Q2 - Novozymes

All long-term financial targets metWith the IPO in 2000, we formulatedthe following long-term financialtargets:• Growth in operating profit ofat least 10%• Operating profit margin ofaround 17%Per cent252015105010% EBIT CAGR since IPO22.09.59.110.75.03.52000 2001 2002 2003 2004 2005• Return on average invested capitalafter tax (ROIC) of at least 15%Per cent201918171617.7% avg. EBIT margin since IPO18.217.517.1 17.316.719.2Per cent2015105Steady improvement in ROIC to above 15%19.317.415.513.612.510.21502000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 200531Unlocking the magic of nature