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Novozymes, Inc. (NZYMb.CO) Increases 2010 Expectations After Strong First-Half Performance


8/12/2010 11:19:33 AM

Sales increased by 15% in Danish kroner, and EBIT increased by 38% compared to the first half of 2009. The strong sales and earnings growth in the first half of the year came from higher demand in the enzyme business and a continued good cost development across the organization. The strong growth was also the result of a challenged first half in 2009.

Highlights: • Increased demand Enzyme Business delivered 17% sales growth in Danish kroner and 15% in local currencies in the first half of 2010. Especially sales of enzymes for detergents, fuel ethanol, and brewing were strong growth contributors.

• Raised expectations Strong development in sales and earnings and a favorable currency outlook make Novozymes raise its expectations for the full year. Sales are now expected to grow by 10–12% in Danish kroner. EBIT is expected to grow by 20–22%.

• Acquisition in bioagriculture Novozymes is expanding its position within the growing sustainable agriculture market by acquiring Turfal, a Brazilian bioagriculture company with USD 3 million in annual sales.

“The strong sales and earnings growth in the first quarter continued in the second quarter. I’m very pleased with this development," says Novozymes CEO Steen Riisgaard. “Demand was high in the enzyme business, and all industries actually grew double digit if you look at the second quarter in isolation. Earnings continued to benefit from high productivity improvements, better capacity utilization, and tight cost management. However, it must be remembered that the first half of last year was the easier half from a comparison point of view, and there is still some uncertainty as to how markets will develop in the second half of 2010. Despite this uncertainty, with the strong first-half results in the enzyme business and a slightly more favorable currency outlook, we are increasing our expectations for the full year.”

Media contacts:

Europe Annegrethe Møller Jakobsen Tel. (direct): +45 4446 3050 Tel. (mobile): +45 3077 3050 agmj@novozymes.com Analyst and investor contacts:

Europe Tobias Bjorklund Tel. (direct): +45 4446 8682 Tel. (mobile): +45 3077 8682 tobb@novozymes.com

US Kirsten Laugesen Tel. (direct): +1 919 494 3361 Tel. (mobile): +1 919 889 5237 kilg@novozymes.com

US Thomas Steenbech Bomhoff Tel. (mobile): +1 919 649 2565 tsbm@novozymes.com

China Zhu Xiaoqing Office: +86 1062987888+362 Mobile: +86 13801240590 xqzh@novozymes.com

Brazil Saionara Ribeiro de Paula Office: +55 41 36411112 Mobile: +55 41 9971-7225 saio@novozymes.com

About Novozymes: Novozymes is the world leader in bioinnovation. Together with customers across a broad array of industries, we create tomorrow’s industrial biosolutions, improving our customers' business, and the use of our planet's resources. With over 700 products used in 130 countries, Novozymes’ bioinnovations improve industrial performance and safeguard the world’s resources by offering superior and sustainable solutions for tomorrow’s ever-changing marketplace. Novozymes’ natural solutions enhance and promote everything from removing trans-fats in food, to advancing biofuels to power the world tomorrow. Our never-ending exploration of nature’s potential is evidenced by over 6,000 patents, showing what is possible when nature and technology join forces. Our 5,200+ employees working in research, production and sales around the world are committed to shaping business today and our world tomorrow. Novozymes is quoted on NASDAQ OMX Copenhagen A/S. Read more at www.novozymes.com.


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