XML 145 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Capital structure and financial items (Tables)
 12 Months Ended
Dec. 31, 2023
Share Capital, Reserves And Other Equity Interest And Financial Instruments [Abstract]  
Earnings per share
202320222021
Net profitDKK million83,68355,52547,757
Average number of shares outstanding1
in million shares4,482.84,530.64,593.2
Dilutive effect of average outstanding share poolin million shares12.014.013.0
Average number of shares outstanding, including dilutive effect of outstanding share poolin million shares4,494.84,544.64,606.2
Basic earnings per shareDKK18.6712.2610.40
Diluted earnings per shareDKK18.6212.2210.37
1. Excluding treasury shares. For further information on the development in treasury shares, refer to note 4.3.
Distribution to shareholders
DKK million202320222021
Interim dividend for the year13,4309,6138,021
Dividend for prior year18,33715,69013,496
Share repurchases for the year29,92424,08619,447
Total distribution for the year61,69149,38940,964
Development in number of shares
Development in number of shares

DKK millionA sharesB sharesTotal
Shares beginning of 20221,0753,5454,620
Shares cancelled in 2022—(60)(60)
Outstanding shares end of 20221,0753,4854,560
Shares cancelled in 2023—(50)(50)
Outstanding shares end of 20231,0753,4354,510
Treasury shares
Treasury shares20232022
Market value
(DKK million)		Number of B shares of DKK 0.10
(million)		Number of
B shares of DKK 0.10
(million)
Holding at the beginning of the year28,24260.262.2
Cancellation of treasury shares(23,450)(50.0)(60.0)
Released allocated shares to employees(4,433)(9.5)(3.7)
Purchase during the year29,92451.061.7
Value adjustment5,817——
Holding at the end of the year36,10051.760.2
At the end of 2023, the holding of treasury shares amounted to 1.1% of the total outstanding shares (1.3% of the outstanding shares in 2022).
Specification of Other reserves
Specification of Other reserves
DKK millionExchange rate adjustments
Cash flow hedges1
Tax and other itemsTotal
2021
Reserve at the beginning
of the year		(2,528)1,802(185)(911)
Other comprehensive income, net1,624(3,557)1,117(816)
Transferred to
intangible assets		—15(2)13
Reserve at the end of the year(904)(1,740)930(1,714)
2022
Other comprehensive income, net2,2892,766(892)4,163
Reserve at the end of the year1,3851,026382,449
2023
Other comprehensive income, net(1,404)586(355)(1,173)
Reserve at the end of the year(19)1,612(317)1,276
1. For information on derivatives refer to note 4.5.
Financial risks
Management has assessed the following key financial risks:

TypeFinancial risk
Foreign exchange riskHigh
Credit riskLow
Interest rate riskLow
Liquidity riskLow
Key currencies
Key currencies
USDCNYCADJPYGBP
Average exchange rate applied (DKK per 100)
2023689975114.91857
20227081055435.40873
2021629975025.73865
Year-end exchange rate applied (DKK per 100)
2023674955094.77858
20226971015155.29838
20216571035175.70885
Foreign exchange sensitivity analysis
Sensitivity on operating profit of an immediate 5% decrease in key currencies1
DKK millionUSDCNYCADJPYGBP
2024(5,700)(500)(530)(210)(150)
2023(3,180)(500)(320)(240)(160)
1. An immediate 5% increase would have the opposite impact of the above.
As per the end of 2023, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,612 million had been deferred for recognition in 2024 (in 2022 a positive market value of DKK 1,026 million was deferred for recognition in 2023).
Sensitivity of an immediate 5% decrease in currency rates on 31 December versus DKK2
DKK million20232022
Sensitivity of all currencies
Income statement(117)(37)
Other comprehensive income6,0583,431
Total5,9413,394
Hereof sensitivity of USD
Income statement70150
Other comprehensive income5,0822,923
Total5,1523,073
2. An immediate 5% increase would have the opposite impact of the above.
Financial contracts
Financial contracts coverage at year end
MonthsUSD
CNY3
CADJPYGBP
202312129120
202212091211
3. 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
2023
AAA range—15,838—15,838
AA range6,451—9127,363
A range7,292—1,4328,724
BBB range17——17
Not rated or below BBB range632——632
Total14,39215,8382,34432,574
2022
AAA range610,797—10,803
AA range5,507—9636,470
A range6,5501241,7648,438
BBB range124——124
Not rated or below BBB range466——466
Total12,65310,9212,72726,301
Derecognised receivables
At year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2023 amounting to:

DKK million202320222021
US5,0591,3941,313
Japan2,0502,2732,453
Cash and cash equivalents and financial reserves
Financial reserves
DKK million202320222021
Cash and cash equivalents
(note 4.7)
14,39212,65310,719
Marketable securities15,83810,9216,765
Undrawn committed credit facility4
11,55211,52711,526
Borrowings (Note 4.6)
(5,431)(480)(12,861)
Financial reserves36,35134,62116,149

4. The undrawn committed credit facility comprises a facility EUR 1,550 million in 2023 and EUR 1,550 million in 2022 committed by a portfolio of international banks. The facility matures in 2025.
DKK million202320222021
Cash at bank14,39212,65310,720
Borrowings (note 4.6)
——(1)
Cash and cash equivalents14,39212,65310,719
Derivative financial instruments
20232022
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
104,0221,60019359,2921,591907
Forward contracts CNH, CAD and JPY2
20,2462959010,67737331
Forward contracts, cash flow hedges124,2681,89528369,9691,964938
Forward contracts USD1
65,87033094638,4326391,942
Forward contracts EUR, CNH, CAD and others2
28,520119434,11112423
Forward contracts, fair value hedges94,39044998942,5437631,965
Total derivative financial instruments218,6582,3441,272112,5122,7272,903
Recognised in the income statement4499897631,965
Recognised in other comprehensive income1,8952831,964938
1. Average hedge rate for USD cash flow hedges is 676 at the end of 2023 (696 at the end of 2022) and average hedge rate for USD fair value hedges is 675 at the end of 2023 (714 at the end of 2022). 2. For 2022 the relevant currencies are CAD, JPY and GBP.
Financial assets
DKK million20232022
Financial assets by category
Other financial assets571559
Marketable securities15,83810,921
Financial assets at fair value through
the income statement		16,40911,480
Derivative financial instruments (note 4.5)
2,3442,727
Derivatives used as hedging instruments (assets)2,3442,727
Other financial assets682457
Trade receivables31,72916,593
Other receivables and prepayments
(current and non-current)		9,4986,211
•less prepayments and VAT receivables
(8,312)(5,073)
Cash at bank (note 4.7)
14,39212,653
Financial assets at amortised cost47,98930,841
Trade receivables in a factoring portfolio33,04133,967
Financial assets at fair value through other comprehensive income33,04133,967
Total financial assets at the end
of the year by category		99,78379,015
—
Financial liabilities by category
Derivative financial instruments (note 4.5)
1,2722,903
Derivatives used as hedging
instruments (liability)		1,2722,903
Borrowings (non-current) (note 4.6)1
20,52824,318
Borrowings (current) (note 4.6)1
6,4781,466
Trade payables25,60615,587
Other liabilities (non-current)189100
Other liabilities (current)28,70523,606
•less VAT and duties payable
(600)(875)
Financial liabilities measured at
amortised cost		80,90664,202
Total financial liabilities at the end
of the year by category		82,17867,105
1. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.
Financial liabilities
DKK million20232022
Financial assets by category
Other financial assets571559
Marketable securities15,83810,921
Financial assets at fair value through
the income statement		16,40911,480
Derivative financial instruments (note 4.5)
2,3442,727
Derivatives used as hedging instruments (assets)2,3442,727
Other financial assets682457
Trade receivables31,72916,593
Other receivables and prepayments
(current and non-current)		9,4986,211
•less prepayments and VAT receivables
(8,312)(5,073)
Cash at bank (note 4.7)
14,39212,653
Financial assets at amortised cost47,98930,841
Trade receivables in a factoring portfolio33,04133,967
Financial assets at fair value through other comprehensive income33,04133,967
Total financial assets at the end
of the year by category		99,78379,015
—
Financial liabilities by category
Derivative financial instruments (note 4.5)
1,2722,903
Derivatives used as hedging
instruments (liability)		1,2722,903
Borrowings (non-current) (note 4.6)1
20,52824,318
Borrowings (current) (note 4.6)1
6,4781,466
Trade payables25,60615,587
Other liabilities (non-current)189100
Other liabilities (current)28,70523,606
•less VAT and duties payable
(600)(875)
Financial liabilities measured at
amortised cost		80,90664,202
Total financial liabilities at the end
of the year by category		82,17867,105
1. Refer to note 4.6 for a maturity analysis for non-current and current borrowings.
Fair value measurement hierarchy
Fair value measurement hierarchy
DKK million20232022
Active market data (level 1)16,05211,288
Directly or indirectly observable market data (level 2)2,3442,727
Not based on observable market data (level 3)33,39834,159
Total financial assets at fair value51,79448,174
Active market data (level 1)——
Directly or indirectly observable market data (level 2)1,2722,903
Not based on observable market data (level 3)——
Total financial liabilities at fair value1,2722,903
Financial income
DKK million202320222021
Financial income
Interest income1
1,069239231
Foreign exchange gain (net)308——
Financial gain from forward
contracts (net)		1,344—2,316
Capital gain on investments——340
Capital gain on marketable securities143——
Result of associated companies81——
Total financial income2,9452392,887
Financial expenses
Interest expenses on debts and borrowings542378289
Foreign exchange loss (net)—2,8851,972
Financial loss from forward
contracts (net)		—1,766—
Capital loss on investments106124—
Capital loss on marketable securities—46344
Result of associated companies—18924
Other financial expenses197181122
Total financial expenses8455,9862,451
1. Interest income include DKK 370 million from marketable securities at fair value through the income statement (2022: DKK 78 million; 2021: DKK 30 million) while the remaining interest income is derived from financial assets at amortised cost.
Financial expenses
DKK million202320222021
Financial income
Interest income1
1,069239231
Foreign exchange gain (net)308——
Financial gain from forward
contracts (net)		1,344—2,316
Capital gain on investments——340
Capital gain on marketable securities143——
Result of associated companies81——
Total financial income2,9452392,887
Financial expenses
Interest expenses on debts and borrowings542378289
Foreign exchange loss (net)—2,8851,972
Financial loss from forward
contracts (net)		—1,766—
Capital loss on investments106124—
Capital loss on marketable securities—46344
Result of associated companies—18924
Other financial expenses197181122
Total financial expenses8455,9862,451
1. Interest income include DKK 370 million from marketable securities at fair value through the income statement (2022: DKK 78 million; 2021: DKK 30 million) while the remaining interest income is derived from financial assets at amortised cost.
Financial impact from forward contracts
Financial impact from forward contracts, specified
DKK million202320222021
Income/(loss) transferred from other comprehensive income1,026(1,740)1,802
Realised fair value adjustment of transferred contracts214(3,772)(1,411)
Unrealised fair value adjustments of forward contracts2
(540)(1,202)1,246
Realised foreign exchange gain/(loss) on forward contracts6444,948679
Financial income/(expense) from forward contracts1,344(1,766)2,316
2. Refer to note 4.5 for information on open fair value hedge contracts at 31 December.