Audited by PwC

Dividend

Novozymes’ dividend policy is a payout ratio to shareholders of around 30% of net profit. The Board of Directors proposes that the Annual Shareholders’ Meeting approves a dividend of DKK 5.25 per share for the 2008 financial year. This will result in an expected total dividend payment of approximately DKK 325 million.


Distribution
(DKK) 2008 2007 2006 2005 2004
Dividend (million)  325* 309 278 255 331
Stock buy-back (million) 0 500 1,107 1,053 847
Total (million) 325* 809 1,385 1,308 1,078
Net profit (million) 1,062 1,042 911 861 775
Payout ratio 30.6%* 29.7% 30.5% 29.7% 30.1%
Number of shares outstanding, 
year-end (million) 62.0 61.8 61.8 63.9 66.6
Dividend per share 5.25* 5.0 4.5 4.0 3.5
* Proposed

There are currently no stock buy-back programs running.
Novozymes’ decision to buy back stock is in general based on an assessment of the need for capital structure optimization, and whether excess capital can be invested in profitable growth opportunities. Stock buy-back may also be carried out to cover employee stock option obligations.

Dividend dates
Resolution adopted at the Annual Shareholders' Meeting March 4, 2009
Last day of trading with right to dividend for 2008 March 4, 2009
First day of trading without right to dividend for 2008 March 5, 2009
Disbursement of dividend March 10, 2009