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OTHER DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2017
Additional information [abstract]  
Expensed in the Income statement
Expensed in the Income statement
DKK million
2017

 
2016

2015

 
 
 
 
 
Restricted stock units to employees
169

 
245

135

Long-term share-based incentive programme (Management Board)2
19

1 
29

108

Long-term share-based incentive programme (management group below Management Board)3
102

 
94

199

Shares allocated to individual employees
2

 
—

—

 
 
 
 
 
Share-based payment expensed
in the Income statement
292

 
368

442

 
 
 
 
 
1.
The expense for 2017 reflects the value at launch (adjusted for expected dividend) of the programme, amortised over four years. The expense for 2015 and 2016 reflects the full value of the programme (adjusted for expected dividend) for the year, as vesting conditions were met.
2.
The programme includes payments to former members of the Management Board at a total value of DKK 3 million (DKK 3 million in 2016 and DKK 16 million in 2015).
3.
The expense for the year reflects the value at launch (adjusted for expected dividend) of the last four programmes, amortised over four years.
General Terms and Conditions of Launched Programmes
GENERAL TERMS AND CONDITIONS OF LAUNCHED PROGRAMMES
 
Restricted stock units to employees
 
Shares for Management Board
 
Shares for Management group below Management Board
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017

2016

2015

 
2017

2016

2015

 
2017

2016

2015

 
 
 
 
 
 
 
 
 
 
 
 
Number of shares awarded in the year
—

1,465,411

—

 
356,195

96,705

378,943

 
761,826

224,055

879,988

Value per share at launch (DKK)
—

346

—

 
213

304

285

 
213

304

285

Vesting period
—

3 years

—

 
3 years

3 years

3 years

 
3 years

3 years

3 years

Allocated to recipients


Feb. 2019

 
 
Feb. 2021

Feb. 2020

Feb. 2019

 
Feb. 2021

Feb. 2020

Feb. 2019

Total market value at launch (DKK million)
—

508

—

 
76

29

108

 
162

68

251

Expensed in the Income statement (DKK million)
—

169

—

 
19

29

108

 
40

17

63

Amortisation period of
the programme
—

2016 to
2019

—

 
2017 to
2020

Expensed
in 2016

Expensed
in 2015

 
2017 to
2020

2016 to
2019

2015 to
2018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding Restricted Stock
OUTSTANDING RESTRICTED STOCK UNITS
2017

2016

 
 
 
Outstanding at the beginning of the year
4,591,526

7,158,636

Released restricted stock units to employees
(9,200
)
(2,590,000
)
Released shares from 2012 and 2013 Management pool
(749,658
)
(1,808,729
)
Cancelled shares from Management pool
(157,724
)
(174,552
)
Adjustments
5,423

—

Allocated restricted stock units to employees (2013 programme)
—

220,000

Allocated restricted stock units to employees (2016 programme)
—

1,465,411

Shares allocated to Management pools
1,118,021

320,760

Shares allocated to individual employees
35,494

—

 
 
 
Outstanding at the end of the year
4,833,882

4,591,526

 
 
 
OUTSTANDING RESTRICTED
STOCK UNITS
Issued1

Released

 
Cancelled

 
Outstanding

Value at
launch date
DKK million

Vesting date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted stock units to employees
 
 
 
 
 
 
 
 
2016 Restricted stock units
1,465,411

(9,200
)
 
—

 
1,456,211

508

Q1 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding restricted stock units to employees
1,465,411

(9,200
)
 
—

 
1,456,211

 
 
 
 
 
 
 
 
 
 
 
Shares allocated to pools
for Management Board
 
 
 
 
 
 
 
 
2013 Shares allocated to joint pool
254,513

(249,678
)
 
(4,835
)
4 
—

51

Q1 2017
2014 Shares allocated to joint pool
298,467

(9,369
)
2 
(4,925
)
4 
284,173

66

Q1 2018
2015 Shares allocated to joint pool
378,943

—

 
(522
)
 
378,421

108

Q1 2019
2016 Shares allocated to joint pool
96,705

—

 
—

 
96,705

29

Q1 2020
2017 Shares allocated to pool3
356,195

—

 
—

 
356,195

76

Q1 2021
 
 
 
 
 
 
 
 
 
Outstanding shares in joint pool for Management Board
1,384,823

(259,047
)
 
(10,282
)
 
1,115,494

 
 
Shares allocated to pools for management group below Management Board
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012 Shares allocated to pool
1,559,235

(1,376,973
)
 
(182,262
)
 
—

234

Q1 2016
2013 Shares allocated to pool
622,190

(521,214
)
 
(100,976
)
 
—

126

Q1 2017
2014 Shares allocated to pool
683,728

(34,061
)
2 
(131,588
)
 
518,079

155

Q1 2018
2015 Shares allocated to pool
879,988

—

 
(139,235
)
 
740,753

251

Q1 2019
2016 Shares allocated to pool
224,055

—

 
(18,030
)
 
206,025

68

Q1 2020
2017 Shares allocated to pool3
761,826

—

 
—

 
761,826

162

Q1 2021
 
 
 
 
 
 
 
 
 
Outstanding shares in pool for Management group below Management Board
4,731,022

(1,932,248
)
 
(572,091
)
 
2,226,683

 
 
Shares allocated to individual employees
35,494

—

 
—

 
35,494

11

2018-2020
Outstanding at the end of 2017
7,616,750

(2,200,495
)
 
(582,373
)
 
4,833,882

 
 
 
 
 
 
 
 
 
 
 
1.
All restricted stock units and shares allocated to Management pools are hedged by treasury shares.
2.
Released shares from 2014 Management pools relate to NNIT employees following the IPO of NNIT A/S.
3.
2017 programme granted subsequent to approval of the Annual Report 2017 on 1 February 2018.
Contractual Obligations and Recognised Non-Current Debt
Total contractual obligations and recognised non-current debt can be specified as follows (payments due by period):

2017
 
 
 
 
 
DKK million
Within
1 year

 1-3
years

3-5
years

More
than
5 years

Total

 
 
 
 
 
 
 
 
 
 
 
 
Retirement benefit obligations
27

54

51

1,204

1,336

 
 
 
 
 
 
 
 
 
 
 
 
Total obligations recognised in the Balance sheet
27

54

51

1,204

1,336

 
 
 
 
 
 
 
 
 
 
 
 
Operating leases1 
1,220

1,730

1,411

2,094

6,455

Research and
development obligations
1,912

767

95

—

2,774

Research and development - potential milestone payments2
193

725

166

1,628

2,712

Purchase obligations relating to investments in property, plant and equipment
1,663

—

—

—

1,663

Other purchase obligations
5,192

2,552

1,474

14

9,232

 
 
 
 
 
 
Total obligations
not recognised in the
Balance sheet
10,180

5,774

3,146

3,736

22,836

Total contractual obligations
10,207

5,828

3,197

4,940

24,172

 
 
 
 
 
 
2016
 
 
 
 
 
DKK million
Within
1 year

1-3
years

3-5
years

More
than
5 years

Total

 
 
 
 
 
 
Retirement benefit obligations
43

83

78

1,247

1,451

Total obligations recognised in the Balance sheet
43

83

78

1,247

1,451

 
 
 
 
 
 
Operating leases1
1,214

2,061

1,697

2,329

7,301

Research and
development obligations
2,199

1,069

138

—

3,406

Research and development - potential milestone payments2
176

267

282

431

1,156

Purchase obligations relating to investments in property, plant and equipment
521

—

—

—

521

Other purchase obligations
4,335

2,166

926

—

7,427

 
 
 
 
 
 
Total obligations
not recognised in the
Balance sheet
8,445

5,563

3,043

2,760

19,811

Total contractual obligations
8,488

5,646

3,121

4,007

21,262

 
 
 
 
 
 
1.
No material finance lease obligations existed in 2017 or 2016.
2. Potential milestone payments are associated with uncertainty as they are linked to successful achievements in research activities.
Other Guarantees and Security for Debt
DKK million
2017

2016

 
 
 
Other guarantees
 
 
Other guarantees primarily related to guarantees issued by Novo Nordisk in relation to rented property
752

808

 
 
 
Security for debt
 
 
Land, buildings and equipment etc at carrying amount
3

68

 
 
 
Material Transactions with Related Parties
The Group has had the following material transactions with related parties:
DKK million
2017

2016

2015

 
 
 
 
 
 
 
 
Novo Nordisk Foundation
 
 
 
Donations to Steno Diabetes
Center A/S via Novo Nordisk
—

(69
)
(69
)
Services provided by Novo Nordisk
(4
)
(3
)
(3
)
Services provided by Novo Nordisk Foundation
—

31

—

 
 
 
 
Novo Holdings A/S
 
 
 
Services provided by Novo Nordisk
(3
)
(2
)
(3
)
Sale of NNIT B shares
—

—

(797
)
Dividend payment to Novo Holdings A/S
4,085

5,052

2,687

 
 
 
 
NNIT Group
 
 
 
Services provided by Novo Nordisk
(25
)
(30
)
(32
)
Services provided by NNIT
1,231

1,239

1,316

Dividend payment from NNIT
(26
)
(26
)
—

 
 
 
 
Novozymes Group
 
 
 
Services provided by Novo Nordisk
(145
)
(163
)
(185
)
Services provided by Novozymes
163

150

165

 
 
 
 
Xellia Pharmaceuticals
 
 
 
Services provided by Novo Nordisk
(13
)
(108
)
(11
)
 
 
 
 
 
 
 
 
Schedule of Auditors' Remuneration
DKK million
2017

2016

2015

 
 
 
 
Statutory audit
24

24

24

Audit-related services
4

4

4

Tax advisory services
10

9

8

Other services
5

4

7

 
 
 
 
Total fee to statutory auditors
43

41

43

 
 
 
 
Schedule of Companies Included in Novo Nordisk Group
Activity: 
•
 Sales and marketing
•
 Production
•
 Research and development
•
 Services/investments

Company and country
Percentage of shares owned
Activity
 
 
 
 
 
 
 
 
 
 
 
 
Company and country
Percentage of shares owned
Activity
Parent company
 
 
 
 
 
Novo Nordisk A/S, Denmark

•
•
•
•
Company and country
Percentage of shares owned
Activity
 
 
 
 
 
 
Subsidiaries by region
 
 
 
 
 
 
 
 
 
 
 
North America Operations
 
 
 
 
 
Novo Nordisk Canada Inc., Canada
100
•
 
 
 
Novo Nordisk Inc., United States
100
•
 
 
 
Novo Nordisk US Bio Production, Inc., United States
100
 
•
 
 
Novo Nordisk US Holdings Inc., United States
100
 
 
 
•
Novo Nordisk Pharmaceutical Industries Inc., United States
100
 
•
 
 
Novo Nordisk Research Center Indianapolis, Inc., United States
100
 
 
•
 
Novo Nordisk Research Center Seattle, Inc., United States
100
 
 
•
 
 
 
 
 
 
 
International Operations
 
 
 
 
 
Novo Nordisk Pharma Operations A/S, Denmark
100
•
 
 
•
Novo Nordisk Region International Operations A/S, Denmark
100
 
 
 
•
 
 
 
 
 
 
Region Japan & Korea
 
 
 
 
 
Novo Nordisk Region Japan & Korea A/S, Denmark
100
 
 
 
•
Novo Nordisk Pharma Ltd., Japan
100
•
•
 
 
Novo Nordisk Pharma Korea Ltd., South Korea
100
•
 
 
 
 
 
 
 
 
 
Region Europe
 
 
 
 
 
Novo Nordisk Pharma GmbH, Austria
100
•
 
 
 
S.A. Novo Nordisk Pharma N.V., Belgium
100
•
 
 
 
Novo Nordisk Pharma d.o.o., Bosnia-Hercegovina
100
•
 
 
 
Novo Nordisk Pharma EAD, Bulgaria
100
•
 
 
 
Novo Nordisk Hrvatska d.o.o., Croatia
100
•
 
 
 
Novo Nordisk s.r.o., Czech Republic
100
•
 
 
 
Novo Nordisk Pharmatech A/S, Denmark
100
•
•
 
 
Novo Nordisk Region Europe A/S, Denmark
100
 
 
 
•
Novo Nordisk Region Europe Pharmaceuticals A/S, Denmark
100
 
 
 
•
Novo Nordisk Farma OY, Finland
100
•
 
 
 
Novo Nordisk, France
100
•
 
 
 
Novo Nordisk Production SAS, France
100
 
•
 
 
Novo Nordisk Pharma GmbH, Germany
100
•
 
 
 
Novo Nordisk Hellas Epe., Greece
100
•
 
 
 
Novo Nordisk Hungária Kft., Hungary
100
•
 
 
 
Novo Nordisk Limited, Ireland
100
•
 
 
 
Novo Nordisk S.P.A., Italy
100
•
 
 
 
UAB Novo Nordisk Pharma, Lithuania
100
•
 
 
 
Novo Nordisk Farma dooel, Macedonia
100
•
 
 
 
Novo Nordisk B.V., Netherlands
100
•
 
 
 
Novo Nordisk Scandinavia AS, Norway
100
•
 
 
 
Novo Nordisk Pharmaceutical Services Sp. z o.o., Poland
100
•
 
 
 
Novo Nordisk Comércio de Produtos Farmacêuticos Lda., Portugal
100
•
 
 
 
Novo Nordisk Farma S.R.L., Romania
100
•
 
 
 
Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia
100
•
 
 
 
Novo Nordisk Slovakia s.r.o., Slovakia
100
•
 
 
 
Novo Nordisk, d.o.o., Slovenia
100
•
 
 
 
Novo Nordisk Pharma S.A., Spain
100
•
 
 
 
Novo Nordisk Scandinavia AB, Sweden
100
•
 
 
 
Novo Nordisk Health Care AG, Switzerland
100
•
 
 
•
Novo Nordisk Pharma AG, Switzerland
100
•
 
 
 
Novo Nordisk Holding Limited, United Kingdom
100
 
 
 
•
Novo Nordisk Limited, United Kingdom
100
•
 
 
 
Company and country
Percentage of shares owned
Activity
 
 
 
 
 
 
 
 
 
 
 
 
Region AAMEO
 
 
 
 
 
Aldaph SpA, Algeria
100
•
•
 
 
Novo Nordisk Pharmaceuticals Pty. Ltd., Australia
100
•
 
 
 
Novo Nordisk Pharma (Private) Limited, Bangladesh
100
•
 
 
 
Novo Nordisk Egypt LLC, Egypt
100
•
 
 
 
Novo Nordisk India Private Limited, India
100
•
 
 
 
Novo Nordisk Service Centre (India) Pvt. Ltd., India
100
 
 
 
•
PT. Novo Nordisk Indonesia, Indonesia
100
•
 
 
 
Novo Nordisk Pars, Iran
100
•
 
 
 
Novo Nordisk Ltd, Israel
100
•
 
 
 
Novo Nordisk Kazakhstan LLP, Kazakhstan
100
•
 
 
 
Novo Nordisk Kenya Ltd., Kenya
100
•
 
 
 
Novo Nordisk Pharma SARL, Lebanon
100
•
 
 
 
Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia
100
•
 
 
 
Novo Nordisk Pharma Operations (BAOS) Sdn Bhd, Malaysia
100
 
 
 
•
Novo Nordisk Pharma SAS, Morocco
100
•
 
 
 
Novo Nordisk Pharmaceuticals Ltd., New Zealand
100
•
 
 
 
Novo Nordisk Pharma Limited, Nigeria
100
•
 
 
 
Novo Nordisk Pharma (Private) Limited, Pakistan
100
•
 
 
 
Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines
100
•
 
 
 
Novo Nordisk Limited Liability Company, Russia
100
•
 
 
 
Novo Nordisk Production Support LLC, Russia
100
 
•
 
 
Novo Investment Pte Limited, Singapore
100
 
 
 
•
Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore
100
•
 
 
 
Novo Nordisk (Pty) Limited, South Africa
100
•
 
 
 
Novo Nordisk Lanka (PVT) Ltd, Sri Lanka
100
•
 
 
 
Novo Nordisk Pharma (Thailand) Ltd., Thailand
49
•
 
 
 
Novo Nordisk Tunisie SARL, Tunisia
100
•
 
 
 
Novo Nordisk Saglik Ürünleri Tic. Ltd. Sti., Turkey
100
•
 
 
 
Novo Nordisk Ukraine, LLC, Ukraine
100
•
 
 
 
Novo Nordisk Pharma Gulf FZ-LLC, United Arab Emirates
100
•
 
 
 
 
 
 
 
 
 
Region China
 
 
 
 
 
Novo Nordisk (China) Pharmaceuticals Co., Ltd., China
100
•
•
 
 
Beijing Novo Nordisk Pharmaceuticals Science & Technology Co., Ltd., China
100
 
 
•
 
Novo Nordisk Hong Kong Limited, Hong Kong
100
•
 
 
 
Novo Nordisk Pharma (Taiwan) Ltd., Taiwan
100
•
 
 
 
 
 
 
 
 
 
Region Latin America
 
 
 
 
 
Novo Nordisk Pharma Argentina S.A., Argentina
100
•
 
 
 
Novo Nordisk Produção Farmacêutica do Brasil Ltda., Brazil
100
 
•
 
 
Novo Nordisk Farmacêutica do Brasil Ltda., Brazil
100
•
 
 
 
Novo Nordisk Farmacéutica Limitada, Chile
100
•
 
 
 
Novo Nordisk Colombia SAS, Colombia
100
•
 
 
 
Novo Nordisk Mexico S.A. de C.V., Mexico
100
•
 
 
 
Novo Nordisk Panama S.A., Panama
100
 
 
 
•
Novo Nordisk Peru S.A.C., Peru
100
•
 
 
 
Novo Nordisk Venezuela Casa de Representación C.A., Venezuela
100
•
 
 
 
 
 
 
 
 
 
Other subsidiaries and associated company
 
 
 
 
 
NNE A/S, Denmark
100
 
 
 
•
NNIT A/S, Denmark
26
 
 
 
•