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Capital structure and financial items (Tables)
 12 Months Ended
Dec. 31, 2021
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Distribution to shareholders
DKK million202120202019
Interim dividend for the year8,0217,5707,100
Dividend for prior year13,49612,55112,309
Share repurchases for the year19,44716,85515,334
Total40,96436,97634,743
Development in number of shares
Development in number of shares

Million shares
A sharesB sharesTotal
Shares beginning of 20205371,8632,400
Shares cancelled in 2020—(50)(50)
Outstanding shares end of 20205371,8132,350
Shares cancelled in 2021—(40)(40)
Outstanding shares end of 20215371,7732,310
Treasury shares
Treasury shares20212020
Market value,
DKK million		Treasury shares in %Number of
B shares
(million)		Number of B shares (million)
Holding at the be-ginning of the year16,0161.6 %37.548.1
Cancellation of treasury shares(17,066)(40.0)(50.0)
Transfer regarding restricted stock units(486)(1.1)(0.4)
Purchase during the year19,44734.739.8
Value adjustment4,947——
Holding at the end of the year22,8581.3 %31.137.5
Specification of Other reserves
Specification of Other reserves
DKK millionExchange rate ad-
justments		Cash flow hedgesTax and other itemsTotal
2019
Reserve at the beginning of the year(1,065)(1,677)696(2,046)
Other comprehensive income, net2261,348(222)1,352
Reserve at the end
of the year		(839)(329)474(694)
2020
Other comprehensive income, net(1,689)1,713(567)(543)
Transferred to
intangible assets1
—418(92)326
Reserve at the end
of the year		(2,528)1,802(185)(911)
2021
Other comprehensive income, net1,624(3,557)1,117(816)
Transferred to
intangible assets1
—15(2)13
Reserve at the end
of the year		(904)(1,740)930(1,714)
1.For information on transfer of cash flow hedge reserve to intangible assets refer to note 4.4.
Financial risks
Management has assessed the following key financial risks:

TypeFinancial risk
Foreign exchange riskHigh
Credit riskLow
Liquidity riskLow
Interest rate riskLow
Key currencies
Key currencies figures
USDCNYJPYCADGBP
Average exchange rate applied (DKK per 100)
2021629975.73502865
2020654956.13488839
2019667976.12503852
Year-end exchange rate applied (DKK per 100)
20216571035.70517885
2020606935.88474824
2019668966.11511877
Foreign exchange sensitivity analysis
Sensitivity on operating profit of an immediate 5% increase in key currencies1
DKK millionUSDCNYJPYCADGBP
20222,350360230200120
20211,900460200140110
1. An immediate 5% decrease would have the opposite impact of the above.
Sensitivity of an immediate 5% increase in all other currencies rates on
31 December versus DKK and EUR,1
DKK million20212020
Sensitivity of all currencies
Income statement113299
Other comprehensive income(2,677)(1,893)
Total(2,564)(1,594)
Sensitivity of USD
Income statement(87)2
Other comprehensive income(2,218)(1,380)
Total(2,305)(1,378)
1. An immediate 5% decrease would have the opposite impact of the above.
Financial contracts
Financial contracts coverage at year end
MonthsUSD
CNY1
JPYCADGBP
202112012911
202010612911
1. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.
Credit exposure
Credit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)
DKK millionCash at
bank		Marketable securitiesDerivative financial instrumentsTotal
2021
AAA range4776,765—7,242
AA range3,726—5854,311
A range5,637—1,1056,742
BBB range23——23
Not rated or below BBB range857——857
Total10,7206,7651,69019,175
2020
AAA range————
AA range7,296—9898,285
A range4,443—1,3435,786
BBB range212——212
Not rated or below BBB range806——806
Total12,757—2,33215,089
Derecognised receivables
At year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2021 amounting to:

DKK million202120202019
US1,3131,8173,672
Japan2,4532,3512,149
Cash and cash equivalents and financial reserves
Financial reserves
DKK million202120202019
Cash and cash equivalents
(note 4.6)
10,71912,22615,411
Marketable securities6,765——
Undrawn committed credit facility1
11,52611,53111,578
Undrawn bridge facility2
—5,577—
Borrowings (Note 4.5)
(12,861)(576)(595)
Financial reserves3
16,14928,75826,394

1. The undrawn committed credit facility comprises a EUR 1,550 million facility (EUR 1,550 million in 2020 and EUR 1,550 million in 2019) committed by a portfolio of international banks. The facility matures in 2025.
2. For 2020, the undrawn bridge facility comprises the EUR 750 million (DKK 5,577 million) undrawn portion of EUR 1,500 million bridge facility. The facility was expected to mature in 2021 but the terms provided that the maturity could be extended, at the option of Novo Nordisk to June 2022. Financial reserves for 2020 include amounts undrawn under credit facilities and overdrafts where the repayment is not contractually required within 12 months. In accordance with IFRS, the DKK 5,577 million (EUR 750 million) drawn loan was classified as current borrowings in 2020 as it was Management's expectation that it would be repaid in 2021. The loan was repaid in 2021.
3. Additional non-IFRS financial measure; please refer to 'Non-IFRS financial measures', which is not part of the audited financial statements.
Cash and cash equivalents
DKK million202120202019
Cash at bank (note 4.3)
10,72012,75715,475
Borrowings1 (note 4.5)
(1)(531)(64)
Cash and cash equivalents10,71912,22615,411
1. Bank overdrafts includes DKK 358 million classified as financing activities (DKK 576 million in 2020) and DKK 1 million classified as cash and cash equivalents (DKK 531 million in 2020).
Derivative financial instruments
Derivative financial instruments20212020
DKK millionContract
amount
at year-end		Positive
fair value
at year-end		Negative
fair value
at year-end		Contract
amount
at year-end		Positive
fair value
at year-end		Negative
fair value
at year-end
Forward contracts USD1
42,351171,66729,1101,658—
Forward contracts CNH, JPY, GBP and CAD9,0323212210,29119147
Forward contracts, cash flow hedges51,383491,78939,4011,84947
Forward contracts USD2
30,9091,60728419,4113791,307
Forward contracts CNH, CAD, EUR, GBP and JPY7,361341114,57810411
Forward contracts, fair value hedges38,2701,64139523,9894831,318
Total derivative financial instruments89,6531,6902,18463,3902,3321,365
Recognised in the income statement1,6413954831,318
Recognised in other comprehensive income491,7891,84947
1. Average hedge rate for USD cash flow hedges is 628 at the end of 2021 and 640 at the end of 2020.
2. Average hedge rate for USD fair value hedges is 628 at the end of 2021 and 634 at the end of 2020.
Borrowings
Contractual undiscounted cash flows 20212020
DKK million LeasesIssued bondsLoans
Bank overdrafts1
TotalLeasesLoans
Bank overdrafts1
Total
Within 1 year946—12,50335913,8088555,5771,1077,539
1-3 years1,4754,854——6,3291,247——1,247
3-5 years942———942694——694
More than 5 years1,2664,800——6,0661,241——1,241
Total contractual undiscounted cash flows at the end of the year4,6299,65412,50335927,1454,0375,5771,10710,721
Contractual discounted cash flows included in the balance sheet at the end of the year4,1299,65412,50335926,6453,6725,5771,10710,356
Non-current liabilities3,3079,654——12,9612,897——2,897
Current liabilities822—12,50335913,6847755,5771,1077,459

Reconciliation of liabilities arising from financing activitiesNon-cash movements
DKK millionBeginning of the yearRe-paymentsProceeds
Additions2
DisposalsExchange ratesOtherEnd of the year
2021
Lease liabilities3,672(874)—1,183—14624,129
Issued bonds——9,657———(3)9,654
Loans5,577(5,577)12,503————12,503
Bank overdrafts1
576(238)———173358
Liabilities arising from financing activities9,825(6,689)22,1601,183—163226,644
Bank overdrafts1
531(527)————(3)1
Total borrowings10,356(7,216)22,1601,183—163(1)26,645
2020
Lease liabilities3,824(950)—978—(171)(9)3,672
Loans——5,582——(5)—5,577
Bank overdrafts1
595—100——(119)—576
Liabilities arising from financing activities 4,419(950)5,682978—(295)(9)9,825
Bank overdrafts1
64—467————531
Total borrowings4,483(950)6,149978—(295)(9)10,356
1. Bank overdrafts includes DKK 358 million classified as financing activities (DKK 576 million in 2020) and DKK 1 million classified as cash and cash equivalents
 (DKK 531 million in 2020).
2. Includes additions from acquisitions of businesses.
Issued bonds
EUR 650 million (2024)EUR 650 million (2028)
Issue date4 June 20214 June 2021
Maturity date4 June 20244 June 2028
Interest typeFixedFixed
Coupon interest rate0.000 %0.125 %
Carrying amount4,8544,800
Fair value4,8504,794
Other non-cash items
DKK million202120202019
Reversals of non-cash income statement items
Interest income and interest expenses, net (note 4.10)
5853155
Capital gain/(loss) on investments, net. etc (note 4.10)
(340)195145
Result of associated companies (note 4.10)
24(149)137
Share-based payment costs
(note 5.1)
1,040823363
Increase/(decrease) in provisions (note 3.4) and retirement benefit obligations
16,5813,6056,071
Other(4,354)3,322161
Total other non-cash items13,0097,8497,032
Change in working capital
DKK million202120202019
Inventories(1,085)(895)(1,305)
Trade receivables(12,909)(2,822)(2,126)
Other receivables and prepayments(469)(419)(1,190)
Trade payables3,153(641)(398)
Other liabilities2,5951,2741,202
Adjustment for payables related to non-current assets(15)879295
Adjustment related to acquisition of businesses(1,409)——
Adjustment related to divestment of Group companies——(42)
Change in working capital including exchange rate adjustments(10,139)(2,624)(3,564)
Exchange rate adjustments1,483(1,729)176
Cash flow change in working capital(8,656)(4,353)(3,388)
Financial assets
Financial assets by category
DKK million20212020
Other financial assets553766
Marketable securities6,765—
Derivative financial instruments (note 4.4)
1,6902,332
Financial assets at fair value through the income statement9,0083,098
Other financial assets363300
Trade receivables15,03611,643
Other receivables and prepayments (current and non-current)5,3044,835
– less prepayments and VAT receivables(3,438)(4,113)
Cash at bank (note 4.6)
10,72012,757
Financial assets at amortised cost27,98525,422
Trade receivables in a factoring portfolio1
25,60716,091
Financial assets at fair value through other comprehensive income25,60716,091
Total financial assets at the end of the year by category62,60044,611
Financial liabilities by category
Derivative financial instruments (note 4.4)
2,1841,365
Financial liabilities measured at
fair value through the income statement		2,1841,365
Borrowings (non-current)2 (note 4.5)
12,9612,897
Borrowings (current)2 (note 4.5)
13,6847,459
Trade payables8,8705,717
Other liabilities (non-current)360—
Other liabilities (current)19,60017,005
– less VAT and duties payable(590)(598)
Financial liabilities measured at
amortised cost		54,88532,480
Total financial liabilities at the end of the year by category3
57,06933,845
1. Trade receivables which are measured at fair value through other comprehensive income, which have no associated loss allowance. Refer to note 3.3.
2. The fair value of loans approximates the booked amount.
3. Please refer to note 4.5 for a maturity analysis for non-current and current borrowings.
Financial liabilities
Financial assets by category
DKK million20212020
Other financial assets553766
Marketable securities6,765—
Derivative financial instruments (note 4.4)
1,6902,332
Financial assets at fair value through the income statement9,0083,098
Other financial assets363300
Trade receivables15,03611,643
Other receivables and prepayments (current and non-current)5,3044,835
– less prepayments and VAT receivables(3,438)(4,113)
Cash at bank (note 4.6)
10,72012,757
Financial assets at amortised cost27,98525,422
Trade receivables in a factoring portfolio1
25,60716,091
Financial assets at fair value through other comprehensive income25,60716,091
Total financial assets at the end of the year by category62,60044,611
Financial liabilities by category
Derivative financial instruments (note 4.4)
2,1841,365
Financial liabilities measured at
fair value through the income statement		2,1841,365
Borrowings (non-current)2 (note 4.5)
12,9612,897
Borrowings (current)2 (note 4.5)
13,6847,459
Trade payables8,8705,717
Other liabilities (non-current)360—
Other liabilities (current)19,60017,005
– less VAT and duties payable(590)(598)
Financial liabilities measured at
amortised cost		54,88532,480
Total financial liabilities at the end of the year by category3
57,06933,845
1. Trade receivables which are measured at fair value through other comprehensive income, which have no associated loss allowance. Refer to note 3.3.
2. The fair value of loans approximates the booked amount.
3. Please refer to note 4.5 for a maturity analysis for non-current and current borrowings.
Fair value measurement hierarchy
Fair value measurement hierarchy
DKK million20212020
Active market data7,169634
Directly or indirectly observable market data1,6902,332
Not based on observable market data25,75616,223
Total financial assets at fair value34,61519,189
Active market data——
Directly or indirectly observable market data2,1841,365
Not based on observable market data——
Total financial liabilities at fair value2,1841,365
Financial income
Financial income
DKK million202120202019
Financial income
Interest income1
23133765
Foreign exchange gain (net)—1,142—
Financial gain from forward contracts (net)2,316——
Capital gain on investments, etc.340——
Result of associated companies—149—
Total financial income2,8871,62865
Financial expenses
Interest expenses1
289390220
Foreign exchange loss (net)1,972—539
Financial loss from forward contracts (net)—1,8892,673
Capital loss on investments, etc.—195145
Capital loss on marketable securities44——
Result of associated companies24—137
Other financial expenses122150281
Total financial expenses2,4512,6243,995
1. Total interest income and expenses is measured at amortised cost for financial assets and liabilities.
Financial expenses
Financial income
DKK million202120202019
Financial income
Interest income1
23133765
Foreign exchange gain (net)—1,142—
Financial gain from forward contracts (net)2,316——
Capital gain on investments, etc.340——
Result of associated companies—149—
Total financial income2,8871,62865
Financial expenses
Interest expenses1
289390220
Foreign exchange loss (net)1,972—539
Financial loss from forward contracts (net)—1,8892,673
Capital loss on investments, etc.—195145
Capital loss on marketable securities44——
Result of associated companies24—137
Other financial expenses122150281
Total financial expenses2,4512,6243,995
1. Total interest income and expenses is measured at amortised cost for financial assets and liabilities.
Financial impact from forward contracts
Financial impact from forward contracts, specified
DKK million202120202019
Income/(loss) transferred from other comprehensive income1,802(329)(1,677)
Value adjustment of transferred contracts(1,411)79(1,609)
Unrealised fair value adjustments of forward contracts1,246(835)(217)
Realised foreign exchange gain/(loss) on forward contracts679(804)830
Financial income/(expense) from forward contracts2,316(1,889)(2,673)