Novonesis A/s Class B · OMXCOP:NSIS_B

Novonesis A/s Class B — Novozymes — Non-Deal Roadshow (August 2014)

56 slides from Novonesis A/s Class B's roadshow presentation, Aug 14, 2014

  1. Slide 1: Roadshow Presentation 1H 2014

    ROADSHOW PRESENTATION 1H 2014 August 14, 2014

  2. Slide 2: Table of Contents

    Table of Contents Table of Contents 2 1. 1H 2014 presentation 3-9 2. Novozymes Overview 10-16 3. Strategy 17-25 4. Segmental Overview 26  Household Care 27-29  Food & Beverages 30-31  Bioenergy 32-35  Agriculture & Feed 36-40  Technical & Pharma 41-43 5. Sustainability 44-49 6. Financial Review

  3. Slide 3: Quarterly Results

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW QUARTERLY RESULTS QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  4. Slide 4: Safe Harbor Statement

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Safe Harbor Statement This presentation and its related comments contain forward- looking statements, including financial expectations. Forward-looking statements are by their very nature assoc

  5. Slide 5: 1H 2014 Summary

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW 1H 2014 Summary Satisfactory sales growth Sales and organic growth • 8% organic sales growth driven by Household Care 1H 2012 - 1H 2014 DKKm and Bioenergy 12% 6,200 • 4 %-points negative impact

  6. Slide 6: Sales & Markets

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Sales & Markets  1H 2014 sales: DKK +4%, LCY +8%, organic +8% Sales by industry, DKKm 1H 2014 1H 2013  Q2 2014 sales: DKK +1%, LCY +5%, organic +5% • Household Care: Emerging markets doing we

  7. Slide 7: Business Operations in Detail

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Business Operations in Detail Household Care; growth fluctuates Bioenergy; power of innovation Quarterly organic growth rates, 2008-2014 Sales performance & US production, 2012-2014 30% 140 Spi

  8. Slide 8: R&D Activity Update: Bioenergy Strategy Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW R&D Activity Update: Bioenergy Strategy Overview Grain Ethanol (1G) Biomass Conversion (2G) New Opportunities - Drive more yield - Enable commercialization - Explore biodiesel and sugar cane 3.

  9. Slide 9: 1H 2014 Financial Performance

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW 1H 2014 Financial Performance Strong financial performance in 1H’14 2014 2014 Realized Outlook Outlook • Continued productivity improvements and favorable Key financials 1H 2014 August 14 Apr.

  10. Slide 10: Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW INVESTOR PRESENTATION OVERVIEW QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  11. Slide 11: Novozymes – The World Leader in Bioinnovation

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Novozymes – The World Leader in Bioinnovation Who are we? Founded 1925 Listed 2000 Global: +6,000 employees, 700 products in 140 countries Ticker NZYM B Exchange Copenhagen Market Cap* US$ 15bn

  12. Slide 12: Experienced Leadership Team Exploring Growth & Value Creation Opportunities

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Experienced Leadership Team Exploring Growth & Value Creation Opportunities Peder Holk Nielsen Thomas Videbæk Per Falholt Benny Loft Thomas Nagy Andrew Fordyce Per Falholt Peder Holk Nielsen An

  13. Slide 13: Delivering Tomorrow's Solutions Today

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Delivering Tomorrow’s Solutions Today Delivering solutions from Helping companies This unique approach nature: become more efficient: leads to: food applications, detergents, energy efficiency,

  14. Slide 14: Uniquely Diversified Group - Creates Synergies and New Opportunities

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Uniquely Diversified Group - Creates Synergies and New Opportunities • Unique biotech-focused business with a strong legacy of delivering growth, earnings, and cash flow • ~13-14% of annual sal

  15. Slide 15: Diversification in Revenue Streams Underpins Strong Financial Position

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Diversification in Revenue Streams Underpins the Company’s Strong Financial Position • Sales FY 2013 of DKK 11.7 bn (USD ~ 2.1 bn) • Strong profitability, 24.7% in EBIT margin FY 2013 • ROIC of

  16. Slide 16: Global Production and R&D Setup

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Global Production and R&D Setup Milwaukee, Wisconsin  BioAg production Nottingham, England Bagsværd, Denmark Saskatoon, Canada  Biopharma production  Headquarters  BioAg production (Albumin

  17. Slide 17: Strategy

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW INVESTOR PRESENTATION STRATEGY QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  18. Slide 18: Undisputed Market Leader Expanding Enzyme Application

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Undisputed Market Leader Expanding Enzyme Application Global enzyme market value: 2000: 2013: Global enzyme market value DKK ~ 12bn DKK ~ 22bn 2013: DKK ~ 22bn Novozymes Rest of Novozymes Rest

  19. Slide 19: Multiple Drivers Create a Sustainable Business with Significant Growth Potential

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Multiple Drivers Create a Sustainable Business with Significant Growth Potential Drivers Ambition • Energy efficiency Long-term financial targets: • Cost/performance > 10% sales growth • Waste

  20. Slide 20: How Do We Get To +10% from 2015?

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW How Do We Get To +10% from 2015? • History shows potential to grow 10% from a diversified set of industries, but not consistently • Consistent performance in existing business will lay foundati

  21. Slide 21: 1. Drive Innovation – Because Innovation Drives Top-Line Growth

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW 1. Drive Innovation – Because Innovation Drives Top-Line Growth • Achieving growth through R&D investment remains a fundamental priority • >50 new product in the last 5 years, ~100 active proje

  22. Slide 22: 2. Expand Opportunities; Developing new technology and business platforms

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW 2. Expand Opportunities; Developing new technology and business platforms Continued development in …creates opportunities to develop our technology base… new business platform Biomass Strain de

  23. Slide 23: Business Development Nurtures Tomorrow's Business for Novozymes

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Business Development Nurtures Tomorrow’s Business for Novozymes • Responsible for new business areas and Novozymes’ entire pipeline prioritization • Close coordination on pipeline, resource all

  24. Slide 24: 3. Enzyme Technology Improves Profitability

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW 3. Enzyme Technology Improves Profitability • Focused on improving margins through sophisticated technological solutions • Achieved sales CAGR of 7% since 2000 with improving margins • Roughly

  25. Slide 25: Cash Generation, Use, Capex and Future Priorities

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Cash Generation, Use, Capex and Future Priorities – DKK billion Cash generation has tracked EBIT Cash for growth and shareholders 3.5 4.0 3.0 3.5 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0

  26. Slide 26: Segmental Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW INVESTOR PRESENTATION SEGMENTAL OVERVIEW QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  27. Slide 27: Household Care Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Household Care Overview Household Care (36% of 2013 sales) Household Care Sales Sales DKK LCY growth 4,5 00 40% 4,222 4,2 50 3,973 4,0 00 35% 3,514 3,7 50 Laundry & dishwasher detergents Applic

  28. Slide 28: Enzymes are Gaining Traction in Detergents

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Enzymes are Gaining Traction in Detergents The advantages of ..drive new product ..increasing the enzymes.. launches.. overall penetration of enzymes # of detergents containing Share of deterge

  29. Slide 29: Replacing Chemicals in Detergents

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Replacing Chemicals in Detergents Raw mat. cost distribution in Raw mat. cost distribution top-tier powder detergent Benefits: in top-tier liquid detergent Surfactan • Reduce oil price sensitiv

  30. Slide 30: Food & Beverages Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Food & Beverages Overview Food & Beverages (27% of 2013 sales) Food & Beverages Sales Sales DKK LCY growth 4,0 00 40% 3,7 50 Baking / Starch conversion / Brewing / 35% Application 3,5 00 Bevera

  31. Slide 31: Fill and Manage the Pipeline - Enzyme Innovation to the Food Industry

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Fill and Manage the Pipeline - Enzyme Innovation to the Food Industry Informed New economies Health & Wellbeing Convenience consumption and urbanization Reinforce customers’ Reduce costs Apply

  32. Slide 32: Bioenergy Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Bioenergy Overview Bioenergy (16% of 2013 sales) Bioenergy Sales Sales DKK LCY growth 2,5 00 70% 2,2 50 60% Application Corn ethanol / Biomass conversion 2,0 00 1,846 1,909 1,782 1,748 50% 1,7

  33. Slide 33: Production of Biofuels and Beyond

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Production of Biofuels and Beyond Raw material Production process End product Sugarcane Extraction Ethanol Co-products Bagasse; Energy Fermentable sugar Classical Butanol Milling Cooking Enzyme

  34. Slide 34: Many More Potential Customers Interested in Biomass Conversion Than 5 Years Ago

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Many More Potential Customers Are Interested in Biomass Conversion Today Than 5 Years Ago • The number of projects choosing enzymatic hydrolysis conversion has increased from 7 in 2008 to 26 in

  35. Slide 35: Biomass Conversion; Food, Feed, Fuel, Chemicals and Materials

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Biomass Conversion; Food, Feed, Fuel, Chemicals and Materials Made from Biomass and Waste • A transformational opportunity for Novozymes • Turning renewable low-value carbon into high-value pro

  36. Slide 36: Agriculture & Feed Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Agriculture & Feed Overview Agriculture & Feed (14% of 2013 sales) Agriculture & Feed Sales Sales DKK LCY growth 2,0 00 88% FEED: Monogastric animals / Substituting 1,7 50 1,668 78% phosphate /

  37. Slide 37: Agricultural Biologicals is a Niche Market with Significant Opportunities

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Agricultural Biologicals is a Niche Market with Significant Opportunities  AG BIOLOGICALS MARKET1  AG MICROBIALS MARKET1 MARKET SEGMENTED BY PRODUCT CLASS MARKET SEGMENTED BY CROP Microbial P

  38. Slide 38: Combination of Novozymes and Monsanto Capabilities: The BioAg Alliance

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Combination of Novozymes and Monsanto Capabilities Establishes Industry's Most Advanced Microbial Platform ESTABLISHED MICROBIAL LEADERSHIP • World leader in microbial technology; discovery, de

  39. Slide 39: Power of Microbial Technology: Novozymes' Proven Microbial Portfolio

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Power of Microbial Technology: Novozymes’ Proven Microbial Portfolio CURRENT PRODUCT PORTFOLIO 1 2 Biocontrol Inoculants products Nutrient Nitrogen Biofungicides Bioinsecticides efficiency fixa

  40. Slide 40: Attractive Value Propositions in Animal Feed

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Attractive Value Propositions in Animal Feed Phytase – phosphate • Only 3-30%* of phosphate in feed is available to the animal • Ronozyme NP® releases half of the phosphate bound – Ronozyme HiP

  41. Slide 41: Technical & Pharma Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Technical & Pharma Overview Technical & Pharma (14% of 2013 sales) Feed & Other Tech. Enzymes Sales Sales DKK LCY growth 1,0 00 45% TECH: Textiles / Leather / Pulp & Paper Application PHARMA: A

  42. Slide 42: Pharma Overview

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Pharma Overview The classic pharma value chain Drug Sales and Drug Discovery Manufacturing Distribution Development Marketing Novozymes Recombinant Enzymes for Hyaluronic Acid VELTIS® Albumin B

  43. Slide 43: A Number of VELTIS Candidates are in Clinical Development

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW A Number of VELTIS® Candidates are in Clinical Development Albiglutide® (GLP-1 albumin fusion) for diabetes type II, approved in both the EU and the US in 1H 2014 Publicly available information

  44. Slide 44: Sustainability & Corp. Governance

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW INVESTOR PRESENTATION SUSTAINABILITY & CORP. GOVERNANCE QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  45. Slide 45: Recognized as a Sustainability-Driven Organization

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Recognized as a Sustainability-Driven Organization Novozymes in the Dow Jones Sustainability Indexes (DJSI): Best in Class Storebrand SRI • Included in DJSI Biotechnology sector since 2000, and

  46. Slide 46: Three-pronged Core of Novozymes' Sustainability

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Three-pronged Core of Novozymes’ Sustainability Economic growth Use of natural resources It’s all in the numbers Scientific - All products are life-cycle assessed (LCA) Bioinnovation approach -

  47. Slide 47: Remuneration Principles for Executive Leadership

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Remuneration Principles for Executive Leadership • Novozymes’ principles for Executive Leadership remuneration ensure close alignment with long-term shareholder interests, links remuneration to

  48. Slide 48: Reducing CO2 Emissions Together with our Customers

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Reducing CO2 Emissions Together with our Customers • In 2013, Novozymes helped customers save 52 million tons of CO2 through the application of Novozymes’ products, equivalent to taking 20 mill

  49. Slide 49: Sustainability Performance and Targets

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Sustainability Performance and Targets 2013 2013 2014 Targets targets realized target Long-term sustainability targets Water efficiency (index 2005) 35% 33% 34% • Be recognized as a global lead

  50. Slide 50: Financial Review

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW INVESTOR PRESENTATION FINANCIAL REVIEW QUARTERLY RESULTS • OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW

  51. Slide 51: Historical Performance Demonstrates Track Record of Delivery

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Historical Performance Demonstrates Track Record of Delivery 2000-2013 sales CAGR of ~7% 58% Gross margin 57.2% 20% 15,000 56.2% Sales DKKm Growth 55.6% 16% 12,000 56% 57.2% 12% 9,000 53.3% 53.

  52. Slide 52: Low Exposure to Raw Material Fluctuations

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Low Exposure to Raw Material Fluctuations Split of COGS • Factors impacting COGS development: • Productivity improvements, input prices, currency 35% • Note: accounting practice implies that 45

  53. Slide 53: Dividend and Stock Buyback History

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Dividend and Stock Buyback History • 2013 dividend per share DKK 2.50, up 13%, payout ratio DKK million Dividend / Buybacks Dividend per 35.7% share, DKK Dividend Buyback DPS • Expected buyback

  54. Slide 54: Shareholder Distribution

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Shareholder Distribution B shares listed in Copenhagen Shareholder distribution of under the symbol “NZYM B” B common stock* • Two share classes; A and B shares Rest of • B shares listed in Cop

  55. Slide 55: Investor Relations Contacts

    QUARTERLY RESULTS • NOVOZYMES OVERVIEW • STRATEGY • SEGMENTAL OVERVIEW • SUSTAINABILITY • FINANCIAL REVIEW Investor Relations Contacts Thomas Steenbech Bomhoff Martin Riise Klaus Sindahl Mobile (DK):+45 3077 1226 Mobile (USA): +1 919 649 2565 Mobile (DK): +45 5363 0134 E-mail: tsbm@novozymes.com Mob

  56. Slide 56: Novozymes – Rethink Tomorrow

    novozymes’ Rethink Tomorrow

Novozymes — Non-Deal Roadshow (August 2014) on 6ix