Audited by PwC

Balance sheet - the Novozymes Group

Note Dec. 31, 2008   Dec. 31, 2007
      DKK million DKK million  
ASSETS
10 Intangible assets 1,179  1,321 
11 Property, plant and equipment 4,319  3,842 
12 Deferred tax assets 68  47 
13 Other financial assets   75   
Total non-current assets 5,641  5,218 
14 Inventories 1,557  1,322 
15 Trade receivables 1,450  1,344 
16 Tax receivables 18  207 
17 Other receivables 146  124 
13 Other financial assets 116  196 
Cash at bank and in hand   997  460   
Total current assets 4,284  3,653 
Total assets   9,925  8,871   
           
LIABILITIES AND SHAREHOLDERS' EQUITY
18 Common stock 650  650 
18 Treasury stock (1,791) (1,837)
Other reserves (32) 23 
Retained earnings 5,638  4,821 
19 Minority interests   11  10   
Total shareholders' equity 4,476  3,667 
12 Deferred tax liabilities 850  939 
20 Long-term employee benefits 16  16 
21 Provisions 121  131 
22 Other financial liabilities   1,576  1,724   
Total non-current liabilities 2,563  2,810 
22 Other financial liabilities 1,092  814 
21 Provisions 33  84 
Trade payables 630  422 
16 Tax payables 161  49 
23 Other current liabilities   970  1,025   
Total current liabilities 2,886  2,394 
         
Total liabilities 5,449  5,204 
Total liabilities and shareholders' equity 9,925  8,871