Novozymes 2008: outlook 2009

Novozymes 2008: outlook 2009

F O C U S ingredients (BPI) experienced a decline of 1% in LCY. Novozymes Group Financial Statement 2008, 22 Jan 2009, 1-2,7-8,16-18 (Novozymes A/S, K...

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F O C U S ingredients (BPI) experienced a decline of 1% in LCY. Novozymes Group Financial Statement 2008, 22 Jan 2009, 1-2,7-8,16-18 (Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com)

Novozymes 2008: outlook 2009 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 48%, technical enzyme sales by 1520%, 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%. Novozymes Group Financial Statement 2008, 22 Jan 2009, 9-10,26 (Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com)

EU invests in Novozymes’ Brazilian project The European Commission has awarded financial support of €1.6 M, under a 2-year contract, to a project

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being conducted by Novozymes and its Brazilian partner for the development of enzymes for the production of bioethanol from sugar cane waste products. Sugar cane is already used as a raw material for ethanol production but the waste material bagasse is currently used only to generate steam for heating or distillation in sugar production. As part of the project Novozymes will set up a research unit at Curitiba, Brazil, which will be supported by research colleagues in the US and Denmark. In 2008 Brazil produced 6 bn gallons bioethanol from sugar cane. Dagbladet Borsen, 2 Mar 2009 (Website: http://www.borsen.dk) (in Danish) & Press release from: Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com (2 Mar 2009)

Novozymes and Sinopec sign bioethanol deal Sinopec, Chinese COFCO, and Novozymes are to collaborate on the development of bioethanol production using agricultural wastes (corn stover). Novozymes has developed enzymes that will be used in the second generation bioethanol production process. Renewable Energy Focus (Online Version), 11 Feb 2009, (312) (Website: http://www.renewableenergyfocus.com) & Chimie Pharma Hebdo, 9 Feb 2009, (454), 7 (in French) & China Chemical Reporter, 6/16 Feb 2009, 20 (4/5), 19 & Press release from: Novozymes A/S, Krogshojvej 36, 2880 Bagsvaerd, Denmark. Tel: +45 4446 0000. Fax: +45 4446 9999. E-mail: [email protected] Website: http://www.novozymes.com (2 Feb 2009)

Verenium Corp reports financial results for 4Q and year ended Dec 2008 Verenium Corp financial results for 4Q and year ended Dec 2008. The company also provided a summary of recent highlights and accomplishments, 2009 corporate goals, and commentary on the impact of current market conditions. Total revenues for 4Q 2008 were $19.7 M and $69.7 M for 2008 ($13 M for 4Q 2007 and $46.3 M for 2007). Total product revenues for 4Q 2008 were $12.1 M and $49.1 M for 2008 ($8.2 M for 4Q 2007 and $26 M in 2007). The increase in product revenues was primarily due to increased sales of

PhyzymeTMXP by Danisco Animal Nutrition, which continued to expand its global phytase market share position in the animal feed industry throughout 2008. The company also experienced sales growth for its other enzyme products, including FuelzymeTMLF. Net loss for 4Q 2008 was $12.6 M, or $0.19/share, and $185.5 M, or $2.89/share for 2008 (net loss for 4Q 2007 was $21.6 M, or $0.35/share, and $107.6 M, or $1.97/share for 2007). Verenium Corp financial results 4Q and 2008, 23 Feb 2009 (Verenium Corporation, 55 Cambridge Parkway, Cambridge, MA 02142, USA. Tel: +1 617 674 5300. Website: http://www.verenium.com)

BP and Verenium form jv to deliver advanced biofuels BP and Verenium Corp announced the formation of a 50:50 jv to develop and commercialise cellulosic ethanol from non-food feedstocks. The jv company will act as the commercial entity for the deployment of cellulosic ethanol technology being developed and proven under the first phase of the BP-Verenium partnership, announced in Aug 2008. Together the companies have agreed to commit $45 M in funding and assets to the jv company. This collaboration is intended to progress the development of one of the first commercial-scale cellulosic ethanol facilities in Highlands County, FL, and to create future opportunities for leveraging cellulosic ethanol technologies. Press release from: Verenium Corporation, 55 Cambridge Parkway, Cambridge, MA 02142, USA. Tel: +1 617 674 5300. Website: http://www.verenium.com (18 Feb 2009)

NEW PLANTS World’s largest bio-methanol plant on the horizon BioMCN has started construction work on a 200,000 tonne/y biomethanol plant at Delfzijl, The Netherlands. The plant will employ a new technology developed in-house to purify crude glycerol and then process it into bio-syngas. The biosyngas can then be used for power generation, or can be processed further into bio-methanol. The company has successfully employed

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