Audited by PwC


Fuel produced using fermentable sugars from cereals, corn (maize) or other grains (first generation), or from cellulosic biomass such as corn stover (leaves and stalks) and cobs, bagasse, and other plant waste (second generation).

Relatively large chains (= polymers) of molecules that are found in all living = bio: human beings, animals and plants), for example in the form of proteins or carbohydrates.

Corporate governance 
Systems used to manage and control a company. In essence, corporate governance deals with internal processes; the general principles to which companies’ management should comply; and how companies’ management structures and tasks can most effectively be organized and implemented in practice.

Average number of shares outstanding including in-the-money share options.

Dow Jones Sustainability Indexes
Global indexes that analyze and rank companies’ performance on the basis of business and sustainability criteria. They provide asset managers with benchmarks for managing sustainability portfolios.

Operating profit excluding depreciation and amortization.

Earnings per share (diluted) 
Net profit divided by the weighted average number of shares outstanding (diluted).

Proteins that are found naturally in all living organisms. Enzymes act as catalysts, helping to convert one substance into another.

Equity ratio 
Total shareholders’ equity at year-end as a percentage of total liabilities and total shareholders’ equity at year-end. 

Free cash flows 
Cash flow from operating and investing activities.

Net interest-bearing debt 
The market value of interest-bearing liabilities (financial liabilities and other non-current liabilities) less the market value of cash at bank and in hand and other easily convertible interest-bearing current assets.

Operating profit margin (EBIT margin)
Operating profit as a percentage of net sales.

Molecules which are found in all living organisms and which are essential for all vital processes.

Recombinant ingredients 
The biopharmaceutical industry produces many medicines based on proteins, which can only be obtained from the organs or blood of animals or humans. There is a risk of infections being transmitted from animals to humans or from humans to humans. Novozymes manufactures ingredients using gene technology, also known as recombinant ingredients. Recombinant ingredients do not transmit diseases and also give more consistent quality.

Recombinant means composed of smaller units that originate from different sources and do not naturally occur in the same molecule or chromosome.

Return on equity 
Profit as a percentage of average shareholders’ equity.

Return on invested capital (ROIC) 
Operating profit after tax as a percentage of average invested capital. Operating profit is adjusted for net foreign exchange loss/gain.

Weighted average cost of capital.