Sales and earnings grew strongly in 2010. Overall demand was high in the enzyme business, and costs were kept under control. For 2011, sales are expected to grow by 7–10% in DKK, local currency (LCY) and organically. We expect EBIT to grow by 8–11%, and we expect an EBIT margin of 21–22%, including an investment of DKK 150 million in additional initiatives in R&D and business-building activities. Net profit is expected to grow by 8–11%, with investments of around DKK 1,400 million and free cash flow before acquisitions of DKK 900–1,000 million. The outlook for 2011 excludes any potential impact from the EMD/Merck Crop BioScience acquisition.
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