Key figures

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SALES AND EBIT
DKK million

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Sales
EBIT
ROIC AND INVESTED CAPITAL
DKK million
%

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Invested capital
ROIC
EFFICIENCY IMPROVEMENT COMPARED TO 2005
%

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Water efficiency improvement
Energy efficiency improvement
CO2 efficiency improvement
EMPLOYEE SATISFACTION AND DEVELOPMENT OVERVIEW
Score

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Employee satisfaction score
Development opportunities score

    2011 2010 2009 2008 2007  
Income statement (DKK million)
Revenue 10,510  9,724  8,448  8,146  7,438 
Gross profit 5,908  5,412  4,700  4,359  3,949 
Research and development costs 1,464  1,360  1,207  1,096  995 
EBITDA 3,126  2,796  2,252  2,060  1,971 
Operating profit / EBIT 2,340  2,117  1,688  1,504  1,481 
Financial items, net 75  (67) (85) (96)
Net profit 1,828  1,614  1,194  1,062  1,042 
Balance sheet (DKK million)
Non-current assets 9,053  7,057  5,991  5,641  5,218 
Total assets 13,842  12,593  10,890  9,925  8,871 
Shareholders' equity 8,824  7,836  5,841  4,476  3,667 
Non-current liabilities 2,661  2,249  2,528  2,563  2,810 
Invested capital 9,843  8,182  6,790  5,856  5,436 
Net interest-bearing debt 1,019  346  949  1,380  1,769 
Investments and cash flows (DKK million)
Cash flow from operating activities 2,709  2,324  1,817  1,697  1,714 
Purchase of property, plant and equipment 1,290  1,326  1,009  902  729 
Net investments excluding acquisitions 1,316  1,326  978  942  735 
Free cash flow before net acquisitions 1,393  998  839  755  963 
Acquisition of activities and companies 1,530  23    -   - 716 
Free cash flow (33) 975  839  755  247 
Key ratios
Revenue growth, DKK % 15  10 
Revenue growth, LCY % 10  10  13  14 
Revenue growth, organic % 11  13  12 
Research and development costs as a percentage of revenue % 13.9 14.0 14.3 13.5 13.4
Gross margin % 56.2 55.7 55.6 53.5 53.1
EBITDA margin % 29.7 28.8 26.7 25.3 26.5
EBIT margin % 22.3 21.8 20.0 18.5 19.9
Net profit margin % 17.4 16.6 14.1 13.0 14.0
Effective tax rate % 24.3 24.0 26.3 25.2 24.8
Equity ratio % 63.7 62.2 53.6 45.1 41.3
Return on equity % 21.9 23.6 23.1 26.1 29.5
Return on invested capital (ROIC), including goodwill % 21.3 22.2 20.3 19.5 21.7
Return on invested capital (ROIC), excluding goodwill % 23.0 23.7 21.8 21.2 23.4
WACC after tax % 4.5 5.6 7.0 7.4 8.1
Earnings per share (EPS), diluted* DKK 5.71 5.05 3.79 3.37 3.29
Dividend per share (2011 proposed)* DKK 1.90 1.60 1.15 1.05 1.00
* Restated to reflect 1-to-5 stock split of the company’s A and B shares.
 
Environmental and social data
Water efficiency improvement (compared to 2005) % 30  29  27  23  13 
Energy efficiency improvement (compared to 2005) % 34  30  27  21  13 
CO2 efficiency improvement (compared to 2005) % 47  38  24  14 
Estimated CO2 reductions from customers' application of Novozymes products Million tons 45  40  27  28  25 
Total number of employees No. 5,824  5,432  5,275  5,146  4,933 
Rate of employee turnover % 8.3  7.5  6.7  11.3  9.0 
Frequency of accidents with absence per million working hours 4.3  4.1  5.1  4.9  4.8 
Employee satisfaction Score 77  76  77  70  70 
Development opportunities Score 74  73  74  68  68