418 540 711 711 711 711 711 711

24.4 28.1 30.2 24.6 22.7 19.0 16.8 14.5

16.2% 18.1% 15.8%
1.51 1.55 1.91

30.2 24.6 23.2 20.9 19.5 18.2

30.2 24.6 22.7 19.0 16.8 14.5

13.4 15.5 17.3 14.6 13.6

15.5
18.3 20.7 23.2 18.8 17.3
20.3 2012-2015 CAGR 2016-2019 CAGR
5.0 4.3 16.6%
4.5
12.5% 35.0
15.2%
28.1%
18.1% 30.0
26.5
25.0

20.0

27.1
15.0
1,704 1,354 754
0.8 0.6 0.3
10.0
5.0% 5.0% 1.7%

5.0

0.0
2010E 2011E 2012E 2013E 2014E 2015E

P/E excl. 2G bioetha

10.0

5.0

0.0
2010E 2011E 2012E 2013E 2014E 2015E

P/E excl. 2G bioetha

 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E
18900 21023 23032 25021 27556 31176 34195 35904.54
12.7% 11.2% 9.6% 8.6% 10.1% 13.1% 9.7% 5.0%
714 750 788 827 868 912 957 1005.32
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
384 403 423 444 467 490 514 540.1367
5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
19997.9 22176.1 24242.8 26292.9 28890.6 32577.5 35666.7 37450.0
12.2% 10.9% 9.3% 8.5% 9.9% 12.8% 9.5% 5.0%
12.2% 10.9% 9.3% 8.5% 9.9% 12.8% 9.5% 5.0%
-8699 -9647 -10546 -11437 -12567 -14171 -15515 -16291
11298.8 12529.5 13697.2 14855.5 16323.2 18406.3 20151.7 21159.2
56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5%
-2600 -2883 -3152 -3418 -3756 -4235 -4637 -4868
-13.0% -13.0% -13.0% -13.0% -13.0% -13.0% -13.0% -13.0%
-2148 -2383 -2605 -2825 -3104 -3500 -3832 -4023
-10.7% -10.7% -10.7% -10.7% -10.7% -10.7% -10.7% -10.7%
-2160 -2395 -2618 -2840 -3120 -3518 -3852 -4045
-10.8% -10.8% -10.8% -10.8% -10.8% -10.8% -10.8% -10.8%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4390.8 4869.1 5322.9 5773.0 6343.3 7152.9 7831.1 8222.7
22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%
0 0 0 0 0 0 0 0
71 75 79 83 87 91 96 0
38 40 42 44 47 49 51 0
10 11 12 13 14 15 16 17
119.3 125.8 132.6 139.6 147.0 154.7 162.7 16.5
-4271.5 -4743.3 -5190.3 -5633.3 -6196.3 -6998.2 -7668.4 -8206.2
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-675 -675 -675 -675 -675 -675 -675 -675
-3.4% -3.0% -2.8% -2.6% -2.3% -2.1% -1.9% -1.8%
5066.3 5544.6 5998.4 6448.5 7018.8 7828.4 8506.6 8898.2
25.3% 25.0% 24.7% 24.5% 24.3% 24.0% 23.9% 23.8%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
83 83 83 83 83 83 83 83
0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2%
4473.6 4951.8 5405.6 5855.7 6426.1 7235.6 7913.9 8305.4
12.0% 10.7% 9.2% 8.3% 9.7% 12.6% 9.4% 4.9%
-1074 -1189 -1298 -1406 -1543 -1737 -1900 -1994
-24.0% -24.0% -24.0% -24.0% -24.0% -24.0% -24.0% -24.0%
 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3399.7 3763.2 4108.0 4450.1 4883.5 5498.7 6014.2 6311.7
-24.5% -24.4% -24.4% -24.3% -24.3% -24.3% -24.3% -24.2%
54.75 60.60 66.16 71.67 78.65 88.55 96.85 101.65
12% 11% 9% 8% 10% 13% 9% 5%
62.1 62.1 62.1 62.1 62.1 62.1 62.1 62.1

16.42 18.18 19.85 21.50 23.59 26.57 29.06 30.49

30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
22705 25331 27461 29576 32239 35993 39150 41003
61.50 68.46 74.16 79.82 86.95 97.01 105.47 110.43
20749 22866 24967 27053 29689 33296 36421 38242
55.20 61.03 66.60 72.13 79.13 88.98 97.30 102.12
23455 26021 28185 30336 33037 36711 39905 41795
63.23 70.09 75.87 81.61 88.83 98.65 107.20 112.24

711 711 711 711 711 711 711 711

13.0 11.7 10.7 9.9 9.0 8.0 7.3 7.0

17.3 16.5 16.1 15.7 15.3 14.9 14.5 7.0

13.0 11.7 10.7 9.9 9.0 8.0 7.3 7.0

2016-2019 CAGR 2020-2023 CAGR

9.6% 9.0%

E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E

P/E excl. 2G bioethanol P/E incl. 2G bioethanol

E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E

P/E excl. 2G bioethanol P/E incl. 2G bioethanol

Enzymes Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05
Detergent enzymes 518 512 525 483 500 490
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! -3.5% -4.3%
Technical enzymes 345 385 406 379 359 400
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4.1% 3.9%
Food enzymes 328 367 373 371 356 396
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8.5% 7.9%
Feed enzymes 161 181 165 191 172 168
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6.8% -7.2%

Sales (DKKm) 1352 1445 1469 1424 1387 1454

Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.6% 0.6%
Organic growth (%)
12m rolling growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 323.4% 105.0%

Gross profit (DKKm) 731 772 781 704 744 820

Gross margin (%) 54.1% 53.4% 53.2% 49.4% 53.6% 56.4%
caarm: caarm:
EBIT (DKKm) 247 249men stämmer
EBIT(A) 313 239men stämmer
EBIT(A) 267 316
EBIT margin (%) 18.3% 17.2%med Q1/04
överens 21.3% 16.8%med Q3/04
överens 19.3% 21.7%

Sales 5 YRS CAGR

EBIT 5 YRS CAGR

Detergent enzymes Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05

Traditional detergent enzymes 518 512 525 483 500 490
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! -3.5% -4.3%
Surfactant replacement enzymes
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total detergent enzymes 518 512 525 483 500 490
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Technical enzymes Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05

Bioethanol enzymes
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Starch enzymes
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Textile and other technical enzymes
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total technical enzymes 0 0 0 0 0 0
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07
516 508 505 492 538 505 572 555 573
-1.7% 5.2% 1.0% 0.4% 4.3% -0.6% 13.3% 12.8% 6.5%
428 458 453 469 505 550 542 537 581
5.4% 20.8% 26.2% 17.3% 18.0% 20.1% 19.6% 14.5% 15.0%
385 354 387 404 438 374 434 402 435
3.2% -4.6% 8.7% 2.0% 13.8% 5.6% 12.1% -0.5% -0.7%
200 208 171 173 177 179 179 167 170
21.2% 8.9% -0.6% 3.0% -11.5% -13.9% 4.7% -3.5% -4.0%

1529 1528 1516 1538 1658 1608 1727 1661 1759

4.1% 7.3% 9.3% 5.8% 8.4% 5.2% 13.9% 8.0% 6.1%
13.0%
35.8% 3.7% 5.3% 6.6% 7.7% 7.2% 8.4% 8.9% 8.3%

822 807 805 846 912 884 915 880 967

53.8% 52.8% 53.1% 55.0% 55.0% 55.0% 53.0% 53.0% 55.0%

305 296 303 323 332 354 345 332 352

19.9% 19.4% 20.0% 21.0% 20.0% 22.0% 20.0% 20.0% 20.0%

Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07

516 508 505 492 538 505 572 555 573
-1.7% 5.2% 1.0% 0.4% 4.3% -0.6% 13.3% 12.8% 6.5%

516 508 505 492 538 505 572 555 573

1.0% 0.4% 4.3% -0.6% 13.3% 12.8% 6.5%

Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07

160 165 180 200 232 239 252
45.0% 45.0% 40.0%
142 148 157 167 153 145 159
8.0% -2.0% 1.5%
151 156 168 183 157 153 170
4.0% -2.0% 1.0%
0 0 453 469 505 550 542 537 581
#DIV/0! #DIV/0! #DIV/0! #DIV/0! 19.7% 14.5% 15.0%
Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
539 636 627 653 582 657 650 685 680
6.7% 11.2% 13.0% 14.0% 8.0% 3.3% 3.7% 4.9% 16.8%
603 563 588 629 699 587 615 658 740
9.6% 3.9% 9.5% 8.2% 15.9% 4.3% 4.6% 4.6% 5.9%
428 458 453 486 415 456 449 463 433
14.4% 5.5% 12.7% 11.7% -3.0% -0.4% -0.9% -4.7% 4.3%
189 184 193 195 172 197 154 189 185
5.6% 2.8% 15.6% 14.7% -9.0% 7.1% -20.2% -3.1% 7.6%

1759 1841 1861 1963 1868 1897 1868 1995 2038

9.4% 6.6% 12.0% 11.6% 6.2% 3.0% 0.4% 1.6% 9.1%
9.0% 11.0% 16.0% 15.0% 5.0% 0.0% -3.0% 1.0% 2.0%
9.3% 7.5% 8.5% 9.9% 9.1% 8.1% 5.2% 2.7% 3.5%

967 1022 1033 1089 1037 1062 1046 1117 1141

55.0% 55.5% 55.5% 55.5% 55.5% 56.0% 56.0% 56.0% 56.0%

325 368 372 393 374 379 383 439 418

18.5% 20.0% 20.0% 20.0% 20.0% 20.0% 20.5% 22.0% 20.5%

Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09

539 636 627 653 582 657 650 685 680
6.7% 11.2% 13.0% 14.0% 8.0% 3.3% 3.7% 4.9% 16.8%
0 0 0 0 0 0 0 0

539 636 627 653 582 657 650 685 680

6.7% 11.2% 13.0% 14.0% 8.0% 3.3% 3.7% 4.9% 16.8%

Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09

280 302 335 353 392 326 362 381 427
40.0% 30.0% 40.0% 40.0% 40.0% 8.0% 8.0% 8.0% 9.0%
154 136 146 157 146 136 146 158 152
-8.0% -11.5% 0.5% -1.5% -5.0% 0.0% 0.0% 0.5% 4.0%
170 126 107 119 161 126 107 119 161
-7.5% -20.0% -30.0% -30.0% -5.0% 0.0% 0.0% 0.0% 0.0%
603 563 588 629 699 587 615 658 740
9.6% 3.8% 9.4% 8.2% 15.9% 4.3% 4.6% 4.6% 5.9%
Q1/10 Q2/10E Q3/10E Q4/10E 2004 2005 2006 2007 2008
734 683 719 714 2038 2014 2040 2239 2498
11.7% 5.1% 4.9% 4.9% -1.2% 1.3% 9.8% 11.6%
729 704 703 791 1515 1645 1977 2263 2479
24.1% 14.6% 6.9% 6.8% 8.6% 20.2% 14.5% 9.5%
494 467 482 450 1439 1491 1603 1699 1812
8.3% 4.0% 4.0% 4.0% 3.6% 7.5% 6.0% 6.7%
197 160 197 192 698 748 700 705 744
0.0% 4.0% 4.0% 4.0% 7.2% -6.4% 0.7% 5.5%

2154 2015 2100 2147 5690 5898 6320 6906 7533

13.5% 7.9% 5.3% 5.3% 3.7% 7.2% 9.3% 9.1%

1217 1138 1186 1213 2988 3193 3447 3731 4181

56.5% 56.5% 56.5% 56.5% 52.5% 54.1% 54.5% 54.0% 55.5%

517 413 430 451 1048 1184 1312 1355 1507

24.0% 20.5% 20.5% 21.0% 18.4% 20.1% 20.8% 19.6% 20.0%

7.2% 7.4% 8.3% 8.6%

8.4% 7.2% 9.3% 9.6%

Q1/10 Q2/10E Q3/10E Q4/10E 2004 2005 2006 2007 2008

714 663 699 694 2038 2014 2040 2239 2498
8.7% 2.0% 2.0% 2.0% -1.2% 1.3% 9.8% 11.6%
20 20 20 20 0 0 0 0 0

734 683 719 714 2038 2014 2040 2239 2498

11.7% 5.1% 4.9% 4.9% -1.2% 1.3% 9.8% 11.6%
10.4% 13.5%
Q1/10 Q2/10E Q3/10E Q4/10E 2004 2005 2006 2007 2008
417 445 419 470 0 0 705 1003 1381
28.0% 23.0% 10.0% 10.0% 42.3% 37.7%
170 150 162 156 0 0 614 611 584
25.0% 3.0% 3.0% 3.0% -0.4% -4.4%
142 109 121 164 0 0 659 650 513
13.0% 2.0% 2.0% 2.0% -1.4% -21.1%
729 704 703 791 0 0 1978 2264 2479
24.1% 14.6% 6.9% 6.8% #DIV/0! #DIV/0! 14.5% 9.5%

US Bioethanol output (2007 Energy bill state

US Renewable Fuel Standard (bn gallons) 2007 2008
Renewable Biofuel (corn-based bioethanol) 6.50 9.00
Growth 38%

Advanced Biofuel (cellulosic ethanol + other)

Growth

Cellulosic Biofuel
Growth
Other Biofuel
Growth

Total RFS 6.50 9.00

Growth 38%

Total US Ethanol Blend (RFS) 6.50 9.00

Growth 38%

Ethanol share of US gasoline cons. (~135bn gallons) 7%

1st generation bioethanol enzymes mkt 2007 2008

Bn gallons produced (based on RFS) 6.50 9.00
Enzyme revenue per gallon (USD) 0.05 0.05
Enzyme price inflation/deflation 0%
USDDKK 5.44 5.10
Mkt value (DKKm) 1768 2295
Novozymes' mkt share 57% 60%
Novozymes sales, 1G bioethanol (DKKm) 1008 1377

2nd generation bioethanol enzymes mkt 2007 2008

Bn gallons produced (1/3 of RFS 2010-2012E, RFS 2013-)
Enzyme revenue per gallon (USD)
Enzyme price inflation/deflation
USDDKK
Mkt value (DKKm)
Novozymes' mkt share
Novozymes sales, 2G bioethanol (DKKm)
Growth
2G bioethanol addition to group sales

20000

18000

16000

14000

12000

10000

8000

6000

4000
12000

10000

8000

6000

4000

2000

0
2010E 2011E 2012E 2013E 2014E 2015E

Novozymes sales,
 2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
2672 2849 3193 3596 4396 4856 5332 5825 6336 6463 6592 6724
7.0% 6.6% 12.1% 12.6% 22.3% 10.5% 9.8% 9.3% 8.8% 2.0% 2.0% 2.0%
2600 2927 3443 3760 4877 5874 7443 8874 10276 11938 13566 15726
4.9% 12.6% 17.6% 9.2% 29.7% 20.4% 26.7% 19.2% 15.8% 16.2% 13.6% 15.9%
1801 1893 2082 2290 2519 2771 3048 3201 3361 3529 3705 3891
-0.6% 5.1% 10.0% 10.0% 10.0% 10.0% 10.0% 5.0% 5.0% 5.0% 5.0% 5.0%
725 746 783 823 864 907 952 1000 1050 1102 1157 1215
-2.6% 2.9% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

7798 8415 9501 10469 12657 14408 16776 18900 21023 23032 25021 27556
3.5% 7.9% 12.9% 10.2% 20.9% 13.8% 16.4% 12.7% 11.2% 9.6% 8.6% 10.1%
1.0%

4367 4754 5368 5915 7151 8140 9478

56.0% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5% 56.5%

1619 1811 2045 2253 2724 3101 3611

20.8% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5% 21.5%

12.9%

12.4%

2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
2672 2769 2825 2881 2939 2998 3058 3119 3181 3245 3310 3376
7.0% 3.6% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
0 80 368 714 1457 1858 2274 2707 3155 3218 3283 3348
#DIV/0! 360.0% 94.0% 104.0% 27.5% 22.4% 19.0% 16.6% 2.0% 2.0% 2.0%
2672 2849 3193 3596 4396 4856 5332 5825 6336 6463 6592 6724
7.0% 6.6% 12.1% 12.6% 22.3% 10.5% 9.8% 9.3% 8.8% 2.0% 2.0% 2.0%

2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
1496 1751 2237 2524 3609 4574 6110 7514 8889 10523 12123 14253
8.3% 17.1% 27.8% 12.8% 43.0% 26.7% 33.6% 23.0% 18.3% 18.4% 15.2% 17.6%
591 639 658 678 698 719 740 755 770 786 801 817
1.1% 8.1% 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0%
513 537 548 559 570 581 593 605 617 629 642 655
0.0% 4.7% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
2600 2927 3443 3760 4877 5874 7443 8874 10276 11938 13566 15726
4.9% 12.6% 17.6% 9.2% 29.7% 20.4% 26.7% 19.2% 15.8% 16.2% 13.6% 15.9%

hanol output (2007 Energy bill states goal of 36bn gallons of renewable fuels out of which 21bn gallons should be bioethanol by 2022)
2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
10.50 12.00 12.60 13.20 13.80 14.40 15.00 15.00 15.00 15.00 15.00 15.00
17% 14% 5% 5% 5% 4% 4% 0% 0% 0% 0% 0%

0.10 0.21 0.55 1.00 2.75 3.75 5.50 7.25 9.00 11.00 13.00 15.00
 0.01 0.25 0.50 1.00 1.75 3.00 4.25 5.50 7.00 8.50 10.50
3746% 100% 100% 75% 71% 42% 29% 27% 21% 24%
0.10 0.20 0.30 0.50 1.75 2.00 2.50 3.00 3.50 4.00 4.50 4.50
100% 50% 67% 250% 14% 25% 20% 17% 14% 13% 0%

10.60 12.21 13.15 14.20 16.55 18.15 20.50 22.25 24.00 26.00 28.00 30.00
18% 15% 8% 8% 17% 10% 13% 9% 8% 8% 8% 7%

10.50 12.01 12.85 13.70 14.80 16.15 18.00 19.25 20.50 22.00 23.50 25.50
17% 14% 7% 7% 8% 9% 11% 7% 6% 7% 7% 9%

8% 9% 10% 10% 11% 12% 13% 14% 15% 16% 17% 19%

2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
10.50 12.00 12.60 13.20 13.80 14.40 15.00 15.00 15.00 15.00 15.00 15.00
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04
-1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1%
5.35 5.28 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10
2781 3105 3729 3867 4003 4135 4264 4222 4179 4138 4096 4055
60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%
1668 1863 2237 2320 2402 2481 2559 2533 2508 2483 2458 2433

2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
0.00 0.08 0.17 1.00 1.75 3.00 4.25 5.50 7.00 8.50 10.50
0.00 0.00 0.50 0.50 0.49 0.49 0.48 0.48 0.47 0.47 0.46
-1% -1% -1% -1% -1% -1% -1% -1% -1% -1%
5.28 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10 6.10
0 0 508 3020 5231 8878 12452 15953 20101 24164 29551
40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
0 0 203 1208 2093 3551 4981 6381 8040 9666 11820
#DIV/0! 494% 73% 70% 40% 28% 26% 20% 22%
0% 0% 2% 10% 16% 25% 33% 40% 50% 58% 69%
2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E

Novozymes sales, 2G bioethanol (DKKm)

 2021E 2022E NZYM 2009 Outlook NZYM Long-term expectations
6859 6996 DKK Organic New Old
2.0% 2.0% 4-8% 1-5% 3-5%
18956 21570
20.5% 13.8% 13-18% 5-10% 15-18%
4085 4289
5.0% 5.0% 5-9% 1-5% 10%
1276 1340
5.0% 5.0% 15-20% 10-15% 5-10%

31176 34195
13.1% 9.7%

56.5% 56.5%

21.5% 21.5%

2021E 2022E NZYM 2008 Outlook NZYM Long-term expectations

3443 3512 Old New Old New
2.0% 2.0%
3415 3484
2.0% 2.0%
6859 6996
2.0% 2.0%

2021E 2022E NZYM 2008 Outlook NZYM Long-term expectations

17454 20038 Old New Old New
22.5% 14.8% 20-25%
834 850
2.0% 2.0%
668 681
2.0% 2.0%
18956 21570
20.5% 13.8%

ld be bioethanol by 2022)
2021E 2022E
15.00 15.00
0% 0%

18.00 21.00
13.50 16.00
29% 19%
4.50 5.00
0% 11%

33.00 36.00
10% 9%

28.50 31.00
12% 9%

21% 23%

2021E 2022E
15.00 15.00
0.04 0.04
-1% -1%
6.10 6.10
4015 3975
60% 60%
2409 2385

2021E 2022E
13.50 16.00
0.46 0.45
-1% -1%
6.10 6.10
37614 44134
40% 40%
15046 17654
27% 17%
86% 98%
021E 2022E
Microorganisms Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05
Sales (DKKm) 81 83 67 67 74 82
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! -8.6% -1.2%
Organic growth (%)
12m rolling growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 259.3% 76.8%

Gross Profit (DKKm) 44 45 34 39 39 38

Gross margin (%) 54.3% 54.2% 50.7% 58.2% 52.7% 46.3%

EBIT (DKKm) 12 12 4 13 8 6
EBIT margin (%) 14.8% 14.5% 6.0% 19.4% 10.8% 7.3%

Sales 5 YRS CAGR

EBIT 5 YRS CAGR

Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07
77 75 94 90 83 81 84 91 71
14.9% 11.9% 27.0% 9.8% 7.8% 8.0% -10.6% 1.1% -14.5%

29.9% 3.4% 12.7% 15.9% -6.8% 13.0% 3.0% 0.9% -4.4%

39 36.0 37.6 36.0 33.2 32.4 33.6 36.4 28.4

50.6% 48.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

7 1 9 9 8 8 8 9 7
9.1% 1.3% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
62 132 126 83 64 160 117 85 53
-23.5% 57.1% 38.5% 16.9% 3.2% 21.2% -7.1% 2.4% -17.2%
17.0% 2.0% 1.0%
-11.5%

24.8 52.8 50.4 33.2 25.6 64.0 46.8 34.0 21.2

40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

6 13 13 8 6 16 11 8 5
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 9.5% 9.5% 10.0%
Q1/10 Q2/10E Q3/10E Q4/10E 2004 2005 2006 2007 2008
142 129 94 58 298 308 348 308 405
-11.3% 10.0% 10.0% 10.0% 3.4% 13.0% -11.5% 31.5%

56.8 51.5 37.4 23.3 162 152 139 123 162

40.0% 40.0% 40.0% 40.0% 54.4% 49.4% 40.0% 40.0% 40.0%

14 13 9 6 41 22 35 31 41
10.0% 10.0% 10.0% 10.0% 13.8% 7.1% 10.0% 10.0% 10.0%
2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E
415 423 465 511 562 619 680 714 750
2.5% 1.8% 10.0% 10.0% 10.0% 10.0% 10.0% 5.0% 5.0%
8.0%

166 169 186 204 225 247 272 286 300

40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

40 42 46 51 56 62 68 71 75
9.8% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

7.9%

7.1%
2018E 2019E 2020E 2021E 2022E NZYM 2009 Outlook NZYM Long-term expectation
788 827 868 912 957 DKK Organic New
5.0% 5.0% 5.0% 5.0% 5.0% 0% -10%

315 331 347 365 383

40.0% 40.0% 40.0% 40.0% 40.0%

79 83 87 91 96
10.0% 10.0% 10.0% 10.0% 10.0%
NZYM Long-term expectations
Old
10%
Biopharma Ingredients Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06
Sales (DKKm) 15 25 14 21 23 21
Growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 53.3% -16.0%
Organic growth (%)
12m rolling growth (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 453.3% 97.5%

Gross Profit (DKKm) 0.0 0.0

Gross margin (%) 0.0% 0.0% 0.0% 0.0%

EBIT (DKKm) 0 0
EBIT margin (%) 0.0% 0.0% 0.0% 0.0%

Sales 5 YRS CAGR

EBIT 5 YRS CAGR

Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08
15 75 120 51 30 23 53 46 16
7.1% 257.1% 421.7% 142.9% 100.0% -69.3% -55.8% -9.8% -46.7%

48.1% 78.7% 178.3% 230.4% 245.0% 67.2% -32.0% -41.8% -50.0%

0.0 0.0 24.0 10.2 6.0 4.6 10.6 18.4 6.4

20.0% 20.0% 20.0% 20.0% 20.0% 40.0% 40.0%

0 0 12 5 3 2 5 5 2
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10E Q3/10E Q4/10E
93 55 43 45 92 29 47 50 101
304.3% 3.8% -6.5% 181.3% -1.1% -47.3% 10.0% 10.0% 10.0%
16.0% -6.0% 29.0%
-7.1% 33.8% 36.2% 71.0% 13.0%

37.2 22.0 17.2 18.0 36.8 11.6 18.9 19.8 40.5

40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

9 6 4 5 9 3 5 5 10
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
2004 2005 2006 2007 2008 2009 2010E 2011E 2012E
0 75 134 224 208 235 227 250 275
78.7% 67.2% -7.1% 13.0% -3.4% 10.0% 10.0%
8.0%

0 0 0 45 73 94 91 100 110
#DIV/0! 0.0% 0.0% 20.0% 34.9% 40.0% 40.0% 40.0% 40.0%

0 0 0 22 21 24 23 25 27
#DIV/0! 0.0% 0.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

6.5%

3.1%
2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E
302 332 366 384 403 423 444 467 490
10.0% 10.0% 10.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

121 133 146 154 161 169 178 187 196

40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%

30 33 37 38 40 42 44 47 49
10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
2022E NZYM 2009 Outlook NZYM Long-term expectations
514 DKK Organic New Old
5.0% 10% 5% 10-15%

206
40.0%

51
10.0%
FX EBIT impact (DKKm)
min max
EUR 2.25% 50 60 →
USD 5% 45 65 →
JPY 5% 5 10 →

USDDKK Y-oY change EBIT impact % of EBIT 2009E

2007 5.44
2008 5.10 -6%
2009 5.36 5%
2010E 5.65 5% 60 4%
Mgmt 2010 fcst -16

JPYDKK Y-oY change EBIT impact % of EBIT 2009E

2007
2008 4.95
2009 5.73 16%
2010E 6.40 12% 18 1%
Mgmt 2010 fcst 1

TOTAL 77 5%
102
 EBIT impact (DKKm) % of EBIT 2010E
min max average
10% 222 267 244 13%
10% 90 130 110 6%
10% 10 20 15 1%

EBIT 2009E

EBIT 2009E
 USDDKK JPYDKK
1/1/2010 5.1762 1/1/2010 5.5546
1/2/2010 5.1762 1/2/2010 5.5546
1/3/2010 5.1955 1/3/2010 5.5959
1/4/2010 5.1586 1/4/2010 5.5772
1/5/2010 5.18 1/5/2010 5.6508
1/6/2010 5.1659 1/6/2010 5.5902
1/7/2010 5.1945 1/7/2010 5.5578
1/8/2010 5.1645 1/8/2010 5.5721
1/9/2010 5.1645 1/9/2010 5.5721
1/10/2010 5.1442 1/10/2010 5.566
1/11/2010 5.1281 1/11/2010 5.5604
1/12/2010 5.1373 1/12/2010 5.6356
1/13/2010 5.1225 1/13/2010 5.6
1/14/2010 5.131 1/14/2010 5.6166
1/15/2010 5.1726 1/15/2010 5.697
1/16/2010 5.1716 1/16/2010 5.697
1/17/2010 5.1771 1/17/2010 5.6894
1/18/2010 5.1659 1/18/2010 5.6921
1/19/2010 5.2087 1/19/2010 5.7091
1/20/2010 5.2723 1/20/2010 5.7778
1/21/2010 5.2784 1/21/2010 5.8444
1/22/2010 5.2647 1/22/2010 5.8539
1/23/2010 5.2674 1/23/2010 5.8539
1/24/2010 5.258 1/24/2010 5.8326
1/25/2010 5.2615 1/25/2010 5.8122
1/26/2010 5.2859 1/26/2010 5.8929
1/27/2010 5.304 1/27/2010 5.8907
1/28/2010 5.3302 1/28/2010 5.9322
1/29/2010 5.3705 1/29/2010 5.9487
1/30/2010 5.3702 1/30/2010 5.9487
1/31/2010 5.3632 1/31/2010 5.9455
2/1/2010 5.3455 2/1/2010 5.886
2/2/2010 5.327 2/2/2010 5.8876
2/3/2010 5.3554 2/3/2010 5.8874
2/4/2010 5.4147 2/4/2010 6.0541
2/5/2010 5.4469 2/5/2010 6.0934
2/6/2010 5.4465 2/6/2010 6.0934
2/7/2010 5.4544 2/7/2010 6.1046
2/8/2010 5.4502 2/8/2010 6.1033
2/9/2010 5.4017 2/9/2010 6.0105
2/10/2010 5.4131 2/10/2010 6.0114
2/11/2010 5.4388 2/11/2010 6.0519
2/12/2010 5.4585 2/12/2010 6.0655
2/13/2010 5.4639 2/13/2010 6.0655
2/14/2010 5.4619 2/14/2010 6.06
2/15/2010 5.4712 2/15/2010 6.07
2/16/2010 5.4077 2/16/2010 5.98
2/17/2010 5.4687 2/17/2010 6
2/18/2010 5.5243 2/18/2010 6
2/19/2010 5.4663 2/19/2010 5.9703
2/20/2010 5.4646 2/20/2010 5.9683
2/21/2010 5.46 2/21/2010 5.95
2/22/2010 5.4693 2/22/2010 5.99
2/23/2010 5.5005 2/23/2010 6.1
2/24/2010 5.4947 2/24/2010 6.08
2/25/2010 5.4977 2/25/2010 6.15
2/26/2010 5.4646 2/26/2010 6.1468
2/27/2010 5.4646 2/27/2010 6.1468
2/28/2010 5.4545 2/28/2010 6.13
3/1/2010 5.4874 3/1/2010 6.15
3/2/2010 5.4636 3/2/2010 6.15
3/3/2010 5.431 3/3/2010 6.12
3/4/2010 5.4789 3/4/2010 6.14
3/5/2010 5.4624 3/5/2010 6.0725
3/6/2010 5.4602 3/7/2010 6.02
3/7/2010 5.4561 3/8/2010 6.04
3/8/2010 5.4637 3/9/2010 6.07
3/9/2010 5.4678 3/10/2010 6.02
3/10/2010 5.4526 3/11/2010 5.99
3/11/2010 5.4368 3/12/2010 5.9655
3/12/2010 5.4062 3/13/2010 5.9655
3/13/2010 5.4026 3/14/2010 5.95
3/14/2010 5.4016 3/15/2010 6.02
3/15/2010 5.4405 3/16/2010 5.98
3/16/2010 5.4028 3/17/2010 5.98
3/17/2010 5.4151 3/18/2010 6.03
3/18/2010 5.4651 3/19/2010 6.07
3/19/2010 5.4992 3/20/2010 6.07
3/20/2010 5.4983 3/21/2010 6.08
3/21/2010 5.5055 3/22/2010 6.06
3/22/2010 5.4834 3/23/2010 6.11
3/23/2010 5.5232 3/24/2010 6.06
3/24/2010 5.5811 3/25/2010 6.04
3/25/2010 5.591 3/26/2010 5.9932
3/26/2010 5.5485 3/27/2010 5.9932
3/27/2010 5.5479 3/28/2010 5.98
3/28/2010 5.5342 3/29/2010 5.96
3/29/2010 5.5167 3/30/2010 5.96
3/30/2010 5.5419 3/31/2010 5.88
3/31/2010 5.5004 4/1/2010 5.84
4/1/2010 5.4787 4/2/2010 5.8232
4/2/2010 5.5183 4/3/2010 5.8232
4/3/2010 5.5122 4/4/2010 5.83
4/4/2010 5.5175 4/5/2010 5.86
4/5/2010 5.5287 4/6/2010 5.94
4/6/2010 5.5621 4/7/2010 5.98
4/7/2010 5.5833 4/8/2010 5.95
4/8/2010 5.564 4/9/2010 5.9142
4/9/2010 5.5143 4/10/2010 5.9142
4/10/2010 5.5143 4/11/2010 5.85
4/11/2010 5.4487 4/12/2010 5.87
4/12/2010 5.4775 4/13/2010 5.86
4/13/2010 5.4666 4/14/2010 5.83
4/14/2010 5.4473 4/15/2010 5.88
4/15/2010 5.4862 4/16/2010 5.9761
4/16/2010 5.5121 4/17/2010 5.9761
4/17/2010 5.5101 4/18/2010 5.9925
4/18/2010 5.5214 4/19/2010 5.96
4/19/2010 5.5157 4/20/2010 5.95
4/20/2010 5.5434 4/21/2010 5.97
4/21/2010 5.5584 4/22/2010 6.01
4/22/2010 5.6268 4/23/2010 5.918
4/23/2010 5.5609 4/25/2010 5.91
4/24/2010 5.5544 4/26/2010 5.94
4/25/2010 5.5684 6.64
4/26/2010 5.5536 6.64
4/27/2010 5.6459 6.64
4/28/2010 5.6379 6.64
4/29/2010 5.6162 6.64
4/30/2010 5.5997 6.64
5/1/2010 5.5973 6.64
5/2/2010 5.5895 6.64
5/3/2010 5.6389 6.64
5/4/2010 5.7347 6.64
5/5/2010 5.8066 6.64
5/6/2010 5.8821 6.64
5/7/2010 5.8451 6.64
5/8/2010 5.83 6.64
5/9/2010 5.7828 6.64
5/10/2010 5.8398 6.64
5/11/2010 5.8872 6.64
5/12/2010 5.8831 6.64
5/13/2010 5.9354 6.64
5/14/2010 6.018 6.64
5/15/2010 6.0187 6.64
5/16/2010 6.0188 6.64
5/17/2010 6.0083 6.64
5/18/2010 6.1255 6.64
5/19/2010 6.0072 6.64
5/20/2010 5.9339 6.64
5/21/2010 5.9221 6.64
5/22/2010 5.9184 6.64
5/23/2010 5.947 6.64
5/24/2010 6.0313 6.64
5/25/2010 6.0324 6.64
5/26/2010 6.1061 6.64
5/27/2010 6.0146 6.64
5/28/2010 6.062 6.64
5/29/2010 6.0587 6.64
5/30/2010 6.0533 6.64
5/31/2010 6.0623 6.64
6/1/2010 6.0726 6.64
6/2/2010 6.0726 6.64
6/3/2010 6.1095 6.64
6/4/2010 6.2137 6.64
6/5/2010 6.2143 6.64
6/6/2010 6.234 6.64
6/7/2010 6.2372 6.64
6/8/2010 6.2187 6.64
6/9/2010 6.2046 6.64
6/10/2010 6.1319 6.64
6/11/2010 6.14 6.64
6/12/2010 6.1358 6.64
6/13/2010 6.0934 6.64
6/14/2010 6.0887 6.64
6/15/2010 6.0376 6.64
6/16/2010 6.0476 6.64
6/17/2010 6.0068 6.64
6/18/2010 6.0043 6.64
6/19/2010 6.0121 6.64
6/20/2010 5.9918 6.64
6/21/2010 6.0382 6.64
6/22/2010 6.0671 6.64
6/23/2010 6.0459 6.64
6/24/2010 6.0324 6.64
6/25/2010 6.0093 6.64
6/26/2010 6.0113 6.64
6/27/2010 6.0092 6.64
6/28/2010 6.0597 6.64
6/29/2010 6.1105 6.64
6/30/2010 6.0909 6.64
7/1/2010 5.9528 6.64
7/2/2010 5.9295 6.64
7/3/2010 5.9295 6.64
7/4/2010 5.936 6.64
7/5/2010 5.9582 6.64
7/6/2010 5.904 6.64
7/7/2010 5.9031 6.64
7/8/2010 5.8741 6.64
7/9/2010 5.896 6.64
7/10/2010 5.8945 6.64
7/11/2010 5.8982 6.64
7/12/2010 5.9142 6.64
7/13/2010 5.862 6.64
7/14/2010 5.85 6.64
7/15/2010 5.7651 6.64
7/16/2010 5.7633 6.64
7/17/2010 5.7587 6.64
7/18/2010 5.7806 6.64
7/19/2010 5.7583 6.64
7/20/2010 5.7736 6.64
7/21/2010 5.8399 6.64
7/22/2010 5.7708 6.64
7/23/2010 5.7692 6.64
7/24/2010 5.7692 6.64
7/25/2010 5.7656 6.64
7/26/2010 5.741 6.64
7/27/2010 5.7357 6.64
7/28/2010 5.7316 6.64
7/29/2010 5.7022 6.64
7/30/2010 5.7163 6.64
7/31/2010 5.7078 6.64
8/1/2010 5.7042 6.64
8/2/2010 5.6552 6.64
8/3/2010 5.6351 6.64
8/4/2010 5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
 5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64
5.6571 6.64

5.650934 6.403707
 1/1/2010 5.1762
1/2/2010 5.1762
1/3/2010 5.1955
1/4/2010 5.1586
1/5/2010 5.18
1/6/2010 5.1659
1/7/2010 5.1945
1/8/2010 5.1645
1/9/2010 5.1645
1/10/2010 5.1442
1/11/2010 5.1281
1/12/2010 5.1373
1/13/2010 5.1225
1/14/2010 5.131
1/15/2010 5.1726
1/16/2010 5.1716
1/17/2010 5.1771
1/18/2010 5.1659
1/19/2010 5.2087
1/20/2010 5.2723
1/21/2010 5.2784
1/22/2010 5.2647
1/23/2010 5.2674
1/24/2010 5.258
1/25/2010 5.2615
1/26/2010 5.2859
1/27/2010 5.304
1/28/2010 5.3302
1/29/2010 5.3705
1/30/2010 5.3702
1/31/2010 5.3632
2/1/2010 5.3455
2/2/2010 5.327
2/3/2010 5.3554
2/4/2010 5.4147
2/5/2010 5.4469
2/6/2010 5.4465
2/7/2010 5.4544
2/8/2010 5.4502
2/9/2010 5.4017
2/10/2010 5.4131
2/11/2010 5.4388
2/12/2010 5.4585
2/13/2010 5.4639
2/14/2010 5.4619
2/15/2010 5.4712
2/16/2010 5.4077
2/17/2010 5.4687
2/18/2010 5.5243
2/19/2010 5.4663
2/20/2010 5.4646
2/21/2010 5.46
2/22/2010 5.4693
2/23/2010 5.5005
2/24/2010 5.4947
2/25/2010 5.4977
2/26/2010 5.4646
2/27/2010 5.4646
2/28/2010 5.4545
3/1/2010 5.4874
3/2/2010 5.4636
3/3/2010 5.431
3/4/2010 5.4789
3/5/2010 5.4624
3/6/2010 5.4602
3/7/2010 5.4561
3/8/2010 5.4637
3/9/2010 5.4678
3/10/2010 5.4526
3/11/2010 5.4368
3/12/2010 5.4062
3/13/2010 5.4026
3/14/2010 5.4016
3/15/2010 5.4405
3/16/2010 5.4028
3/17/2010 5.4151
3/18/2010 5.4651
3/19/2010 5.4992
3/20/2010 5.4983
3/21/2010 5.5055
3/22/2010 5.4834
3/23/2010 5.5232
3/24/2010 5.5811
3/25/2010 5.591
3/26/2010 5.5485
3/27/2010 5.5479
3/28/2010 5.5342
3/29/2010 5.5167
3/30/2010 5.5419
3/31/2010 5.5004
4/1/2010 5.4787
4/2/2010 5.5183
4/3/2010 5.5122
4/4/2010 5.5175
4/5/2010 5.5287
4/6/2010 5.5621
4/7/2010 5.5833
4/8/2010 5.564
4/9/2010 5.5143
4/10/2010 5.5143
4/11/2010 5.4487
4/12/2010 5.4775
4/13/2010 5.4666
4/14/2010 5.4473
4/15/2010 5.4862
4/16/2010 5.5121
4/17/2010 5.5101
4/18/2010 5.5214
4/19/2010 5.5157
4/20/2010 5.5434
4/21/2010 5.5584
4/22/2010 5.6268
4/23/2010 5.5609
4/24/2010 5.5544
4/25/2010 5.5684
4/26/2010 5.5536
4/27/2010 5.6459
4/28/2010 5.6379
4/29/2010 5.6162
4/30/2010 5.5997
5/1/2010 5.5973
5/2/2010 5.5895
5/3/2010 5.6389
5/4/2010 5.7347
5/5/2010 5.8066
5/6/2010 5.8821
5/7/2010 5.8451
5/8/2010 5.83
5/9/2010 5.7828
5/10/2010 5.8398
5/11/2010 5.8872
5/12/2010 5.8831
5/13/2010 5.9354
5/14/2010 6.018
5/15/2010 6.0187
5/16/2010 6.0188
5/17/2010 6.0083
5/18/2010 6.1255
5/19/2010 6.0072
5/20/2010 5.9339
5/21/2010 5.9221
5/22/2010 5.9184
5/23/2010 5.947
5/24/2010 6.0313
5/25/2010 6.0324
5/26/2010 6.1061
5/27/2010 6.0146
5/28/2010 6.062
5/29/2010 6.0587
5/30/2010 6.0533
5/31/2010 6.0623
6/1/2010 6.0726
6/2/2010 6.0726
6/3/2010 6.1095
6/4/2010 6.2137
6/5/2010 6.2143
6/6/2010 6.234
6/7/2010 6.2372
6/8/2010 6.2187
6/9/2010 6.2046
6/10/2010 6.1319
6/11/2010 6.14
6/12/2010 6.1358
6/13/2010 6.0934
6/14/2010 6.0887
6/15/2010 6.0376
6/16/2010 6.0476
6/17/2010 6.0068
6/18/2010 6.0043
6/19/2010 6.0121
6/20/2010 5.9918
6/21/2010 6.0382
6/22/2010 6.0671
6/23/2010 6.0459
6/24/2010 6.0324
6/25/2010 6.0093
6/26/2010 6.0113
6/27/2010 6.0092
6/28/2010 6.0597
6/29/2010 6.1105
6/30/2010 6.0909
7/1/2010 5.9528
7/2/2010 5.9295
7/3/2010 5.9295
7/4/2010 5.936
7/5/2010 5.9582
7/6/2010 5.904
7/7/2010 5.9031
7/8/2010 5.8741
7/9/2010 5.896
7/10/2010 5.8945
7/11/2010 5.8982
7/12/2010 5.9142
7/13/2010 5.862
7/14/2010 5.85
7/15/2010 5.7651
7/16/2010 5.7633
7/17/2010 5.7587
7/18/2010 5.7806
7/19/2010 5.7583
7/20/2010 5.7736
7/21/2010 5.8399
7/22/2010 5.7708
7/23/2010 5.7692
7/24/2010 5.7692
7/25/2010 5.7656
7/26/2010 5.741
7/27/2010 5.7357
7/28/2010 5.7316
7/29/2010 5.7022
7/30/2010 5.7163
7/31/2010 5.7078
8/1/2010 5.7042
8/2/2010 5.6552
8/3/2010 5.6351
8/4/2010 5.6571
Novozymes distribution of COGS (2006)
Raw materials 30%
Labour 25%
Energy 35%
Depreciation etc. 10%
Total 100%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
DKKm 2004 2005 2006 2007
Sales 5988 6281 6802 7438
Growth 5% 8% 9%
COGS
Raw materials 851 881 944 1340
Growth 3% 7% 42%
Labour 722 741 760 876
Growth 3% 3% 15%
Energy 933 988 1122 933
Growth 6% 14% -17%
Depreciation, amortization and impairment losses 332 326 321 340
Growth -2% -2% 6%
Total COGS 2838 2936 3147 3489
Growth 3% 7% 11%
Gross profit 3150 3345 3655 3949
Growth 6% 9% 8%
Gross margin 52.6% 53.3% 53.7% 53.1%
Total OpEx 2061 2139 2315 2468
Growth 4% 8% 7%
EBIT 1089 1206 1340 1481
Growth 11% 11% 11%
EBIT margin 18.2% 19.2% 19.7% 19.9%
EPS 11.51 13.10 14.46 16.93
Growth 14% 10% 17%
 2008 2009E 2010E 2011E
8146 8448 9064 10216
10% 4% 7% 13%

1500 1575 1607 1767

12% 5% 2% 10%
873 890 890 908
0% 2% 0% 2%
1008 1058 1111 1167
8% 5% 5% 5%
406 467 490 515
19% 15% 5% 5%
3787 3991 4098 4357
9% 5% 3% 6%
4359 4457 4966 5859
10% 2% 11% 18%
53.5% 52.8% 54.8% 57.4%
2855 3012 3098 3529
16% 5% 3% 14%
1504 1445 1868 2330
2% -4% 29% 25%
18.5% 17.1% 20.6% 22.8%
17.15 19.21 23.53 28.87
1% 12% 22% 23%
 DKK
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
1948 2400 2819 3202 3472 3388 3745 4347 4264 4501 5033 5252 5632
23% 17% 14% 8% -2% 11% 16% 0% 6% 12% 5% 7%

more more
qualifed qualifed
Currency split: guess guess guess guess
GBP 20% 20%
DEM 20% 20%
French Franc 20% 20%
Spanish Pesetas 10% 10%
Italian Lire 10% 10%
USD 10% 10% 30% 30%
JPY 10% 10% 14% 14%
CNY 5% 5%
Brasilian Real 4% 4%
Mexican Pesos 5% 4%
EURO 0% 0% 42% 43%

Total 100% 100% 100% 100%

2003 2004 2005 2006 2007 2008 2009E CAGR
5775 5988 6281 6802 7438 8146 8448
3% 4% 5% 8% 9% 10% 4% 8%
Start 1990
End 2009
Frequency Y
Name WD REAL GDP WITH IMF FORECAST (%YOY)
Code WDGDPWEO
CURRENCY
1990 2.941
1991 1.473
1992 2.026
1993 2.014
1994 3.381
1995 3.276
1996 3.737
1997 4.038
1998 2.539
1999 3.523
2000 4.709
2001 2.196
2002 2.837
2003 3.62
2004 4.93
2005 4.45
2006 5.101
2007 5.153
2008 3.203
2009 -1.319
DATA BY BUSINESS AREA GROUP DETERGENT ENZYMES OTHER TECHNICAL ENZYMES FOOD ENZYMES FEED ENZYMES MICROORGANISMS BIOPHARMACEUTICAL INGREDIENTS

Net sales by business area (2001 - ) Sales by Product Area Detergent enzymes: Sales and growth (Q1/07-Q4/08E) Other tech. enzymes: Sales and growth (Q1/07-Q4/08E) Food enzymes: Sales and growth (Q1/07-Q4/08E) Feed enzymes: Sales and growth (Q1/07-Q4/08E) Microorganisms: Sales and growth (Q1/07-Q4/08E) Biopharma Ingredients: Sales and growth (Q1/07-Q4/08E)

700 16% 800 25% 600 16% 200 20% 140 70% 140 500%
2006 2007 2008 2009 2010E 2011E 2012E 2013E
Microorganisms Biopharma ingredients 600 14% 700 14% 195
15% 120
60%
Detergent enzymes 2040 2239 2498 2672 2849 3193 3596 4396 3% 20% 500 120 400%
5% 12% 600 12% 190 50%
Growth 9.8% 11.6% 7.0% 6.6% 12.1% 12.6% 22.3% Detergent enzymes 500 10% 185 10% 100 40% 100
Feed enzymes 10% 500 400 300%
Bioethanol enzymes 705 1003 1381 1496 1751 2237 2524 3609 8% 31% 400 15% 8% 180 30%
5% 80 80
Growth 42.3% 37.7% 8.3% 17.1% 27.8% 12.8% 43.0% 8% 400 300 6% 175 20% 200%
Starch enzymes 614 611 584 591 639 658 678 698 300 10% 4% 170 0% 60 10% 60
6% 300
Growth -0.4% -4.4% 1.1% 8.1% 3.0% 3.0% 3.0% Food enzymes 200 200 2% 165 0% 100%
4% 200 -5% 40 40
Textile and other technical enzymes 659 650 513 513 537 548 559 570 21% 5% 0% 160 -10%
100 2% 100 100 -10% 20 20 0%
Growth -1.4% -21.1% 0.0% 4.7% 2.0% 2.0% 2.0% -2% 155 -20%
Food enzymes 1603 1699 1812 1801 1893 2082 2290 2519 Bioethanol enzymes 0 0% 0 0% 0 -4% 150 -15% 0 -30% 0 -100%
Growth 6.0% 6.7% -0.6% 5.1% 10.0% 10.0% 10.0% Textile and other technical enzymes 19% Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08
Feed enzymes 700 705 744 725 746 783 823 864 6% Starch enzymes
7% Detergent enzymes Growth (%) Detergent enzymes Growth (%) Food enzymes Growth (%) Feed enzymes Growth (%) Microorganisms Growth (%) Biopharma Ingredients Growth (%)
Growth 0.7% 5.5% -2.6% 2.9% 5.0% 5.0% 5.0%
Enzymes 6321 6907 7533 7798 8415 9501 10469 12657 EBIT by Business Area Detergent enzymes: Sales and growth (2004-2010E) Other technical enzymes: Sales and growth (2004-2010E) Food enzymes: Sales and growth (2004-2010E) Feed enzymes: Sales and growth (2004-2010E) Microorganisms: Sales and growth (2004-2010E) Biopharma Ingredients: Sales and growth (2004-2010E)
Growth 9.3% 9.1% 3.5% 7.9% 12.9% 10.2% 20.9%
Microorganisms 348 308 405 415 423 465 511 562 3000 14% 3500 25% 2000 8% 760 8% 450 35% 250 100%
Growth -11.5% 31.5% 2.5% 1.8% 10.0% 10.0% 10.0% Microorganisms Biopharma ingredients 12% 1800 7% 750 6% 400 30%
2500 3000 80%
Biopharma ingredients 134 224 208 235 227 250 275 302 2% 1% 20% 1600 6% 740 350 25% 200
10% 2500 4%
Growth 67.2% -7.1% 13.0% -3.4% 10.0% 10.0% 10.0% 2000 1400 5% 730 300 20% 60%
Total 6803 7439 8146 8448 9064 10216 11254 13521 8% 15% 1200 4% 2% 15% 150
2000 720 250
Growth 9.4% 9.5% 3.7% 7.3% 12.7% 10.2% 20.1% 1500 6% 1000 3% 0% 10% 40%
1500 710 200
4% 10% 800 2% -2% 5% 100
EBIT by business area (2001 - ) 1000 600 1% 700 150 0% 20%
2% 1000 -4%
Enzymes 5% 400 0% 690 100 -5% 50
500 500 0%
96% 0% 200 -1% 680 -6% 50 -10%
2001 2002 2003 2004 2005 2006 2007 2008 2009
Enzymes 917 954 992 1048 1184 1312 1355 1507 1619 0 -2% 0 0% 0 -2% 670 -8% 0 -15% 0 -20%
2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E 2004 2005 2006 2007 2008 2009 2010E
Microorganisms 1 10 6 41 22 35 31 41 40
Detergent enzymes Growth (%) Detergent enzymes Growth (%) Food enzymes Growth (%) Feed enzymes Growth (%) Microorganisms Growth (%) Biopharma Ingredients Growth (%)
Biopharma ingredients 0 22 21 24 Sales by Geographic Area Key data Key data Key data Key data
DKKm 2007 2008 2009E 2010E DKKm 2007 2008 2009E 2010E DKKm 2007 2008 2009E 2010E DKKm 2007 2008 2009E 2010E
Detergent enzymes 2239 2498 2672 2769 Bioethanol enzymes 1003 1381 1496 1751 Total sales 1699 1812 1801 1893 Total sales 705 744 725 746
Asia Pacific
Growth 10% 12% 7% 4% Growth 42% 38% 8% 17% Growth 6% 7% -1% 5% Growth 1% 6% -3% 3%
18%
Total 918 964 998 1089 1206 1346 1408 1568 1683 North America Surfactant replacement 0 80 Starch enzymes 611 584 591 639
37% Growth NM NM Growth 0% -4% 1% 8%
Total sales 2239 2498 2672 2849 Textile enzymes 650 513 513 537
Growth 10% 12% 7% 7% Growth -1% -21% 0% 5%
Total sales 2264 2479 2600 2927
Net sales by geographic area (2001 - ) Growth 14% 9% 5% 13%

Europe, Middle East & Africa

2001 2002 2003 2004 2005 2006 2007 2008 2009 Latin America 38%
Asia Pacific 20% 21% 20% 18% 7%

Europe, Middle East & Africa 44% 42% 41% 38%

Latin America 8% 7% 7% 7% Enzymes: Market shares US Bioethanol production (Renewable Fuels Standard)

North America 29% 30% 32% 37% 16.00 45%

14.00 40%
12.00 35%
Total 0 0 0 0 101% 100% 100% 100% 0%
10.00 30%
25%
8.00
Others 20%
22% Novozymes 6.00 15%
BASF 47% 4.00 10%
Enzymes: Market shares 4% 2.00 5%
0.00 0%
DSM
2005 2008 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
6%
Novozymes 45% 47% 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
E E E E E E E E E E E E E
Danisco 25% 21% Danisco
DSM 6% 6% 21% RFS: US Ethanol production (bn gallons)
BASF 4% 4%
Growth (%)
Captive 5%
Others 15% 22% Microorganisms: Market shares

Total 100.0% 100.0%

Microorganisms: Market shares

2005 2006E
Novozymes 50% Others Novozymes
Others 50% 50% 50%

Total 100.0%

DANISCO CMD PRESENTATION, 28-29 MARCH 2006

Detergents - laundry: Market shares

Novozymes: Sales growth and P/E (2006-2012E)
Total market (USDm) 35,200
Total market (DKKm) 5.52 194,304 40.0 14.0%
35.0 12.0%
2005 30.0 10.0%
P&G 29% 25.0
Unilever 21% 8.0%
20.0
Henkel 10% 6.0%
Reckitt Benckiser 3% 15.0
10.0 4.0%
Kao 3%
Others 34% 5.0 2.0%
Total 100% 0.0 0.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012
E E E
Detergents - dishwasher: Market shares
P/E Growth (%)
Total market (USDm) 2,800
Total market (DKKm) 5.52 15,456
25%
2005
20%
P&G 19%
Unilever 11% 15%
Henkel 8% 10%
Reckitt Benckiser 36% 5%
Others 26% 0%
Total 100%
-5% 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
E
Detergent Ingredients: Components Novozymes Global GDP

Total market (USDm) 10,000

Total market (DKKm) 5.52 55,200

Core building blocks 60% 33,120

Surfactants 35% 19,320 35
Buffers 10% 5,520 10
Builders 15% 8,280 15

Performance Enhancers 40% 22,080

Enzymes 6% 3,312 6
Optical brighteners 15% 8,280 15
Polymers 5% 2,760 5
Oxidizing agents 5% 2,760 5
Chelators 9% 4,968 9
Total 100% 55,200

Detergent Enzymes: Components & Market shares

Total Market (USDm) 600

Total Market (DKKm) 5.52 3312

Laundry 80%
Dishwasher 20%

Detergent Enzymes
Protease 60%
Amylase 20%
Lipase 7%
Cellulase 7%
Mannanase 7%
Total 100%

Market shares 2005

Novozymes 53%
Danisco/Genencor 33%
Henkel 8%
Kao 4%
Others 2%
Total 100%

Detergent Enzymes: European Tier 1 formula Value breakdown

Surfactants 39%
Builders 16%
Bleach 13%
Perfumes 10%
Enzymes 7%
Polymers 6%
Others 9%
Total 100%

Top ten US ethanol producers: Production capacity

Million gallons Mkt share
1. Archer Daniels Midland 1070 21.1%
2. VeraSun Energy Corp. 230 4.5%
3. Hawkeye Renewables 220 4.3%
4. Avenite Renewable Energy 150 3.0%
5. Cargill 120 2.4%
6. New Energy 102 2.0%
7. Global Ethanol 95 1.9%
8. MGP Ingredients 78 1.5%
9. Tate & Lyle 67 1.3%
10. Golden Grain Energy 60 1.2%
Sum 2192 43.1%

Total US production capacity 5081

Planned expansions 3696 73%
Source: Renewable Fuels Association

Bioethanol enzymes sales

DKKm 2006 2007E 2008E 2009E 2010E 2011E 2012E 2013E

Bioethanol enzymes sales 705 1003 1381 1496 1751 2237 2524 3609
Growth 42% 38% 8% 17% 28% 13% 43%

Total Novozymes sales 6803 7439 8146 8448 9064 10216 11254 13521
Growth 9% 9% 4% 7% 13% 10% 20%

Novozymes sales growth vs. Real GDP growth 1990-2009E

Novozymes Global GDP

1990 3%
1991 23% 1%
1992 17% 2%
1993 14% 2%
1994 8% 3%
1995 -2% 3%
1996 11% 4%
1997 16% 4%
1998 0% 3%
1999 6% 4%
2000 12% 5%
2001 5% 2%
2002 7% 3%
2003 3% 4%
2004 4% 5%
2005 5% 4%
2006 8% 5%
2007 9% 5%
2008 10% 3%
2009E 7% -1%
 Valuation Summary

Method
DCF
RV
Average
Share price

Explicit forecast period

DCF 2009 2010E 2011E
Sales growth 4% 7% 13%
EBIT margin 20% 21% 23%
Depreciation (% of sales) 7% 7% 6%
Capital expenditure (% of sales) 14% 12% 7%
Operating capital (% of sales) 18% 18% 18%
Tax rate (%) 26% 24% 24%
Fair value

RV
DJ Stoxx Chemicals P/E (12m forward)
Novozymes P/E (12m forward)
Current premium to DJ Stoxx Chemicals
Historical premium to DJ Stoxx Chemicals
Novozymes Fair value P/E (12m forward)
Fair value

SOTP Comment EV/Sales 2010E sales

Enzymes 1.5x Givaudan 3.8 8415
BioBusiness 1.5x Symrise 2.8 650
Net debt (-) / cash (+)
Fair value

Quarterly development

DKKm Q1 10E Q1 09 Y-o-Y Change 2010E

Novozymes Group
Sales 2325 2112 10% 9064
EBIT 535 408 31% 1937
EBIT margin (%) 23.0% 19.3% 21.4%
PTP 533 410 30% 1924
EPS 6.51 4.88 33% 23.53
Sales break-down
Detergent enzymes 734 657 12% 2849
Bioethanol enzymes 417 326 28% 1751
Starch enzymes 170 136 25% 639
Textile enzymes 142 126 13% 537
Food enzymes 494 456 8% 1893
Feed enzymes 197 197 0% 746
Microorganisms 142 160 -11% 423
Biopharma Ingredient 29 55 -47% 227

Forecast changes
 2007 2008 2009 2010E
SALES
Old 7438 8146 8330 9097
New 9064
Change (%) 0%
EBIT
Old 1481 1504 1652 1930
New 1937
Change (%) 0%
EBIT margin
Old 19.9% 18.5% 19.8% 21.2%
New 21.4%
Change (pp) 0.1%
EPS
Old 16.93 17.15 19.31 23.14
New 23.53
Change (%) 2%

2010 Outlook Novozymes Cheuvreux

Sales growth 4-6% 7%
EBIT growth 12-14% 15%
Net profit growth 17-19% 22%
Free cash flow 700-800 957

Peer Group

EV/EBITDA EV/EBIT
2010E 2011E 2010E 2011E
Danisco 0.0 0.0 0.0 0.0
Givaudan 8.7 7.7 10.8 9.5
Symrise 9.9 9.2 14.2 13.0
Novozymes 17.3 14.6 23.2 18.8
Average 9.0 7.9 12.1 10.3
 Upside Fair Value
18% 842
-22% 555 Target price
-2% 699 700
711

Interim period Terminal values

2012-2031E 2032E-
8% 2%
20% 15%
6% 5%
5% 5%
20% 20%
24% 26%
842

11.9
26.5
122%
73%
20.7
555

EV Per share value

31556 508
1841 30
754 12
550

2009 Y-o-Y Change

8448 7%
1688 15%
20.0%
1620 19%
19.21 22%

2672 7%
1496 17%
591 8%
513 5%
1801 5%
725 3%
415 2%
235 -3%
 2011E 2012E

9999 11010
10216 11254
2% 2%

2188 2417
2330 2471
6% 2%

21.9% 22.0%
22.8% 22.0%
0.9% 0.0%

26.73 30.13
28.87 31.25
8% 4%

Consensus Novozymes
12% 4-6%
20% 12-14%
24% 17-19%
700-800

P/E
2010E 2011E
0.0 0.0
13.4 12.0
18.6 17.0
30.2 24.6
15.6 13.4
(SEKm) Q2-10E Q2-09 % Chg. l-f-l Q2 cons 2010E Guidance
Sales 2191 2028 8% 10% 2298 9064 9039
EBITDA 624 544 15% 2592
EBIT 460 402 14% 496 1937 1907
Net profit 347 282 23% 358 1461 1407
Detergents 683 650 5% 12% 724 2849
Technical 704 615 15% 24% 742 2927
 Q2 10 Q2 10E 2010E
DKKm Actual Diff. vs Cheuvreux Diff. vs Consensus Cheuvreux Consensus Diff. Cheuvreux Consensus Diff.
Sales 2469 13% 8% 2191 2295 -5% 9064 9436 -4%
EBIT 574 25% 16% 460 496 -7% 1937 2031 -5%
EBIT margin (%) 23.2% 225bps 164bps 21.0% 21.6% -61bps 21.4% 21.5%
Pre-tax profit 557 22% 19% 457 470 -3% 1924 1963 -2%
Net profit 420 21% 18% 347 356 -2% 1461 1478 -1%
EPS 6.71 20% 19% 5.59 5.65 -1% 23.53 23.5 0%

Sales break-down
Detergent enzymes -100% -100% 683 724 -6% 2849 2958 -4%
Technical enzymes -100% -100% 704 742 -5% 2927 3081 -5%
Food enzymes -100% -100% 467 481 -3% 1893 1940 -2%
Feed enzymes -100% -100% 160 177 -10% 746 781 -4%
Microorganisms -100% -100% 129 123 5% 423 123 243%
Biopharmaceutical Ingredients -100% -100% 47 47 1% 227 47 383%

Novozymes' 2010 outlook Cheuvreux Consensus

Organic sales growth: 2-6% 7% 12%
Reported sales growth: 1-5% 7% 12%
EBIT growth: 3-7% 15% 20%
Net profit growth: 9-13% 22% 24%
Free cash flow: DKK700-800m 957 N/A
 2011E 2012E
Cheuvreux Consensus Diff. Cheuvreux Consensus Diff.
10216 10328 -1% 11254 11221 0%
2330 2260 3% 2471 2501 -1%
22.8% 21.9% 22.0% 22.3%
2359 2208 7% 2554 2464 4%
1792 1665 8% 1941 1858 4%
28.87 26.47 9% 31.25 29.54 6%

3193 3220 -1% 3596 3526 2%

3443 3450 0% 3760 3816 -1%
2082 2065 1% 2290 2226 3%
783 842 -7% 823 896 -8%
465 484 -4% 511 532 -4%
250 266 -6% 275 296 -7%
Surfactant replacement project
DKKm 2006 2007 2008
Sales 0 0 0
Growth 2% 2% 2%
EBITA 0 0 0
EBITA margin 20% 20% 20%
Tax 0 0 0
Tax rate 26% 26% 26%
NOPLAT 0 0 0
Depreciations 0 0 0
Gross CF 0 0 0
WCR
CAPEX 0 0 0
FCF 0 0 0
WACC 8.0%
DCF 0 0 0
NPV 2747
NPV per share (DKK) 44

Surfactant replacement project 2006 2007 2008

Old detergent enzymes market 4080 4162 4578
Volume growth 2% 2% 10%
Replacement 0.0% 0.0% 0.0%
New detergent enzymes market 4080 4162 4578
Market share 50% 53% 50%
Novozymes surfactant replacement detergent enzymes sales 2040 2210 2289
Novozymes traditional detergent enzymes sales 2040 2210 2289
Difference 0 0 0

Detergent surfactants market 40,800 41616 42448

Volume growth 2% 2% 2%
Price erosion 0% 0%

Total detergent chemicals market 44880 45778 47026

(enzymes + chemicals) 2% 3%

Detergent enzymes (DKKm) 2006 2007 2008

Traditional detergent enzymes mkt 4578

Volume growth 10%
Price 0%
Mkt share 50%
Novozymes' sales 2289
Growth
Detergent surfactants mkt 42448
Volume growth 2%
Price 0%
Surfactant replacement ratio 0.0%
Mkt share 50%
Novozymes' sales 0
Growth
Total Novozymes' detergent enzymes sales 2289
Growth
2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E
0 80 368 714 1457 1858 2274 2707 3155
2% #DIV/0! 360% 94% 104% 27% 22% 19% 17%
0 16 74 143 291 372 455 541 631
20% 20% 20% 20% 20% 20% 20% 20% 20%
0 4 18 36 76 93 114 135 164
26% 25% 25% 25% 26% 25% 25% 25% 26%
0 12 55 107 216 279 341 406 467
0 4 18 36 73 93 114 135 158
0 16 74 143 289 372 455 541 625
0 0 0
0 4 18 36 73 93 114 135 158
0 12 55 107 216 279 341 406 467

0 9 38 67 126 150 170 187 200

2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

4897 5075 5176 5280 5386 5493 5603 5715 5830
7% 4% 2% 2% 2% 2% 2% 2% 2%
0.0% 0.5% 2.5% 5.0% 10.0% 12.5% 15.0% 17.5% 20.0%
4897 5235 5913 6709 8300 9210 10152 11128 12140
50% 50% 50% 50% 50% 50% 50% 50% 50%
2448 2618 2956 3354 4150 4605 5076 5564 6070
2448 2537 2588 2640 2693 2747 2802 2858 2915
0 80 368 714 1457 1858 2274 2707 3155

34808 32023 29461 28577 29149 29732 30326 30933 31552

2% 2% 2% 2% 2% 2% 2% 2% 2%
-20% -10% -10% -5% 0% 0% 0% 0% 0%

39704 37098 34638 33857 34534 35225 35930 36648 37381

-16% -7% -7% -2% 2% 2% 2% 2% 2%

2009 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E

4897 5075 5176 5280 5386 5493 5603 5715 5830

7% 4% 2% 2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0% 0% 0% 0%
50% 50% 50% 50% 50% 50% 50% 50% 50%
2448 2537 2588 2640 2693 2747 2802 2858 2915
7% 4% 2% 2% 2% 2% 2% 2% 2%
34808 32023 29461 28577 29149 29732 30326 30933 31552
2% 2% 2% 2% 2% 2% 2% 2% 2%
-20% -10% -10% -5% 0% 0% 0% 0% 0%
0.0% 0.5% 2.5% 5.0% 10.0% 12.5% 15.0% 17.5% 20.0%
50% 50% 50% 50% 50% 50% 50% 50% 50%
0 80 368 714 1457 1858 2274 2707 3155
 NM 360% 94% 104% 27% 22% 19% 17%
2448 2618 2956 3354 4150 4605 5076 5564 6070
7% 7% 13% 13% 24% 11% 10% 10% 9%

0 0.008832 0.0360485 0.0634802 0.1077912

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E
3218 3283 3348 3415 3484 3553 3624 3697 3771
2% 2% 2% 2% 2% 2% 2% 2% 2%
644 657 670 683 697 711 725 739 754
20% 20% 20% 20% 20% 20% 20% 20% 20%
161 164 167 178 174 178 181 192 189
25% 25% 25% 26% 25% 25% 25% 26% 25%
483 492 502 505 523 533 544 547 566
161 164 167 171 174 178 181 185 189
644 657 670 676 697 711 725 732 754
0 0
161 164 167 171 174 178 181 185 189
483 492 502 505 523 533 544 547 566

191 180 170 159 152 143 135 126 121

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E

5946 6065 6186 6310 6436 6565 6696 6830 6967
2% 2% 2% 2% 2% 2% 2% 2% 2%
20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
12383 12630 12883 13141 13403 13671 13945 14224 14508
50% 50% 50% 50% 50% 50% 50% 50% 50%
6191 6315 6441 6570 6702 6836 6972 7112 7254
2973 3033 3093 3155 3218 3282 3348 3415 3483
3218 3283 3348 3415 3484 3553 3624 3697 3771

32183 32826 33483 34153 34836 35532 36243 36968 37707

2% 2% 2% 2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0% 0% 0% 0%

38129 38891 39669 40463 41272 42097 42939 43798 44674

2% 2% 2% 2% 2% 2% 2% 2% 2%

2018E 2019E 2020E

5946 6065 6186

2% 2% 2%
0% 0% 0%
50% 50% 50%
2973 3033 3093
2% 2% 2%
32183 32826 33483
2% 2% 2%
0% 0% 0%
20.0% 20.0% 20.0%
50% 50% 50%
3218 3283 3348
 2% 2% 2%
6191 6315 6441
2% 2% 2%
2027E 2028E 2029E 2030E
3846 3923 4002 4082
2% 2% 2% 2%
769 785 800 816
20% 20% 20% 20%
192 196 208 212
25% 25% 26% 26%
577 588 592 604
192 196 200 204
769 785 792 808
0 0
192 196 200 204
577 588 592 604

114 107 100 102

2027E 2028E 2029E 2030E

7106 7248 7393 7541
2% 2% 2% 2%
20.0% 20.0% 20.0% 20.0%
14798 15094 15396 15704
50% 50% 50% 50%
7399 7547 7698 7852
3553 3624 3697 3771
3846 3923 4002 4082

38461 39231 40015 40815

2% 2% 2% 2%
0% 0% 0% 0%

45567 46479 47408 48357

2% 2% 2% 2%
Ethanol output 2005 2006 2007 2008E 2009E
US+Europe+China 5469 6478 8124 9569 12800
18% 25% 18% 34%
US (mgpy)
mgpy 3910 4860 6318 7582 10614
growth 24% 30% 20% 40%

Europe (mgpy)
masik:
mtpy 0.9 1.1 1.2 1.4 1.5EU target of biofuels
growth 25% 10% 10% 10%(bioethanol & biodies
mgpy 238 297 327 360 396accounting for 5.75%
energy consumption
growth 25% 10% 10% 10%transportation sector

China (mgpy)
masik:
mtpy 5.0 5.0 5.6 6.2 6.8Goal to treble output
growth 0% 12% 10% 10%2010
mgpy 1321 1321 1479 1627 1790
growth 0% 12% 10% 10%

Tonne conversion into gallons

264.17

Enzyme revenue per million gallons (USDm) 0.050 0.050 0.050 0.050 0.050
Market value (USDm) 273 324 406 478 640

Market value (DKKm) 1471 1743 2185 2574 3443

growth 18% 25% 18% 34%

Novozymes mkt share 40% 45% 52% 50% 50%

Novozymes sales (DKKm) 588 784 1136 1287 1722
growth 33% 45% 13% 34%

Danisco mkt share 30% 30% 28% 30% 30%

Danisco sales (DKKm) 441 523 612 772 1033
growth 18% 17% 26% 34%
USD conversion into DKK
5.38
 2010E 2011E 2012E Bioethanol output (mgpy): US, Europe, China
14611 18238 19390
14% 25% 6% 16000
14000
12206 13427 14098
15% 10% 5% 12000
10000
masik: 8000
1.6
EU target of biofuels 1.8 2.0
10%
(bioethanol 10%
& biodiesel?) 10% 6000
accounting435
for 5.75% of479 526
energy consumption in the 4000
10%sector 10%
transportation 10%
2000
masik: 0
7.5output by16.4
Goal to treble 18.0
2010 10% 120% 10% 2005 2006 2007 2008E 2009E 2010E 2
1969 4332 4765
10% 120% 10% US (mgpy) Europe (mgpy) China (mgpy)

Bioethanol enzymes sales (Novozymes & Danisco)

6000
0.050 0.050 0.050
731 912 969 5000

4000
3930 4906 5216
14% 25% 6% 3000

50% 50% 50% 2000

1965 2453 2608
14% 25% 6% 1000

30% 30% 30% 0

1179 1472 1565 2005 2006 2007 2008E 2009E 2010E 2
14% 25% 6%
Market value (DKKm) Novozymes sales (DKKm) Danisco s
 2009E 2010E 2011E 2012E

pe (mgpy) China (mgpy)

2009E 2010E 2011E 2012E

s sales (DKKm) Danisco sales (DKKm)

 Explicit forecast period
2006 2007E 2008E 2009E
Source: Chinese National Development and Reform Commission (NDRC)

Chinese total bioethanol output (mtpy) 5.0 5.6 6.2 6.8

Growth 12% 10% 10%
Chinese grain-based bioethanol output (mtpy) 5.0 5.6 6.2 6.8
Growth 12% 10% 10%
Chinese biomass-based bioethanol output (mtpy)
Growth

Tonne conversion into gallons

264.17

Chinese biomass-based bioethanol output (mgpy) 0 0 0 0

Source: Danisco & US Renewable Fuels Association (RFA)

Biomass enzyme revenue per million gallons (USDm 0.10 0.10 0.10 0.09

OUR ASSUMPTIONS
Novozymes market share 50% 50% 50% 50%
Novozymes revenues (USDm) 0 0 0 0

USD conversion into DKK

masik:
5.38 Current level of production

Novozymes revenues (DKKm) 0 0 0 0

 Interim period
2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E

masik:
7.5 16.4 18.0 National 19.8
China's Development and 21.8 24.0 (NDRC) has
Reform Committe 26.4
a 27.7 29.1
10% 120% 10%
goal 10% by 2010
to treble production 10% 10% 10% 5% 5%
7.5 8.2 ==>
9.0We assume9.9 that this goal 10.9
can't be reached until 2011 13.2
12.0 13.9 14.6
==> We assume that 50% of output will be grain-based
10% 10%
masik: 10%We assume10%
==> 10% will be biomass-based
that 50% of output 10% 10% 5% 5%
China's
8.2 National Development
9.0 and
9.9Reform Committe
10.9 (NDRC) has12.0 13.2 13.9 14.6
a goal to treble production by 2010
10% 10% 10% 10%
==> We assume that this goal can't be reached until 2011, 10% 10% 5% 5%
which is the launch year for Novozymes' enzymes for Biomass-
based bioethanol

0.0 2165.9 2382.5 2620.8 2882.9 3171.1 3488.3 3662.7 3845.8

0.09 0.09 0.09 0.08 0.08 0.08 0.08 0.07 0.07

50% 50% 50% 50% 50% 50% 50% 50% 50%

0.0 97.5 107.2 104.8 115.3 126.8 139.5 128.2 134.6

0.0 524.4 576.8 564.0 620.4 682.4 750.7 689.7 724.2

2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

30.6 32.1 33.7 35.4 37.2 39.0 41.0 43.0 45.2

5% 5% 5% 5% 5% 5% 5% 5% 5%
15.3 16.1 16.9 17.7 18.6 19.5 20.5 21.5 22.6
5% 5% 5% 5% 5% 5% 5% 5% 5%
15.3 16.1 16.9 17.7 18.6 19.5 20.5 21.5 22.6
5% 5% 5% 5% 5% 5% 5% 5% 5%

4038.1 4240.0 4452.0 4674.6 4908.3 5153.8 5411.4 5682.0 5966.1

0.07 0.07 0.06 0.06 0.06 0.06 0.06 0.06 0.06

50% 50% 50% 50% 50% 50% 50% 50% 50%

141.3 148.4 133.6 140.2 147.3 154.6 162.3 170.5 179.0

760.4 798.4 718.6 754.5 792.2 831.8 873.4 917.1 962.9

 Terminal value
2028E 2029E

47.4 49.8
5% 5%
23.7 24.9
5% 5%
23.7 24.9
5% 5%

6264.4 6577.6

0.06 0.05

50% 50%
187.9 164.4

1011.1 884.7