Note 34 - Acquisition and activities of companies


	Biocon enzymes business		Philom Bios Inc.		Total
	Carrying	Fair	Carrying	Fair	Carrying	Fair
	amount	value on	amount	value on	amount	value on
	prior to	date of	prior to	date of	prior to	date of
	acquisition	acquisition	acquisition	acquisition	acquisition	acquisition

The assets and liabilities arising from acquisitions are as follows:

Intangible assets	-	318	1	59	1	377
Property, plant and equipment	7	9	37	37	44	46
Inventories	23	29	21	24	44	53
Receivables and prepayments	40	40	7	7	47	47
Cash and cash equivalents	-	-	8	8	8	8
Liabilities	9	9	34	55	43	64
Acquired net assets	61	387	40	80	101	467

Goodwill on acquisitions		218		39		257
Total purchase price		605		119		724

Less:
Cash and cash equivalents in acquired companies		-		8		8
Cash outflow from acquistion of companies		605		111		716

The acquired assets and goodwill comprise the following:

Cash consideration		593		116		709
Direct costs attributable to the acquisitions		12		3		15
Total purchase price		605		119		724

Fair value of acquired net assets		387		80		467
Goodwill		218		39		257

Biocon's enzyme business
On October 1, 2007 Novozymes purchased the activities in the enzyme part of Biocon Limited. The total purchase price was DKK 605 million including discounting of future payments to achieve certain business targets.

The fair value figures stated are to a certain extent based on measurements made by an external assessor, but a few items have been calculated using information available, and may be changed subsequently if new information comes to light.

Philom Bios Inc.
On December 10, 2007 Novozymes purchased the stocks in Philom Bios Inc. The total purchase price was DKK 119 million.

The fair value figures stated for Philom Bios Inc. are based on a preliminary measurement, as it was not possible to complete the measurements by the time the financial statements were prepared due to the short period of ownership.

Goodwill represents the difference between the value of the acquired companies/activities and the value allocated to the specified net assets. Goodwill is thus an expression for assets for which a value cannot be measured reliably, including early-stage research projects and expected synergies arising in connection with amalgamation with the existing business.

Sales of DKK 20 million and a minor loss have been recognized in the group´s income statement for 2007 for the acquired companies. It has not been possible to disclose the combined sales and result from the beginning of the financial year as the financial years and accounting policies of the acquisitions did not conform to those of the Novozymes Group, and because no separate financial statements were prepared for Biocon's enzyme activities in the period as these were an integrated part of the Biocon group.


Final statement of fair value for companies bought in previous years

	GroPep Ltd			Others
	Final	Preliminary		Final	Preliminary
	statement of	statement of		statement of	statement of
	fair value	fair value		fair value	fair value
	on date of	on date of		on date of	on date of
	acquisition	acquisition	Changes	acquisition	acquisition	Changes

The assets and liabilities arising from acquisitions are as follows:

Intangible assets	197	247	(50)	74	74	-
Property, plant and equipment	58	49	9	41	41	-
Inventories	44	38	6	70	70	-
Receivables and prepayments	12	19	(7)	57	57	-
Cash and cash equivalents	51	51	-	13	13	-
Liabilities	27	31	4	211	191	(20)
Acquired net assets	335	373	(38)	44	64	(20)

Goodwill on acquisitions	116	78	38	46	26	20
Total purchase price	451	451		90	90

Less:
Cash and cash equivalents in acquired companies	51	51	-	13	13	-
Cash outflow from acquisions of companies	400	400		77	77


The preliminary statements of fair value on the acquisition date given in the financial statements for 2006 were finalized in 2007. The corrections have been recognized in the respective items and included in additions where specified.