The report, 2004 Top 10 U. 31, 2004. VIRGINIA 1. ARKANSAS 3.
Growth calculated in local currencies was approximately 5%. The operating profit
margin, calculated as operating profit as a percentage of sales, was 19. Adjusted for this, free cash flow rose
by 7% compared with last year.
At the Annual Meeting of Shareholders on March 16, 2005, it was decided
to reduce the nominal share capital to DKK 696 million. However, the
change is modest and, seen in the context of the lower average rates in the
first quarter of 2005, does not give rise to a change in the outlook for 2005.
The Eco-Productivity Indexes for water and energy are calculated each
year based on an index of 100 at the start of the year.

kofoed skov

For more information ,
visit http://www. Growth States*
January - December 2004
With More Than 20,000 Families Moving

RANK STATE %GROWTH

1.7%
2. CONNECTICUT 3 .8%
9.
New products
Novozymes launched one new enzyme product in the first quarter of 2005:
Polarzyme(R), a detergent enzyme which is effective on protein-based stains
and gets clothes clean at low temperatures.0%
for enzymes and 10.9% of the share
capital. This is an extremely positive development,
and supports the target for 2005 of the frequency of occupational accidents
not exceeding 7.

schou jakobsen

S.63 million U-Haul transactions occurring between Jan. WEST VIRGINIA 3. Sales of
enzymes to the textile industry are also showing high rates of growth
compared with the first quarter of 2004, while growth in the sales of enzymes
to the starch industry is lower.10-0. Calculated in DKK, operating profit is
expected to rise by just under 6%.com.4% for the first quarter of 2005, which was
above the target of 3% for 2005 as a whole.

anker thweatt

Now more than ever , consumers are relying on
U-Haul to provide affordable services.
The 2004 Top 10 U. KENTUCKY 1. SOUTH CAROLINA 1.

(C)2005 U-HAUL(R) INT'L.
The increase in net profit is expected to be around 5%.
Net turnover
Net turnover in the first quarter of 2005 was DKK 1,476 million,
equivalent to an increase of 3% compared with the first quarter of 2004. Sales of enzymes
rose by 4%, while sales of microorganisms were 9% lower than in the same
period of 2004.e.6%) .
Rate of employee turnover and absence
The rate of employee turnover for the year to date , calculated after the
first quarter of 2005, was 5.
The rate of absence was 3.

gedcom 1847

MAINE 21. WYOMING 2. UTAH 0. The Outlook for 2005 is Unchanged

BAGSVAERD, Denmark,
- Sales in local currencies rose by 5% in the first quarter. Sales of detergent
enzymes were 3% lower in the first quarter of 2005 than in the same period of
2004. This trend is primarily due to the fact that detergent manufacturers
are negatively affected by higher raw material prices, and furthermore
negatively affected by exchange rate movements.0%, compared with 54.
Outlook for 2005
The key sales currencies are weaker against the DKK than the average
rates for 2004, but slightly higher than on January 31 , 2005. Using nature's own technologies, we continuously expand the
frontiers of biological solutions to improve industrial performance
everywhere.

kyk anker

3%
3. Calculated in local currencies, sales growth was higher.
the enzyme cost for biomass-based production of fuel ethanol on laboratory
scale has been reduced from USD 5.1% in the same period of 2004.
Other operating income was higher than in the equivalent period of 2004,
partly as a result of income from the joint research project with Solvay
Pharmaceuticals. The holding of own shares as at March 31,
2005 consisted of 6. The comparative figures for 2004 have been
adjusted to reflect the transition to IFRS. With an Eco-Productivity Index for energy of 98 in the first
quarter of 2005, utilisation of energy is 2% lower than in 2004 . Novozymes produces and sells more than 600 products
in 130 countries.

anker reuniting

T. Growth was then determined by
calculating the percentage of inbound moves vs.63 million transactions from
January - December, 2004. Calculated
in DKK, sales rose by 3% to DKK 1,476 million, compared with DKK 1,433
million in the first quarter of 2004
- Operating profit increased by just over 6% to DKK 275 million, compared
with DKK 259 million in the same period last year. Calculated in DKK, sales are expected to rise by around 4%.
Sales to North America were lower in the first quarter of 2005 than in
the same period last year, mainly due to lower sales of enzymes to the
detergent industry and lower sales of microorganisms.
On April 14, 2005 Novozymes published the results of a biomass -to-ethanol
project started in 2001 with support from the National Renewable Energy
Laboratory (NREL) in the USA. The first quarter of 2004 was positively affected by a one-off item
worth approximately DKK 125 million. Calculated in DKK, growth in
operating profit is expected to be just under 6%.
This outlook is based on exchange rates remaining at their current levels
for the rest of 2005 , particularly the USD, CNY and JPY against the DKK.
Water and energy - effective utilisation of resources
The Eco-Productivity Index for water improved by 6% after the first three
months of 2005, thus exceeding the target for an improvement of 4% during
2005 as a whole. The target
for 2005 is to achieve a 5% improvement in utilisation of energy. Forward-looking statements are, by
their very nature, associated with risks and uncertainties that may cause
actual results to differ materially from expectations.

markstay reuniting

MASSACHUSETTS 1.4%
7.
Sales by geographical area
Sales to Asia continue to show very high rates of growth calculated in
local currencies .
Shareholders' equity was DKK 3,776 million at the end of the first
quarter of 2005, compared with DKK 3,947 million on December 31, 2004. Purchase of own
shares for DKK 214 million, reduced by exercise of share options (DKK 60
million), decreased shareholders' equity by DKK 154 million in the period.
The outlook for 2005 is unchanged. Other things being equal, a 5% change in
the exchange rate is expected to have an impact on operating profit of DKK
30-40 million and DKK 5-15 million for the USD and JPY respectively
- Operating profit margin of just over 18%, despite the negative currency
effect
- Net financial costs of DKK 40-50 million.novozymes.

gedcom persinger

Growth States Report, indicates that for states with more than 20,000 families
moving, Arizona had the highest percentage of growth, with 6.6 percent." Taylor, "and doing it yourself is the
most economical way to move. Growth States*
January - December 2004
With 5,000 - 20,000 Families Moving

RANK STATE %GROWTH

1.2%
8.5%

* Data compiled from over 1. Earnings per share (diluted) were DKK 2.
Sales of feed enzymes rose by 7%, compared with the first quarter of
2004 . The gross
margin for the first quarter of 2005 has increased compared with the figure
for 2004 as a whole (52.4 million B shares, equivalent to 8.0.
Financial calendar
August 11, 2005 Group financial statement for the first half of 2005
October 27, 2005 Group financial statement for the first three quarters
of 2005
Forward-looking statements
This stock exchange announcement contains forward-looking statements,
including the financial outlook for 2005.

1847 kofoed

7 percent more
families moving into the state than out.9%
6. The operating profit
margin was 18. The accounts have not been audited. Sales to Latin American
showed a slight downward trend in the first quarter of 2005, which can mainly
be attributed to the detergent industry.
Cash flow, investments, acquisitions
Free cash flow was DKK 267 million, compared with DKK 374 million in
2004.
See also The Novozymes Report 2004, and the stock exchange announcement
"Summary and key figures for 2004 in accordance with IFRS" of March 29, 2005.novozymes. Operating profit will be negatively affected by less
favourable exchange rates, since Novozymes has a higher proportion of costs
than revenue denominated in DKK. This is done in order to reflect
Novozymes' reporting of non-financial aspects and to follow up selected
targets on a quarterly basis.

Management:
Steen Riisgaard
President and CEO
Per Falholt Per Mansson Peder Holk Nielsen Arne W.

familys reuniting

IDAHO 6. NEBRASKA 0.7%
10.1% in 2004
- Profit before tax rose by 10% to DKK 267 million from DKK 242 million
in 2004. Operating profit is expected to
increase by more than 10% in local currencies. It is, however , traditional for
absence to be higher in the first quarter than in the remaining quarters.

kofoed rregaard

uhaul.9 %
5.4%
8.0%
10.6%, compared with 18.82, an increase of 11%
compared with the first quarter of 2004
- Free cash flow rose by 7% to DKK 267 million, compared with DKK 249
million in 2004, after adjustment for the positive effect of a one-off item
worth approximately DKK 125 million. Sales for
institutional and household cleaning in the first quarter of 2005 were lower
than in the same period of 2004, whereas sales within plant care rose. Enzymes are no longer regarded as the
biggest economic obstacle to the marketing of biomass technology.

kofoed soren

0%

U-Haul(R) Top 10 U.

Novozymes A/S Group Financial Statement First Quarter 2005

The accounts have been drawn up in accordance with the International
Financial Reporting Standards (IFRS). Sales of other technical
enzymes rose by 8% in DKK and more in local currencies.
Costs , Licence fees and Other operating income
Total costs excluding net financials and tax rose by 2% to DKK 1,209
million, positively affected by lower exchange rates in the first quarter.
Operating profit
Operating profit rose by just over 6% to DKK 275 million, compared with
DKK 259 million in the first quarter of 2004, DKK 267 million of which
relates to enzymes and DKK 8 million to microorganisms. However, the rate of
employee turnover remains low and is below the target for 2005 as a whole,
which is not to exceed 7%.
Novozymes has set a number of targets for 2005 within the environmental
and social area.com.

sode bruhn

U-Haul Ranks Arizona and Maine Top 2004 Growth States

3%
9. For further company information, visit Novozymes on the Internet at
http:/ /www.

bruhn olsen

OHIO 3.3%, which is an increase in relation to the
equivalent period after the first quarter of 2004.
Board of Directors
Novozymes A/S
Appendix 1: Quarterly sales by geographical areas
Appendix 2: Profit and loss account for the first quarter of 2004 and
YTD, before and after the International Financial Reporting Standards (IFRS)
Development in shareholders' equity, first quarter of 2005 vs first
quarter of 2004
Statement of the Board of Directors and the Management
The Board of Directors and the Management have considered and approved
the Group financial statement for Novozymes A/S for the first quarter of 2005.

tidswell sode

"
The report, reflective of growth patterns of the United States during
2004, was compiled based on nationwide trends in states with more than
5,000 families moving in or out of the area. NORTH CAROLINA 2. MISSOURI 1.S. Sales in local currencies are expected to
increase by 6-7%.
Growth is increasing in Europe, primarily driven by sales to the baking
industry .
A dividend of DKK 233 million for 2004 was paid in March. The overall programme started in 2004 , and is planned to
run over a period of 3-4 years.novozymes.

familys rregaard

For states with 5,000 - 20,000
families moving, Maine had the highest percentage of growth for the third year
in a row, with 21.6% in 2004
Outlook for 2005
Novozymes maintains its previous outlook for 2005, provided there is no
change in exchange rates. Sales of enzymes for
the production of fuel ethanol continue to show high rates of growth, which
can be attributed, among other things, to the introduction of a new enzyme
for use in a new technology for the production of fuel ethanol. The trend in Other
financials is mainly due to a change in the obligation relating to share
options as a result of fluctuations in the market price for the underlying
share.

olsen jakobsen

"The average American moves 11 times in a lifetime ," explained U-Haul
Executive Vice President John "J.0%
3. NEW YORK 1. DELAWARE 1. Measured in local currencies, growth in
sales was more than 10%. Sales to the baking industry have shown particularly
healthy growth compared with the first quarter of 2004, although this is
partly due to stock building on the part of some distributors .
Occupational accidents resulting in absence
The frequency of reported occupational accidents resulting in absence was
3.com.

skov henriksen

PHOENIX, The results of the U-Haul National
Migration Trend Report reflecting the nation's top growth states for families
who moved during 2004 were released today. outbound moves for each state. ARIZONA 6.2%
4.6%
5.
Sales of microorganisms
Sales of microorganisms measured in DKK were 9% lower , severely affected
by exchange rates, as this segment is highly USD-related. The aim of the project has been achieved, i.
Production costs rose by 5% and thus by more than the growth in sales
compared with the same period of 2004.
Shareholders' equity was increased by retained earnings for the period and
currency translation adjustments in respect of subsidiaries' net assets, but
reduced by dividend payments and purchase of own shares.
Definitions of the individual indicators can be found in The Novozymes
Report 2004 under Accounting policies, pages 12-13 of Accounts and Data, see
http: //www.0.
The financial statement for the first quarter has been prepared in
accordance with the International Financial Reporting Standards (IFRS) and
additional Danish disclosure requirements governing listed companies.

gedcom anker

Profit before and after tax
Profit before tax was DKK 267 million, compared with DKK 242 million in
2004, an increase of 10%. Own shares worth DKK 214 million have been
purchased since February 1, 2005.
Both are available at http://www. The outlook for growth in
net profit is around 5%. The uncertainties may
include unexpected developments in the international currency exchange and
securities markets, market-driven price decreases for Novozymes ' products,
and the introduction of competing products within Novozymes' core areas. In our
opinion the accounting policies used are appropriate and the financial
statement gives a true and fair view of the Group's assets, liabilities, net
profit, financial position and cash flow.

hedegaard tidswell

Growth States Report was compiled from over
1.com. IOWA 4.
Other operating costs - sales and distribution costs, administrative
costs, and research and development costs - fell by 1% overall to DKK 516
million in the first quarter of 2005 due to general cost control.com. Net financials are expected
to be positively affected by currency-hedging gains. The trend in
utilisation of energy is mainly due to a change in product mix.

bruhn markstay

S. In October 2004 Novozymes launched
HyaCare(R) , its first product within biopolymers, to the cosmetics industry;
sales are still in an introductory phase. Sales to the brewing industry in the
first quarter of 2004 were favourably affected by a marked increase in the
demand for low-carbohydrate beers. Solid growth in the first
quarter is expected to level out over the year.
Net financials
Net foreign exchange gains relate to realised and unrealised gains,
primarily on the hedging of exposures to the USD and JPY. Investing activities have increased compared
with the first quarter of 2004 but are still low in relation to the outlook
for 2005, though this is due to the time lag. The quarterly financial statement has therefore been drawn
up in accordance with IAS 34. Expected net cash flows
in USD and JPY have been hedged for 2005
- Growth in net profit of around 5%
- Investments in tangible fixed assets before acquisitions are expected
to be on a par with depreciation and amortisation charges for 2005
- Free cash flow before acquisitions of DKK 750-850 million
- Return on invested capital after tax of just over 17%, on a par with
2004
Environmental and social discussion
As previously , this Group financial statement contains selected results
within the environmental and social area .novozymes. Novozymes A/S' B shares are listed on the Copenhagen Stock
Exchange.

henriksen anker

We are proud to be able to offer these
services to families across North America.6%
2. Net financial costs were DKK 8 million, compared with DKK 17 million
in 2004
- Net profit rose by just under 7% to DKK 192 million from DKK 180
million.7% from 16. Sales to the
brewing industry were lower in the first quarter of 2005 than in the
equivalent period of 2004, while sales of other enzymes within the food
segment are showing healthy growth. Net profit rose by just under 7% to DKK 192 million
from DKK 180 million in the same period last year.
Balance sheet and development in shareholders ' equity
In accordance with IFRS, Shareholders' equity is stated inclusive of
minority interests .
Change to accounting policies
Novozymes changed its accounting policies with effect from January 1,
2005 and will henceforth follow the International Financial Reporting
Standards (IFRS ).
In greater detail, the outlook is as follows:
- Growth in net turnover of 6-7% in local currencies, while growth
calculated in DKK is expected to be around 4%
- Launch of 4-6 new enzyme products
- Growth in operating profit calculated in local currencies is expected
to exceed 10%. The basis
for comparison for both water and energy is challenging, as utilisation
improved by 13% and 16% respectively in 2004. Headquartered in Denmark, Novozymes employs more than 3,900
people in 30 countries.

tidswell soren

U-Haul, based in Phoenix and entering its 60th year as the industry giant ,
has the largest rental fleet in the world with over 94,000 trucks and 75,000
trailers. U-Haul , the undisputed leader in the truck-and-trailer rental
industry, is one of the industry's largest operators of self-storage
facilities, the world's largest installer of permanent trailer hitches and the
world's largest single-brand Yellow Pages advertiser.4%
7.5%
6 .

The outlook for free
cash flow is also unchanged at DKK 750-850 million. As expected ,
growth continues to be driven mainly by increased sales of enzymes within the
phytase product group, particularly in Asia.
Depreciation and amortisation charges totalled DKK 117 million, compared
with DKK 118 million in the equivalent period of 2004.
As part of the planned share buy-back programme worth a total of DKK
2,500 million, purchase of own shares to a value of DKK 650 million has been
approved for 2005.
The accounting principles for the present quarterly financial statement
are consistent with the principles underlying The Novozymes Report 2004, with
the exception of the changes described in Note 32 of the Report, "Transition
to IFRS", which describes the changes made as a result of moving from the
previously applicable Danish GAAP to IFRS. Schmidt

Board of Directors:
Henrik Gurtler Kurt Anker Nielsen Paul Petter Aas
Chairman Vice Chairman

Jerker Hartwall Arne Hansen Soren Jepsen
Ulla Morin Walther Thygesen Hans Werdelin

Novozymes is the biotech-based world leader in enzymes and
microorganisms.

rregaard 1847

S. 1 and Dec.

Note to editors: The annual mileage of North American U-Haul trucks would
move a family to the moon and back more than seven times per day, every day of
the year.

U-Haul(R) Top 10 U . MICHIGAN 5.5%
4. The Results for the First Quarter of 2005 Continue to Show Solid
Earnings. Free cash flow for the first quarter of
2004 including this one -off item was DKK 374 million
- Return on invested capital (ROIC) rose to 17. Growth in operating profit calculated in local
currencies is thus expected to exceed 10%, while growth calculated in DKK is
expected to rise by just under 6%. The comparative figures for 2004 have
been adjusted to reflect the IFRS. Growth is being driven in particular by increased sales of
enzymes to the beverage alcohol and textile industries, but sales to the feed
and starch industries are also showing healthy rates of growth in Asia.
Sales of enzymes
Sales of technical enzymes rose by 1%, compared with the first quarter of
2004, and by more than 3% calculated in local currencies.
Sales of food enzymes rose by 9%.40 to USD 0.18 per gallon, equivalent
to a 30-fold reduction since 2001 . The gross margin for the first quarter
of 2005 is 53.8% for microorganisms. The shares are
expected to be withdrawn by the end of June 2005.8 in the first quarter of 2005, which is lower than in the same period of
2004, when the frequency was 9. For more information on the individual targets, see
http: //www.