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In view of the economic environment, Novozymes considers its current 2009 growth outlook satisfactory. The slowdown in 4Q 2008 is not considered a reliable indicator of 2009 full-year performance. Sales growth is forecast at 8-13% (in terms of DKR), and operating profit is expected to grow by 10-15% (DKR terms). Growth in sales of enzymes for US bioethanol production is expected to follow the Renewable Fuel Standard. Total expected investments in 2009 are DKR 1.3-1.5 bn. This includes the building of a new enzyme plant in Nebraska, USA, at a cost of $160-200 M in 2009/2010. During 2009, DKR 200-300 M will be invested in the expansion of enzyme capacity at existing facilities, to optimize flexibility for the detergent industry. Also, in 2009/2010 BioBusiness will build a plant for production of high-grade hyaluronic acid (bHA) in Tianjin, China, at Novozymes' existing site. Total investment is expected to be DKR 200-300 M, evenly distributed over the period. For 2009 free cash flow before acquisitions is expected to be DKK 100-300 M. A table contains key financial data that has been forecast for 2009, and sales outlook by product area. Sales of detergent enzymes are expected to rise by 4-8%, technical enzyme sales by 15-20%, food enzyme sales by 5-9%, and feed enzyme sales by 15-20%. Sales of microorganisms are expected to be the same as for 2008, and biopharmaceutical ingredient sales are expected to fall by 10%.
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