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Results for the year
 12 Months Ended
Dec. 31, 2024
Analysis of income and expense [abstract]  
Results for the year Results for the year
2.1 Net sales and rebates

Gross-to-net sales reconciliation
DKK million202420232022
Gross sales680,563608,645455,692
US Managed Care and Medicare(238,946)(223,191)(161,123)
US wholesaler charge-backs(64,437)(74,435)(56,443)
US Medicaid rebates(32,919)(31,821)(24,667)
Other US discounts and sales returns(30,737)(28,481)(18,300)
US rebates, discounts and sales returns(367,039)(357,928)(260,533)
Non-US rebates, discounts and sales returns(23,121)(18,456)(18,205)
Total gross-to-net sales adjustments(390,160)(376,384)(278,738)
Net sales290,403232,261176,954
Provisions for sales rebates
DKK million202420232022
At the beginning of the year99,87869,49950,822
Additional provisions, including increases to existing provisions318,812285,266206,354
Amount paid during the year(299,334)(250,316)(189,580)
Adjustments regarding prior years, including unused amounts reversed during the year(6,452)(2,364)(1,141)
Effect of exchange rate adjustment5,612(2,207)3,044
At the end of the year118,51699,87869,499

Sales discounts and sales rebates are predominantly issued in the US. As such, total US rebates, discounts and sales returns amounts to DKK (367,039) million, corresponding to 69% of gross sales in the US (74% in 2023 and 75% in 2022).
Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B
Drug Pricing Program and other US rebate types, as well as rebates in a number
of European countries and Canada.

Pricing mechanisms in the US market
In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered
on their formularies (or 'preferred drug lists').

US Managed Care and Medicare
For Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebate provisions are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.

US wholesaler charge-backs
Wholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargeback provisions are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim.

In January 2021, Novo Nordisk changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Management’s assessment considers interpretations of applicable laws, legal and administrative rulings, as well as attrition and experience from historical claims. During 2024, additional provisions for 340B statutory discounts of net USD 0.8 billion were recognised. As of 31 December 2024, provisions for sales rebates comprise a provision for 340B statutory discounts of
USD 4.6 billion.

Refer to note 3.5 for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.

US Medicaid rebates
Medicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes and the impact of contracting strategies. The calculation
also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates
are generally settled around 150 days from the transaction date.

Other US and non-US discounts and sales returns
Other discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. Further, discounts are provided to patients through different programmes.They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products.

Other net sales disclosures
In 2024, Novo Nordisk had 3 major wholesalers distributing products in the US, representing 23%, 17% and 17% respectively of global net sales (22%, 17% and 15% in 2023 and 19%, 14% and 13% in 2022). Sales to these 3 wholesalers are within both Diabetes and Obesity care and Rare disease.

Net sales to be recognised from existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 3,753 million within 12 months (DKK 3,166 million in 2023) and DKK 5,822 million thereafter (DKK 443 million).

KEY ACCOUNTING ESTIMATES OF SALES DEDUCTIONS AND
PROVISIONS FOR SALES REBATES
Sales deductions are estimated and provided for at the time the related sales
are recorded. These estimates of unsettled rebate, discount and product return obligations is considered a key accounting estimate as not all conditions are known
at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product
as defined by the contracts with the various customer groups. Provisions for
sales rebates are adjusted to actual amounts as rebates, discounts and returns
are processed.

Revenue related to the 340B Drug Pricing Program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur.

Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on the information currently available. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available.
ACCOUNTING POLICIES
Revenue from sale of goods is recognised when Novo Nordisk has transferred
control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.

In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there
is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired.

Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).
Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.

The impact of foreign currency hedging in the income statement is recognised as
part of financial items. Refer to notes 4.4, 4.5 and 4.9 for more details on hedging.
2.2 Segment information
Operating segments – Key figures
Diabetes and Obesity careRare diseaseTotal
DKK million202420232022202420232022202420232022
Net sales271,764215,098156,41218,63917,16320,542290,403232,261176,954
Cost of goods sold(37,760)(30,483)(23,405)(6,762)(5,282)(5,043)(44,522)(35,765)(28,448)
Sales and distribution costs(57,840)(52,477)(42,392)(4,261)(4,266)(3,825)(62,101)(56,743)(46,217)
Research and development costs(41,490)(28,073)(20,157)(6,572)(4,370)(3,890)(48,062)(32,443)(24,047)
Administrative costs(4,881)(4,435)(3,955)(395)(420)(512)(5,276)(4,855)(4,467)
Other operating income and expenses(2,074)(7)892(29)126142(2,103)1191,034
Segment operating profit 127,71999,62367,3956202,9517,414128,339102,57474,809
Operating margin47.0 %46.3 %43.1 %3.3 %17.2 %36.1 %44.2 %44.2 %42.3 %
Depreciation and amortisation expenses(7,104)(6,042)(5,421)(1,441)(1,247)(1,132)(8,545)(7,289)(6,553)
Impairment losses and reversals(9,262)(2,153)(280)(1,300)29(529)(10,562)(2,124)(809)
Total depreciation, amortisation, impairment losses and reversals(16,366)(8,195)(5,701)(2,741)(1,218)(1,661)(19,107)(9,413)(7,362)

Operating segments
Novo Nordisk operates in two segments based on therapies: Diabetes and Obesity care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:
•Diabetes and Obesity care: diabetes, obesity, cardiovascular and emerging therapy areas
•Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.

Segment performance is evaluated on the basis of operating profit, consistent with the Consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to segments. There are no sales or other transactions between the segments. Costs have generally been split between segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle.

ACCOUNTING POLICIES
Operating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.

























Geographical areas
In 2024, Novo Nordisk operated in two main commercial units:

•International Operations
•EMEA: Europe, the Middle East and Africa.
•Region China: Mainland China, Hong Kong and Taiwan.
•Rest of World: All other countries except for North America.
•North America Operations (the US and Canada).

In 2024, the US contributed 10% or more of total net sales. In 2023, the US also contributed 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.2% of total net sales are realised outside Denmark (99.2 % in 2023). Sales are attributed to geographical areas according to the location of the customer.

Total property, plant and equipment and intangible assets amounts to DKK 273,578 million (DKK 151,367 million in 2023), of which DKK 177,471 million is located in Denmark (DKK 82,274 million in 2023) and DKK 57,141 million is located in the US (DKK 46,609 million in 2023).

Net sales – Segments and geographical areas
Total International OperationsTotal North America OperationsTotal Novo Nordisk
net sales
Total IOEMEARegion ChinaRest of WorldTotal NAOUS
DKK million202420232022202420232022202420232022202420232022202420232022202420232022202420232022
Diabetes and Obesity care segment:
Ozempic®
29,05526,37817,36916,00114,32710,4175,7624,8212,1967,2927,2304,75691,28769,34042,38184,20163,01038,750120,34295,71859,750
Rybelsus®
12,2317,3893,1557,1364,2321,714511131634,5843,0261,37811,07011,3618,14410,79511,0608,01123,30118,75011,299
Victoza®
3,6864,8505,6721,4222,1662,7249751,2561,4781,2891,4281,4701,7963,8146,6501,6993,6136,4065,4828,66412,322
Total GLP-144,97238,61726,19624,55920,72514,8557,2486,2083,73713,16511,6847,604104,15384,51557,17596,69577,68353,167149,125123,13283,371
Long-acting insulin12,88411,33911,4037,6867,1037,1572,6961,6491,6362,5022,5872,6106,2113,5665,3385,5382,9314,68519,09514,90516,741
•of which Awigli®
15——9——6—————4—————19——
•of which Tresiba®
6,4945,8646,0923,8763,4353,4859788481,0501,6401,5811,5573,4111,8883,2612,8061,3332,7239,9057,7529,353
•of which Xultophy®
4,2172,8872,4002,1851,8311,7161,414409456186476392863324092813253994,5033,2192,809
•of which Levemir®
2,1582,5882,9111,6161,8371,9562983925412443594142,5101,3461,6682,4511,2731,5634,6683,9344,579
Premix insulin10,1439,34210,0232,6372,5702,6224,7844,4414,9122,7222,3312,48964623253963221651710,7899,57410,562
•of which Ryzodeg®
4,9293,7302,8897015874952,7821,9651,2181,4461,1781,176——————4,9293,7302,889
•of which NovoMix®
5,2145,6127,1341,9361,9832,1272,0022,4763,6941,2761,1531,3136462325396322165175,8605,8447,673
Fast-acting insulin10,56310,41510,8266,9346,6956,4561,4741,5451,9422,1552,1752,4287,9595,5346,6377,7735,2656,24718,52215,94917,463
•of which Fiasp®
1,6091,5121,3541,2891,2661,138———3202462162606616492136186061,8692,1732,003
•of which NovoRapid®
8,9548,9039,4725,6455,4295,3181,4741,5451,9421,8351,9292,2127,6994,8735,9887,5604,6475,64116,65313,77615,460
Human insulin5,3886,1346,5081,7621,9191,9838061,2131,8122,8203,0022,7131,5791,4601,6781,5351,4061,6056,9677,5948,186
Total insulin38,97837,23038,76019,01918,28718,2189,7608,84810,30210,19910,09510,24016,39510,79214,19215,4789,81813,05455,37348,02252,952
Other Diabetes care1,8561,9872,4286886617177828921,1813864345302643257972132676602,1202,3123,225
Total Diabetes care85,80677,83467,38444,26639,67333,79017,79015,94815,22023,75022,21318,374120,81295,63272,164112,38687,76866,881206,618173,466139,548
Wegovy®
11,4251,913547,5131,91354196——3,716——46,78129,4306,13445,77029,4306,13458,20631,3436,188
Saxenda®
5,5636,4025,8322,9203,7803,5611021461332,5412,4762,1381,3773,8874,8447773,3064,3686,94010,28910,676
Total Obesity care 16,9888,3155,88610,4335,6933,6152981461336,2572,4762,13848,15833,31710,97846,54732,73610,50265,14641,63216,864
Diabetes and Obesity care total102,79486,14973,27054,69945,36637,40518,08816,09415,35330,00724,68920,512168,970128,94983,142158,933120,50477,383271,764215,098156,412
Rare disease segment:
Rare blood disorders6,4426,4326,6713,9244,0213,7953633726042,1552,0392,2725,6965,3445,0355,3875,0704,71012,13811,77611,706
•of which Haemophilia A
1,9061,9391,7691,2311,2711,137236223814394455515484835695374685432,4542,4222,338
•of which Haemophilia B
6495844794363772941713131961941726574772804863361521,3061,061759
•of which NovoSeven®
3,7353,7894,3352,1682,2852,3111101365101,4571,3681,5144,2484,1693,9734,1354,0653,8117,9837,9588,308
Rare endocrine disorders2,0322,0454,9041,0386992,232412162469531,1302,4262,9611,7912,2342,9221,7572,2054,9933,8367,138
Other Rare disease9631,0061,0027417818049562132201925455456961602033581,5081,5511,698
Rare disease total9,4379,48312,5775,7035,5016,8314135938563,3213,3894,8909,2027,6807,9658,4697,0307,27318,63917,16320,542
Total sales by geographical area112,23195,63285,84760,40250,86744,23618,50116,68716,20933,32828,07825,402178,172136,62991,107167,402127,53484,656290,403232,261176,954
Total sales growth as reported17.4 %11.4 %16.7 %18.7 %15.0 %17.3 %10.9 %2.9 %1.2 %18.7 %10.5 %28.2 %30.4 %50.0 %35.4 %31.3 %50.6 %34.4 %25.0 %31.3 %25.7 %
2.3 Research and development costs

DKK million202420232022
Employee costs (note 2.4)
15,92312,4299,952
Amortisation, intangible assets (note 3.1)
931649604
Impairment losses and reversals, intangible assets (note 3.1)
7,9121,108760
Depreciation, property, plant and equipment (note 3.2)
1,1201,053898
Impairment losses, property, plant and equipment (note 3.2)
7826024
Clinical trial cost12,2329,4686,313
Other research and development costs9,8667,4765,496
Total research and development costs48,06232,44324,047
As percentage of net sales16.6%14.0%13.6%

Novo Nordisk's research and development is mainly focused on:
•Insulins, GLP-1s and other therapeutic compounds for diabetes treatment
•GLP-1s, combinations and new modes of action for Obesity care
•Blood-clotting factors and new modes of action for treatment of haemophilia
and other rare blood disorders
•Novel targets within cardiovascular disease focusing on ASCVD and Heart failure
•Human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders
•New indications with existing assets within MASH, Alzheimer’s disease and
chronic kidney disease
•Research technology platforms including cell therapy and RNAi for treatment of MASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among others

The research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise digital scientific methodologies and other technology platforms including stem cells, gene therapy, small molecules and RNAi therapies.


Research and development activities are mainly carried out by Novo Nordisk's research and development centres in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships
and licence agreements.

Other research and development costs mainly comprise external consulting
fees, IT services, facilities, consumables and other operational costs.

ACCOUNTING POLICIES
Novo Nordisk expenses all research costs. Due to significant regulatory uncertainties and other uncertainties inherent in the development of new products, internal and subcontracted development costs are also expensed as they are incurred, in line with industry practice. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities
as a condition for obtaining regulatory approval are recognised as research and development costs.

Research and development costs primarily comprise employee costs as well as
internal and external costs related to execution of studies, including manufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities.

Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. Royalty expenses paid to partners after regulatory approval are also expensed as cost of goods sold.

Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.
2.4 Employee costs

DKK million202420232022
Wages and salaries52,31142,86734,575
Share-based payment costs (note 5.1)
2,2892,1491,539
Pensions – defined contribution plans4,2353,2672,472
Pensions – defined benefit plans156126185
Other social security contributions3,5053,0392,713
Other employee costs4,9294,0663,105
Total employee costs for the year67,42555,51444,589
Employee costs capitalised as intangible assets and property, plant and equipment(3,540)(2,337)(1,451)
Change in employee costs capitalised
as inventories		(470)(409)(70)
Total employee costs
in the income statement		63,41552,76843,068
Included in the income statement:
Cost of goods sold20,07415,49011,766
Sales and distribution costs22,92020,81017,700
Research and development costs15,92312,4299,952
Administrative costs4,2653,9623,517
Other operating income and expenses23377133
Total employee costs in the
income statement		63,41552,76843,068

Number of employees
Number202420232022
Average number of full-time employees69,48059,55251,046
Year-end number of full-time employees76,30263,37054,393
Year-end employees (total)77,34964,31955,185







ACCOUNTING POLICIES
Wages, salaries, social security contributions, annual leave and sick leave, bonuses
and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.
2.5 Other operating income and expenses

ACCOUNTING POLICIES

Other operating income and expenses, include mainly licence income and amortisations and impairment losses, which are of a secondary nature in relation
to the main activities of Novo Nordisk.

Operating profit from wholly owned subsidiaries, not related to Novo Nordisk's
main activities, as well as operating profit from non-core manufacturing contracts,
are recognised as other operating income and expenses.

Other operating income and expenses, also includes transaction costs in
connection with acquisition of businesses. Refer to note 5.3 for details on the acquisition of businesses.
2.6 Income taxes and deferred income taxes
Income taxes expensed
DKK million202420232022
Current tax on profit for the year32,08225,91817,829
Deferred tax on profit for the year(5,484)(4,464)(3,806)
Tax on profit for the year26,59821,45414,023
Current tax adjustments recognised
for prior years		172(916)339
Deferred tax adjustments recognised
for prior years		(567)453(825)
Income taxes in the income statement26,20320,99113,537
Tax on other comprehensive income
for the year, (income)/expense		(1,343)359889
Computation of effective tax rate
DKK million202420232022
Statutory corporate income tax rate in Denmark22.0 %22.0 %22.0 %
Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net)(0.5%)(0.9%)(1.1%)
Non-taxable income less non-tax-deductible expenses (net)(0.7%)(0.7%)(0.5%)
Other adjustments (net)(0.2%)(0.3%)(0.8%)
Effective tax rate20.6 %20.1 %19.6 %
Income taxes paid
DKK million202420232022
Income taxes paid in Denmark for
current year		21,81016,8997,481
Income taxes paid outside Denmark
for current year		7,8268,9987,034
Income taxes paid29,63625,89714,515
The deviation in foreign subsidiaries' tax rates from the Danish tax rate is mainly driven by Swiss and US business activities. Other adjustments consist of tax related
to prior years.

From 1 January 2024 Novo Nordisk is subject to Global Minimum Tax (OECD BEPS Pillar 2 rules). The rules did not have a material impact on the tax position of Novo Nordisk in 2024.

KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS AND PROVISIONS FOR UNCERTAIN TAX POSITIONS
Management has considered future taxable income and has estimated the amount
of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 602 million in 2024 (DKK 360 million in 2023).

In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the ‘most likely outcome’ method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation
and settlements with the relevant tax authorities.

ACCOUNTING POLICIES
The tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.

Deferred income taxes arise from temporary differences between the accounting
and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises
from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax
assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the
tax rates assumed in the year in which the assets are expected to be utilised.

In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 1,228 million (DKK 1,026 million in 2023).
The value of future tax deductions in relation to share programmes is recognised
as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.

Development in deferred income tax assets and liabilitiesProperty,
plant and
equipment		 Intangible
assets		Inventories
Liabilities		OtherOffset
within
countries		Total
DKK million
2024
Net deferred tax asset/(liability) at the beginning of the year(2,561)(10,241)1,71714,4276,876—10,218
Income/(charge) to the income statement(207)4272,1423,485204—6,051
Income/(charge) to other comprehensive income—(254)(71)171,622—1,314
Income/(charge) to equity—254——(314)—(60)
Additions from acquisitions(2,723)3,693—25102—1,097
Effect of exchange rate adjustment(116)(145)277367—581
Net deferred tax asset/(liability) at the end of the year(5,607)(6,266)3,79018,7278,557—19,201
Classified as follows:
Deferred tax asset at the end of the year4972253,84718,98913,112(12,043)24,627
Deferred tax liability at the end of the year(6,104)(6,491)(57)(262)(4,555)12,043(5,426)
2023
Net deferred tax asset/(liability) at the beginning of the year(2,402)(8,279)2,59511,0073,922—6,843
Income/(charge) to the income statement(213)(2,106)(645)3,9733,002—4,011
Income/(charge) to other comprehensive income——(224)(6)(129)—(359)
Income/(charge) to equity————(120)—(120)
Additions from acquisitions————62—62
Effect of exchange rate adjustment54144(9)(547)139—(219)
Net deferred tax asset/(liability) at the end of the year(2,561)(10,241)1,71714,4276,876—10,218
Classified as follows:
Deferred tax asset at the end of the year4332451,82014,7926,986(3,896)20,380
Deferred tax liability at the end of the year(2,994)(10,486)(103)(365)(110)3,896(10,162)