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"value": "1.1 Significant changes and eventsIn line with the refreshed strategy, \u201cUnlocking growth \u2013 powered by biotech\u201d, announced in 2021, the following significant events impacted Accounts and performance in 2022.Novozymes and Chr. Hansen to combine and create a leading global biosolutions partner Novozymes and Chr. Hansen announced on December 12, 2022, the proposed combination of the two companies to create a leading global biosolutions partner. As a consequence of the proposed combination of Novozymes and Chr. Hansen, special items are presented in the income statement for 2022. Reference is made to Note 2.6 for further information. Se Note 5.1 for information on undrawn commited credit facilities and Note 6.3 on contractual commitments related to the proposed combination.War in Ukraine Novozymes does not have any significant business activi-ties in Russia and Ukraine, and while sales to Russia have been discontinued and the sales office in Russia has been closed, this has not resulted in any significant impairment of assets. Reference is made to Notes 2.2, 3.2.and 4.2 for further details. The uncertainty regarding energy supply \u2013 with Russian gas being cut off \u2013 has led to investments in oil-based energy generators to mitigate the gas shortage and secure production stability. See note 7.2 for further information.Novozymes and our employees have supported refugees and families impacted by the war through multiple initia-tives. See note 8.6 for further information. Significant transactions In 2022, Novozymes Biotechnology merged with st21.BIO and a non-cash accounting gain was realized. Following the transaction, Novozymes obtained significant ststinfluence in 21.BIO, and 21.BIO is recognized as an associated company of Novozymes. Reference is made to Note 2.5 for further details. Additionally, Novozymes\u2019 minority ownership in Albumedix has been divested, leading to a financial gain. Reference is made to Note 5.2 for more details. 1.2 Basis of reportingThis section provides an overview of Novozymes\u2019 principal accounting policies, the critical accounting estimates and judgments applied, a definition of materiality as well as the impact of new or amended IFRS standards and interpreta-tions. The symbols I/S, B/S and ESG show which amounts in the notes can be found in the income statement, the balance sheet, and in environ-mental data and social and governance data respectively. The accounting policies described below apply to the consolidated financial statements as a whole. Accounting policies and critical accounting esti-mates and judgments are described in the notes to which they relate to enhance understanding. The descriptions of accounting policies in the notes form part of the overall description of accounting policies. ACCOUNTING POLICIES Consolidation The consolidated financial statements comprise the financial statements of Novozymes A/S (the Parent Company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The consolidated financial statements are prepared by combining items of a uniform nature and subsequently elim-inating intercompany transactions, internal stockholdings and balances, and unrealized inter-company profits and losses. Non-controlling interests\u2019 share of subsidiaries\u2019 net profit for the year and equity are included in the Group\u2019s net profit and total equity, but are disclosed separately.Consolidation of the environmental, social and governance data follows the same principles as the financial reporting. Translation of foreign currencies The consolidated financial statements are pre-sented in Danish kroner (DKK), which is also the functional and presentation currency of the par-ent company. Exchange rate differences arising between exchange rates at the transaction date and the reporting date are recognized as Financial income or Financial costs. Foreign currency transactions are translated into the functional currency defined for each com-pany using the exchange rates prevailing at the transaction date. Monetary items denominated in foreign currencies are translated into the func-tional currency at the exchange rates prevailing at the reporting date. Financial statements of foreign subsidiaries are translated into DKK at the exchange rates pre-vailing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items. The following exchange rate differences, arising from translation using the exchange rate prevail-ing at the reporting date, are recognized in Other comprehensive income: \u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year. \u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates. iXBRL reporting Novozymes is required to file its annual report in the European Single Electronic Format (\u2018ESEF\u2019) and The Novozymes Report is therefore prepared in the XHTML format that can be displayed in a standard browser. The primary statements and notes in the consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item or note disclosure is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Novozymes Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named NOVOZYMES-2022-12-31-en.zip. Non-IFRS financial measures Novozymes uses certain financial measures that are not defined in IFRS to describe the Group\u2019s financial performance, financial position and cash flows. These financial measures may there-fore be defined and calculated differently from similar measures in other companies, and may thus not be comparable. The non-IFRS financial measures presented in The Novozymes Report are: \u2022 Organic sales growth \u2022 Special items \u2022 Operating profit (EBIT) before special items\u2022 Operating costs \u2022 Economic profit \u2022 ROIC \u2022 ROIC before special items\u2022 Free cash flow before acquisitions Definitions of non-IFRS financial measures are provided in the Glossary section of The Novozymes Report. ROIC is the adjusted operating profit (NOPAT) after tax for the last 12 months as a percentage of average invested capital.Calculation of ROICDKK million Note 2022 2021Operating profit (EBIT) 4,561 4,007Exchange gains/(losses) (330) (4)Tax on adjusted operating profit 3.1, 3.2 (808) (795)Share of loss in associates (7) (4)Adjusted operating profit (NOPAT) 3,416 3,204DKK million Note 2022 2021Intangible assets 3.1 4,698 5,024Property, plant and equipment 3.2 12,074 10,185Investments in associates 223 29Net working capital* 4,244 3,535Financial assets, non-interest-bearing 80 75Provisions 3.4 (129) (174)Contingent consideration 3.6 (382) (543)Derivatives (101) (113)Tax, net (4) 100Invested capital 20,703 18,118Average invested capital 19,411 16,606ROIC 17.6% 19.3%* Net working capital includes Inventories, Trade receivables, Contract assets, Other receivables, Assets held for sale, Deferred income, Trade payables, Contract liabilities and Other liabilities. Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements and the environmental, social and governance data requires Management to make estimates and assumptions that can have a sig-nificant effect on the application of policies and reported amounts of assets, liabilities, income, expenses and related disclosures. The estimates and underlying assumptions are based on histori-cal experience and various other factors. Actual results may differ from these estimates. The application of the Group\u2019s accounting poli-cies may require Management to make judg-ments that can have a significant effect on the amounts recognized in the consolidated financial statements. Management judgment is required in particular when assessing the substance of trans-actions that have a complicated structure or legal form.The critical accounting estimates and judgments could potentially have a significant impact on the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in esti-mates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed information becomes available. Such changes are recognized in the period in which the estimate in question is revised.The table shows critical accounting estimates and judgments and their level of potential impact on the consolidated financial statements:Critical accounting Estimate/ Potential impact from Note\ue61festimates and judgments\ue61fjudgment\ue61festimates and judgments\ue61f2.2 Revenue\ue614 Revenue recognition\ue614 Estimate\ue614 Classification of 2.6 Special itemsspecial items Judgment Group tax charge\ue614and 2.7 Tax\ue614deferred tax assets Estimate\ue614 3.1 Intangible assets and Impairment of intangible impairment test of goodwill\ue614assets and goodwill\ue614 Estimate\ue614 3.5 Business acquisitions3.6 Contingent consideration\ue614 Fair value measurement Estimate 6.5 Non-controlling interestsCost of work in progress 4.1 Inventories\ue614and finished goods\ue614 Estimate 4.2 Trade receivables and Allowances for doubtful contract assets\ue614trade receivables\ue614 Estimate Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further require-ments in the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the exception of derivatives, securities, contingent consideration and share purchase liability, which are measured at fair value. The accounting policies are unchanged from last year. Defining materiality The Novozymes Report is based on the concept of materiality, to ensure that the content is mate-rial and relevant. If items are individually immaterial, they are aggregated with other items of a similar nature in the statements or in the notes. Novozymes pro-vides the specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the readers of The Novozymes Report. Introduction of special items in the income statementAs a consequence of the proposed combination of Novozymes and Chr. Hansen, special items are presented in the income statement from 2022.Introduction of special items has been made to provide a more transparent view of Novozymes\u2019 recurring activities and to separate the income and costs from the proposed combination of Novozymes and Chr. Hansen from Novozymes\u2019 operating profit.Please refer to Note 2.6 for more information.As for environmental, social and governance (ESG) matters, we disclose information on issues that are identified by our materiality assessment. The disclosures in the notes include information on our management approach, targets, initia-tives, and related progress. Novozymes\u2019 materiality assessment is a system-atic and rigorous process that has been aligned with the principles of double materiality. It allows us both to evaluate whether Novozymes has an impact on the environment and society and to identify how ESG issues affect the creation of long-term value. We have established a two-phased process comprising a comprehensive assessment every three years and a refresh (light-assessment) every year. The process inte-grates input from external stakeholders, trend analyses and internal engagement with relevant departments including Investor Relations, Risk Management & Controls, Quality, Sustainability and our commercial divisions. This process results in a materiality matrix of economic and ESG issues. The matrix reflects the importance of those issues to our key stakeholders versus their impact on Novozymes, and it is used to guide our strategy and reporting.As a result of the refresh performed in 2022, no new issues were added to our materiality matrix. The consolidated environmental, social and gov-ernance data have been prepared in accordance with policies that adhere to internationally recog-nized voluntary reporting standards and princi-ples such as the UN Global Compact (UNGC). Novozymes is a signatory to the UNGC, a volun-tary policy initiative for businesses committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labor, the environment and anti-corruption. We also take inspiration from the Task Force on Climate Related Financial Disclosures (TCFD) framework for climate-re-lated disclosures. Our reporting and materiality assessments were also inspired by the GRI framework.The policies are unchanged from last year. Limited reporting scope The environmental data cover those activities that could have a significant impact on the environment. Sites with activities considered not to have a significant environmental impact are not included. Such sites comprise sales offices, R&D labs, and sites with limited blending and storage of products. However, measures are taken to ensure that at least 97% of the total Novozymes quantity of the measured environ-mental parameter is included in the reported numbers. New standards and interpretations not yet adoptedIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. Novozymes expects to adopt the accounting standards and interpreta-tions as they become mandatory. None of the new or amended standards or interpretations are expected to have a significant impact on the con-solidated financial statements.Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2022:\u2022 Amendments to IFRS 3 \u2013 Business Combinations clarifying the prohibition for recognizing contingent assets acquired in a business combination and replacing outdated references to the Framework. \u2022 Amendments to IAS 37 \u2013 Provisions Contingent Liabilities and Contingent Assets specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019 whether being incremental costs of fulfilling that contract or an alloca-tion of other costs that relate directly to ful-filling contracts.\u2022 Amendment to IAS 16 - Property, Plant and Equipment prohibiting deductions from the cost of an item of property, plant and equip-ment of any proceeds from selling items produced while bringing that asset to the loca-tion and condition necessary for it to be capa-ble of operating in the manner intended by management. Instead, proceeds from selling such items, and the cost of producing those items, must be recognized in profit or loss. \u2022 Annual Improvements to IFRSs (2018\u20132020) contains minor changes to four standards.The adoption of the new and amended standards and interpretations has not had a significant impact on recognition, measurement, or disclo-sures in the consolidated financial statements for 2022 and is not anticipated to have a signifi-cant impact on future periods.Select material issues for NovozymesPartnerships & customer ComplianceInnovationengagementProfitableSolid capitalSupply chaingrowthstructuresecurityClimate changeWater Waste& EnergyLabor practicesEmployee Diversity & inclusionand human rightssafety & well-beingCorporateBusinessgovernanceethicsFor more information, refer to:www.novozymes.com/en/about-us/sustainability/materiality2.1 Segment Segment reporting The internal reporting framework used for reporting on revenue and expenses to the Executive Leadership Team and the Board of Directors has been established to reflect and report on the global functional responsibility setup at Novozymes. This setup consolidates functions by type, and Management reviews the results of the Group as a whole to assess perfor-mance. Thus, there is only one operating seg-ment.Worldwide operations The Group operates in four geographical regions: Europe, Middle East & Africa, North America, Asia Pacific and Latin America. From a revenue perspective, U.S. is the largest single country, contributing ~31% of the Group\u2019s revenue (2021: ~29%). The geographical distribution of revenue is basedon the country in which the goods are delivered. For a number of customers, central deliveries are made to specified locations and the final desti-nation is unknown. The stated geographical dis-tribution of revenue may therefore vary from one year to the next if delivery destinations for these customers change. Most of the Group\u2019s intangible assets and prop-erty, plant and equipment are located in Denmark, U.S., India and China.Revenue 2022 (2021)DKK millionDenmark 211 (207)Rest of Europe, Middle East & Africa5,884 (5,474)17,553North America (14,951)5,829 (4,683)Latin America 2,063 (1,578)Asia Pacific3,566 (3,009)Intangible assets and property, plant and equipment 2022 (2021)DKK millionDenmark 6,747 (6,647)Rest of Europe, Middle East & Africa788 (828) 16,North America (15,25,804 (4,019)Latin America 121 (108)Asia Pacific3,312 (3,607)Net investments 2022 (2021)DKK millionDenmark 754 (431)Rest of Europe, Middle East & Africa3 (-32)2North America (1,941 (517)Latin America 26 (22)Asia Pacific138 (178)Intangible assets and property, plant and equipment, largest single countries: 2022 2021Denmark 40% 44%U.S. 33% 25%India 11% 13%China 9% 10%2.2 Revenue DKK million 2022 2021Consumer BiosolutionsHousehold Care 4,988 4,763Food, Beverages & Human Health 4,134 3,464Agriculture & Industrial BiosolutionsBioenergy 3,748 2,702Grain & Tech Processing 2,607 2,236Agriculture, Animal Health & Nutrition 2,076 1,786Revenue I/S17,553 14,951Emerging markets 6,441 5,448Developed markets* 11,112 9,503Revenue I/S17,553 14,951Revenue to the five largest customers as a percentage of revenue 23% 25%* Developed markets comprise North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. Rest of the world is considered as emerging markets.At January 1, 2022, contract liabilities amounted to DKK 129 million (2021: DKK 67 million), of which DKK 81 million was recognized as revenue in 2022 (2021: DKK 43 million).As a consequence of the war in Ukraine, Novozymes has discontinued all sales to custom-ers in Russia. This is estimated to have had a negative impact on the organic sales growth in 2022 of around 1%.Critical accounting estimates and judgmentsNovozymes has entered into various sales agreements, including agreements where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers, and where the profit on products sold to end customers is shared between the partner and Novozymes based on predetermined profit-sharing mechanisms. Recognition of revenue requires judgment and estimates by Management in connection with determining the appropriate revenue recognition as well as the timing of recogni-tion.Sales by currency 2022 (2021)DKK millionDKK 6% (7%)EUR 33% (36%)USD 38% (35%)CNY 8% (9%)Other 15% (13%)Sales growth 2022DKK million7%17,5539%1%14,9512021Organic M&A Exchange 2022growthimpactratesMost of Novozymes\u2019 revenue is derived from the sale of goods to customers, with revenue being recognized when the goods are delivered. Accounting policiesNovozymes produces a wide range of industrial enzymes, microorganisms and probiotics. Revenue includes the sale of goods and related services and royalties, and is recognized at an amount that reflects the consideration to which Novozymes expects to be entitled. Revenue from the straightforward sale of goods to cus-tomers is recognized when control of the goods is transferred to the customer, i.e. when goods are delivered. Variable considerations are included in revenue to the extent that they are not subject to significant uncertainty. The performance obligations in the contracts are to deliver enzymes, microorganisms and probiotics to customers, and each batch deliv-ered is considered a separate performance obligation, as each batch is distinct.Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. Returns A few of Novozymes\u2019 markets are granted a right of return. No revenue is recognized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These estimates are updated at the end of each reporting period. As the goods returned are usu-ally scrapped, no inventory asset is recognized. Profit split Novozymes has entered into partnerships where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers. The profit on products sold to end customers is shared between the partner and Novozymes based on predeter-mined profit-sharing mechanisms. Revenue from these arrangements consists of sales of products to the partner and the shared profit, and is recognized in full when the goods are delivered to the other contracting party. This is done by calculating the expected profit based on insights, experience and other input factors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically. Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. Other Revenue collected on behalf of third parties is not recognized as revenue. Novozymes\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities. A trade receivable is recognized when the cus-tomer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes unconditional and only the passage of time is required before payment is due. Typical payment terms are around 60 days. Contract liabilities consist of advance pay-ments, deferred revenue and liabilities for refund goods. The contract liabilities are recog-nized as revenue as the performance obliga-tions under the contracts are fulfilled.2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Employee costs 2022 (2021)DKK millionDenmark 2,383 (2,276)Rest of Europe, Middle East & Africa205 (157)4North America 1,244 (1,054)Asia Pacific655 (533)Latin America 123 (93)Number of employees at year-end 2022 (2021)No. of employeesDenmark 2,883 (2,787)Rest of Europe, Middle East & Africa 238 (214)6,781 North America (6,527)1,303 (1,238)Asia Pacific 2,038 (1,967)Latin America 319 (321)DKK million 2022 2021Average number of employees who work with R&D 1,279 1,330Number of employees outside Denmark as a percentage of total number of employees 57% 57%Part-time employees 343 343Full-time employees 6,438 6,184Employees at December 31ESG6,781 6,527Senior management 214 199Management 1,388 1,326Professional 1,894 1,753Administrative 737 731Skilled workers, laboratory technicians and other technicians 1,178 1,189Process operators 1,370 1,329Employees by category at December 31ESG6,781 6,527Employee gender distribution 2022 (2021)Women39% (39%)Men61% (61%)Senior management gender distribution 2022 (2021)Women33% (34%)Men67% (66%)Accounting policiesThe number of employees is derived from contractual obligations, but does not include employees on unpaid leave, temporary replacements, student interns, agency employees, consultants or PhD students. In the calculation of the number of full-time employees, employees with a working time ratio of 95% or more are counted as full-time employees. The average number of employees is calcu-lated as the average of the number of perma-nent employees at the end of each month. Job categories are defined as follows: Senior management comprises the CEO, executive vice presidents, vice presidents and directors. Management comprises middle managers and specialists. Professional comprises employ-ees with academic backgrounds as well as team leaders. Process operators comprises operators and unskilled workers.All of the above classifications are based on internal job categories. 2.4 Research and development costsDKK million Note 2022 2021Internal and external research and development costs 528 575Employee costs 2.3 1,127 1,087Amortization and impairment losses, intangible assets 3.1 182 184Depreciation and impairment losses, property, plant and equipment 3.2 164 163Total research and development costsI/S2,001 2,009As a percentage of revenue 11.4% 13.4%Due to significant uncertainty associated with In 2022, Novozymes had 892 active patent fami-the development of new products, none of the lies (2021: 902). Active patent families comprise development projects met the critieria for capi-the number of inventions for which Novozymes talization in 2022 and 2021. had one or more active patent applications or active patents at December 31.In 2022, Novozymes launched 26 new products (2021: 14 new products). New products comprise products with new or improved characteristics. Accounting policiesResearch and development costs primarily comprise employee costs, internal and exter-nal costs related to the development of new products and to the ongoing optimization of production processes for existing products, and amortization, depreciation and impair-ment losses related to intangible assets and property, plant and equipment used in research and development activities. Research costs are expensed as incurred, while development costs are expensed as incurred unless the criteria for capitalization are deemed to have been met. Income received from research and collabora-tion agreements is recognized in Other oper-ating income.2.5 Other operating income, netDKK million 2022 2021Income and grants concerning research projects/collaborations 10 13stGain from 21.BIO transaction 201 -Net gain from divestment of a pharma-related royalty - 62Net gain from sale of buildings held for sale - 60Other secondary income, net 65 53Other operating income, netI/S276 188In 2022, Other operating income was impacted by DKK 201 million from an accounting gain strelated to the 21.BIO transaction, in which Novozymes Biotechnology ApS merged with st21.BIO. Following the transaction, Novozymes stobtained significant influence in 21.BIO, and st21.BIO is recognized as an associated company of Novozymes.In 2021, Other operating income was impacted by DKK 60 million due to a realized gain from the sale of an administration building and by DKK 62 million from the contingent consideration relat-ing to the divestment of a pharma-related roy-alty. Contingent consideration was recognized where entitlement was obtained due to comple-tion of patent registrations.Accounting policiesOther operating income comprises income that is not product-related and that is not defined as special items. This includes income from research and collaboration agreements, government grants, sale of licenses, patents, etc., and other income of a secondary nature in relation to the main activities of the Group. This item also includes non-recurring income items in respect of damages, outlicensing, etc., and gains and losses on divestments.2.6 Special items DKK million 2022 2021Transaction costs related to the proposed combination of Novozymes and Chr. Hansen (68) -Special itemsI/S(68) -Special items reconcile to the income statement as specified below:Special items bridge2022 2021Reported Adjusted Reported Adjusted income Special income income Special income DKK millionstatementitemsstatementstatementitemsstatementRevenue 17,553 - 17,553 14,951 - 14,951Cost of goods sold (7,976) - (7,976) (6,328) - (6,328)Gross profit 9,577 - 9,577 8,623 - 8,623Sales and distribution costs (2,271) (67) (2,338) (1,936) - (1,936)Research and development costs (2,001) - (2,001) (2,009) - (2,009)Administrative costs (952) (1) (953) (859) - (859)Other operating income, net 276 - 276 188 - 188Operating profit (EBIT) before special items 4,629 (68) 4,561 4,007 - 4,007Special items (68) 68 - - - -Operating profit (EBIT) I/S4,561 - 4,561 4,007 - 4,0072.7 TaxTax risks In many markets, Novozymes operates through sales companies and distributors, whereas pro-duction is located in only a few countries. This leads to transactions between group companies. Novozymes follows the OECD principles in setting internal transfer prices for these transactions. This is a complicated area and entails a tax risk, because the transactions are subject to judgment in each country. The tax controversy risk for Novozymes is significantly reduced through the use of bilateral advance pricing agreements (APAs). Bilateral APAs As stated in our tax policy, Novozymes proactively engages in bilateral APAs negotiated at compe-tent authority level to increase predictability and to mitigate transfer pricing risks. Most of the inter-company transaction value within the Novozymes Group is covered by bilateral APAs. An APA is an agreement between a taxpayer and a tax authority determining the transfer pricing methodology for pricing the taxpayer\u2019s interna-tional transactions for future years. The methodology is applied for a certain period based on the fulfilment of certain terms and con-ditions (called critical assumptions). An APA can be unilateral or bilateral. Novozymes only enters into bilateral APAs, meaning that they are negoti-ated between the competent tax authorities of the two countries involved in the transaction. An APA provides assurance with respect to the tax outcome of our international transactions, by determining in advance arm\u2019s length pricing and the pricing methodology to be applied to the international transactions. Novozymes has entered into bilateral APAs with the tax authorities in the countries where inter-nal transactions are most significant. Included in APA-covered transactions are group internal transactions between Denmark and the U.S., China and India, respectively. Critical accounting estimates and judgmentsSpecial items are used in the presentation of the income statement and include significant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit. These items are classified separately in the income statement as Special items in order to pro-vide a more transparent view of Novozymes\u2019 operating profit.The use of special items entails management judgement in the separation from other items in the income statement.Management considers individual items in order to ensure that special items include sig-nificant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit.Special items include income or costs from the proposed combination of Novozymes and Chr. Hansen.Joint taxation Novozymes A/S and its Danish subsidiaries are jointly taxed with the Danish companies of the Novo Holdings A/S Group. Joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation liability. Any subsequent adjustments to income taxes and withholding taxes may increase the liability. Tax for the indi-vidual companies is allocated in full on the basis of the expected taxable income. Tax in the income statement The effective tax rate for 2022 was positively stimpacted by the accounting gain related to 21.BIO and the divestment of Novozymes\u2019 minority ownership in Albumedix. In addition, there was a positive impact from a fair value adjustment of contingent consideration. The total positive impact of 3.3 percentage points is recognized in Other adjustments. In 2021 the effective tax rate was positively impacted by a transfer of intellec-tual property from Switzerland to Denmark (2.7 percentage points), which was recognized in Difference in foreign tax rates.Tax in the income statementDKK million 2022 2021Tax payable on net profit (818) (941)Change in deferred tax (105) 139Prior-year adjustments - current tax 76 (41)Prior-year adjustments - deferred tax (23) 64Tax in the income statementI/S(870) (779)Calculation of effective tax rate:Corporate tax rate in Denmark (22.0)% (22.0)%Non-taxable income less non-deductible expenses (0.3)% 0.5%Difference in foreign tax rates (0.3)% 2.1%Other adjustments 3.5% (0.5)%Effective tax rate (19.1)% (19.9)%Critical accounting estimates and judgmentsAs the Group operates across many different countries, the calculation of the Group\u2019s total tax charge in the income statement inherently involves estimation. Tax and transfer-pricing disputes with authorities in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes. The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if management assesses they can be offset against positive taxable income in the foreseeable future. This judgment is made annually and based on budgets and business plans for the coming years, includ-ing planned commercial initiatives.Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial differences between the tax charge recog-nized in the consolidated income statement and actual tax payments.Deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2022 2021 2022 2021Intangible assets and property, plant and equipment 716 915 (1,447) (1,507)Inventories 295 438 (93) (246)Tax loss carry-forwards 85 53 - -Stock options 67 250 - -Other 406 442 (59) (45)1,569 2,098 (1,599) (1,798)Offsetting items 54 (461) (54) 461Deferred tax at December 31 B/S1,623 1,637 (1,653) (1,337)The tax value of the unrecognized share of tax loss carry-forwards, tax credits, etc. that do not expire amounted to DKK 50 million (2021: DKK 22 million).DKK million 2022 2021Deferred tax at January 1 300 135Currency translation adjustments 3 9Effect of business acquisitions (7) (236)Tax related to the income statement (128) 204Tax on equity items (198) 188Deferred tax at December 31 (30) 300Deferred tax assetsB/S1,623 1,637Deferred tax liabilitiesB/S(1,653) (1,337)Deferred tax at December 31 (30) 300Tax receivables and payablesDKK million 2022 2021Tax payables, net, at January 1 (200) 124Currency translation adjustments 46 18Tax related to business acquisitions - (26)Tax related to the income statement (742) (983)Tax on equity items 12 40Tax paid for the current year, net 910 627Tax payables, net, at December\ue61f31 26 (200)Tax receivablesB/S352 286Tax payablesB/S(326) (486)Tax payables, net, at December\ue61f31 26 (200)Of which due within 12 months 5 (40)Of which due after more than 12 months 21 (160)Tax payables, net, at December\ue61f31 26 (200)Corporate income taxes paid are specified as follows:Income taxes paid in Denmark 610 460Income taxes paid outside Denmark 300 167Total income taxes paid 910 627Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.2.8 Earnings per shareDKK million 2022 2021Net profit for the year 3,686 3,145Less net profit attributable to non-controlling interests (10) 1Net profit attributable to the shareholders of Novozymes A/S 3,676 3,146Average number of sharesWeighted average number of shares in circulation 276,644,153 277,919,162Average dilutive effect of outstanding stock options and stock awards 2,089,765 2,308,943Average number of diluted shares 278,733,918 280,228,105Earnings per share, DKK 13.29 11.32Earnings per share, diluted, DKK 13.19 11.23Accounting policiesEarnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average number of shares in circulation. Diluted earnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average num-ber of shares in circulation, including the dilu-tive effect of stock options \u201cin the money.\u201d 3.1 Intangible assets and impairment test of goodwillAdditions from business acquisitionsNo acquisitions were made in 2022. In 2021, Novozymes acquired DKK 2,554 million of intangible assets through the acquisition of Microbiome Labs and Synergia Life Sciences, of which DKK 1,709 million primarily related to Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)patents and know-how (technology), customer relationships and brands.Impairment In 2022, an impairment loss of DKK 28 million on a know-how asset was recognized as the use of this know-how asset ceased. The impairment loss was recognized in Cost of goods sold and Research and development costs at DKK 13 mil-lion and DKK 15 million respectively.In 2021, an impairment loss of DKK 27 million on a know-how asset was recognized as the use of this know-how ceased. The impairment loss was recognized in Research and development costs.Impairment test of goodwillAn impairment test of goodwill of Novozymes\u2019 cash-generating units (CGUs) is performed for the entire Group, as cost bases of the cash-gen-erating units cannot be measured at CGU level.As the market value of Novozymes is significantly higher than its equity, no further key assump-tions are used to determine whether impairment of goodwill exists (2021: no impairment). Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2022 2,020 5,002 839 150 8,011Currency translation adjustments (11) (33) 1 2 (41)Additions from business acquisitions (2) - - - (2)Additions during the year - - 22 108 130Disposals during the year - - (1) - (1)Transfers to/(from) other items - - 80 (80) -Cost at December 31, 2022 2,007 4,969 941 180 8,097Amortization and impairment losses at January 1, 2022 (2,348) (639) (2,987)Currency translation adjustments (5) (1) (6)Amortization during the year (281) (98) (379)Impairment losses (28) - (28)Disposals during the year - 1 1Amortization and impairment losses at December 31, 2022 (2,662) (737) (3,399)Carrying amount at December 31, 2022 B/S2,007 2,307 204 180 4,698Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2021 1,098 3,235 745 84 5,162 Currency translation adjustments 33 48 2 - 83Additions from business acquisitions 889 1,709 - - 2,598Additions during the year - 11 31 127 169Disposals during the year - (1) - - (1)Transfers to/(from) other items - - 61 (61) -Cost at December 31, 2021 2,020 5,002 839 150 8,011Amortization and impairment losses at January 1, 2021 (2,068) (540) (2,608)Currency translation adjustments (12) (2) (14)Amortization during the year (241) (97) (338)Impairment losses (27) - (27)Amortization and impairment losses at December 31, 2021 (2,348) (639) (2,987)Carrying amount at December 31, 2021 B/S2,020 2,654 200 150 5,024Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.3.2 Property, plant and equipmentLand and Plant and Other Assets under DKK millionbuildingsmachineryequipmentconstruction TotalCost at January 1, 2022 7,551 11,958 2,696 876 23,081Currency translation adjustments 86 185 38 25 334Additions from business acquisitions - (8) (1) - (9)Additions during the year 129 124 117 2,432 2,802Disposals during the year (178) (107) (73) - (358)Transfers to/(from) other items 123 211 103 (437) -Cost at December 31, 2022 7,711 12,363 2,880 2,896 25,850Depreciation and impairment losses at January 1, 2022 (3,571) (7,668) (1,657) (12,896)Currency translation adjustments (26) (90) (20) (136)Depreciation for the year (286) (550) (242) (1,078)Disposals during the year 171 96 67 334Depreciation and impairment losses at December 31, 2022 (3,712) (8,212) (1,852) (13,776)Carrying amount at December 31, 2022 B/S3,999 4,151 1,028 2,896 12,074Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)Capitalized interest and pledges Interest of DKK 9 million (2021: DKK 1 million) was capitalized under Additions during the year and recognized as Investing activities in the statement of cash flows. Capitalization rate: 0.82% (2021: 0.50%). Impairment No impairment loss was recognized in 2022. In 2021, an impairment loss of DKK 15 million on a building was recognized and included in Cost of goods sold.Land and buildings with a carrying amount of DKK 1,366 million (2021: DKK 1,453 million) were pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039. As a consequence of the war in Ukraine, Novozymes has discontinued all sales to Russia and closed the sales office in Moscow, Russia. The closing did not lead to any impairment of property, plant and equipment.Land and Plant and OtherAssets under DKK millionbuildingsmachinery equipmentconstruction TotalCost at January 1, 2021 6,986 11,017 2,364 682 21,049 Currency translation adjustments 282 528 96 37 943Additions from business acquisitions 43 41 2 4 90Additions during the year 185 276 214 513 1,188Disposals during the year (43) (50) (96) - (189)Transfers to/(from) other items 98 146 116 (360) -Cost at December 31, 2021 7,551 11,958 2,696 876 23,081Depreciation and impairment losses at January 1, 2021 (3,133) (6,881) (1,423) (11,437)Currency translation adjustments (141) (320) (62) (523)Depreciation for the year (305) (509) (222) (1,036)Impairment losses (15) - - (15)Disposals during the year 27 39 49 115Transfers (to)/from other items (4) 3 1 -Depreciation and impairment losses at December 31, 2021 (3,571) (7,668) (1,657) (12,896)Carrying amount at December 31, 2021 B/S3,980 4,290 1,039 876 10,185Contractual obligationsContractual obligations to third parties relating to property, plant and equipment amounted to DKK 712 million (2021: DKK 1,328 million).Novozymes is committed to establishing the new production line in Blair, Nebraska, U.S. The capi-tal investment of roughly DKK 2 billion will span the period 2021\u20132023 with expected completion by the end of 2023. Most of the investment activi-ties will take place in 2022 and 2023. An accumulated amount of DKK 1,661 million has been incurred since the investment was initiated (2021: DKK 170 million).The contractual obligations to third parties relat-ing to property, plant and equipment related to the above production line amounted to DKK 335 million at December 31, 2022 (2021: DKK 1,156 million).Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.3.3 LeasesDKK million 2022 2021Land and buildings 254 290Plant and machinery 87 93Other equipment 79 113Carrying amount of lease assets 420 496Additions to the lease assets during 2022 amounted to DKK 42 million (2021: DKK 102 million).DKK million 2022 2021Lease liabilitiesLess than 1 year 128 121Between 1 and 5 years 222 267More than 5 years 119 142Undiscounted lease liabilities at December 31 469 530DKK million 2022 2021Amounts recognized in the income statementInterest on lease liabilities 19 21Depreciation of lease assets per asset classLand and buildings 65 59Plant and machinery 5 6Other equipment 49 45Depreciation of lease assets 119 110Amounts recognized in the statement of cash flowsTotal cash outflow for leases 139 124Accounting policiesLease assetsLease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are ini-tially measured at the present value of future lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable lease payments depending on an index or a rate and the exercise price of purchase options that are reasonably certain to be excercised. Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired. Lease assets are depreciated as follows: \u2022 Buildings: 1\u201312 years \u2022 Land: 10\u201390 years \u2022 Plant and machinery: 1\u201310 years \u2022 Other equipment: 1\u201310 years Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term. Novozymes\u2019 portfolio of leases covers leases of land, buildings, plant and machinery and other equipment such as cars and transporta-tion containers. Lease liabilities Lease liabilities are initially recognized at the present value of future lease payments includ-ing payments from extension or purchase options that are considered reasonably certain to be exercised. The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novozymes operates. Novozymes applies a sin-gle discount rate to portfolios of leases in the countries in which Novozymes operates based on contract currency and loan periods. If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated taking the size of the building and its strategic importance into con-sideration. Novozymes has entered into sev-eral open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame necessary to vacate the premises. The estimated lease term is reas-sessed at each reporting date. The estimated lease terms for such contracts do not exceed 12 years.3.4 Provisions2022 2021Dismantling\ue61f Legal and other Dismantling\ue61f Legal and other DKK millionand restorationobligations Totaland restorationobligations TotalProvisions at January 1 56 118 174 64 141 205Currency translation adjustments 2 (2) - 1 1 2Additions from business acquisitions - (35) (35) - 50 50Additions during the year - 3 3 - 4 4Reversals during the year - (13) (13) (9) (69) (78)Utilization during the year - - - - (9) (9)Provisions at December 31 58 71 129 56 118 174Recognized in the balance sheet as follows:Non-current 52 67 119 51 102 153Current 6 4 10 5 16 21Provisions at December 31 58 71 129 56 118 174Dismantling and restorationDismantling and restoration relates to estimated future costs of environmental restoration. Novozymes aims for its production sites not to have a negative environmental impact. These lia-bilities relate to established circumstances, and the costs are expected to be incurred either when concrete measures are implemented or when a site is vacated. The expected costs and timing are inherently uncertain. Legal and other obligationsNovozymes is involved in a number of ongoing legal disputes, and provisions are made for the estimated costs based on a current evaluation of the outcomes. Current ongoing cases are expected to be finalized in 2023\u20132024. In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any signifi-cant losses beyond the amounts provided for at December 31, 2022.In 2021, Additions from business acquisitions of DKK 50 million were related to the acquisition of Synergia Life Sciences. In 2022, the provisions in the final opening balance of Synergia Life Sciences were reduced by DKK 35 million.In 2021, contingent consideration of DKK 62 mil-lion related to the divestment of a pharma-related royalty was recognized in Other operating income. The remaining consideration was reversed because certain patent registrations were not obtained in 2021.Accounting policiesProvisions are recognized where a legal or constructive obligation has been incurred as a result of past events and it is proba-ble that it will lead to an outflow of finan-cial resources. Provisions are measured at the present value of the expected expend-iture required to settle the obligation.Other long-term employee benefits account for only a minor amount, as most of Novozymes\u2019 pension plans are defined contribution plans, covering approximately 99% of employees. These obligations are mainly expected to be incurred over a relatively long period of time. Other obligations include other long-term employee benefits and other contractual obliga-tions. 3.5 Business acquisitionsAdjustment to prior-year business acquisitions The fair value and allocation of acquired assets, liabilities and non-controlling interests in Synergia Life Sciences was finalized in 2022, which led to a reduction of goodwill of DKK 2 mil-lion at the acquisition date. The final opening balance mainly includes changes to Property, plant and equipment, Deferred tax liabilities and Financial and other liabilities as provisionally presented in The Novozymes Report 2021. In 2021, the most probable sales and EBITDA related to PrecisionBiotics Group were reas-sessed. This led to an increase of DKK 44 million in the fair value of contingent consideration and goodwill at the acquisition date. Acquisitions in 2021 Synergia Life Sciences On December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences. Synergia Life Sciences is a leading player within spore probiotics and vitamin K2-7. Synergia Life Sciences has a global footprint and adds strong developing and manufacturing capabilities in spore probiotics and vitamin K2-7 from three production sites in India. Synergia Life Sciences is a producer and supplier to Microbiome Labs, which was acquired by Novozymes early in 2021. The vitamin K2-7 portfolio is a strong complemen-tary enabler to support growth in Novozymes\u2019 BioHealth platform. The acquisition offers a sci-entifically proven spore strain portfolio that strengthens Novozymes\u2019 human health business and accelerates its functional food offerings.The purchase price led to the recognition of goodwill of DKK 505 million and intangible assets of DKK 991 million. Goodwill is attributa-ble to expected synergies with Novozymes\u2019 exist-ing business operations and technologies within spore probiotics for human health and is highly synergistic to the previous acquisition of Microbiome Labs within the human health busi-ness. The goodwill is not tax deductible. The following valuation techniques have been applied in the fair value assessment of signifi-cant assets acquired: \u2022 Technology; the Relief from Royalty (RfR)method \u2022 Customer relationships; The Multi-period Excess Earnings Method (MEEM) \u2022 Brands; The Relief from Royalty (RfR) method\ue613\ue634\ue603\ue626\ue628\ue636\ue63a\ue62e\ue638\ue62e\ue639\ue62e\ue634\ue633\ue638\ue603\ue63c\ue62a\ue637\ue62a\ue603\ue632\ue626\ue629\ue62a\ue603\ue62e\ue633\ue603\ue768\ue766\ue768\ue768\ue72b Synergia Life 1DKK millionSciencesFair value of acquired assets and liabilities are as follows:Intangible assets excluding goodwill 991Property, plant and equipment 75Inventories 8 Trade and other receivables 42Cash and cash equivalents 112 Deferred tax liabilities, net (243)Financial and other liabilities (60)Non-controlling interests (371)Acquired net assets 554Purchase price:Cash 982Deferred consideration 77Total purchase price 1,059 Goodwill 505Cash flow for acquisition:Cash payment 982 Less cash and cash equivalents in acquired business (112) Cash outflow for acquisition 8701. The final opening balance mainly includes changes to Property, plant and equipment, Deferred tax liabilities and Financial and other liabilities as provisionally presented in The Novozymes Report 2021.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests. The non-controlling interests are recognized at its proportionate share of the acquired net iden-tifiable assets and amount to DKK 371 million. The remaining 40% is to be acquired in 2025. Reference is made to Note 6.5 concerning Non-controlling interests. The purchase price includes a deferred consider-ation of DKK 77 million, which was paid in 2022. For further details, please refer to Note 3.5 in The Novozymes Report 2021. Microbiome LabsOn January 7, 2021, Novozymes acquired all shares in Microbiome Labs at a purchase price of DKK 1,107 million. Microbiome Labs offers a comprehensive suite of proprietary probiotic and microbiome solutions targeting gastrointestinal, immune, metabolic, and cognitive health. The solutions are marketed under both the compa-ny\u2019s own supplement brands and in private label products. The branded products are sold exclu-sively through the company\u2019s access to an extensive network of healthcare practitioners predominately consisting of medical doctors, nutritionists and naturopaths. The purchase price led to the recognition of goodwill of DKK 338 million and intangible assets of DKK 718 million. Goodwill is attributa-ble to expected synergies with Novozymes\u2019 exist-ing business operations and technologies within probiotics and enzymes for human health. The goodwill is tax deductible. The purchase agreement includes a contingent consideration of up to DKK 825 million at the acquisition date. The consideration is contingent on the achievement of sales targets for 2022 and is recognized at the anticipated fair value of DKK 338 million at the acquisition date. Fair value is assessed by using the earn-out from the most probable sales estimates in 2022 discounted at a rate of 8%. For further details, please refer to Note 3.5 in The Novozymes Report 2021.Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesOn acquisition of companies, the identifiable assets acquired and the liabilities and contin-gent liabilities assumed are recognized at their fair values at the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contin-gent consideration arrangement.Non-controlling interests in an acquired com-pany is recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired company\u2019s net identifi-able assets. This decision is made on an acquisition-by-ac-quisition basis.Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifiable net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and cir-cumstances present at the acquisition date. Acquired companies are consolidated from the date of acquisition. Acquisition-related costs are expensed as incurred.3.6 Contingent considerationDKK million 2022 2021Contingent consideration at January 1 543 146Additions from business acquisitions - 382Currency translation adjustments 19 27Interest on contingent consideration 43 50Fair value adjustment of contingent consideration (223) (62)Contingent consideration at December 31 382 543Recognized in the balance sheet as follows:Non-current B/S224 543Current B/S158 -Contingent consideration at December 31 382 543PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 298 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 224 million (2021: DKK 211 million). Fair value is assessed by using the earn-out from the most probable sales in 2023 discounted at a rate of 7% (2021: 7%).An interest expense of DKK 14 million has been recognized in Financial costs (2021: DKK 22 mil-lion). The contingent liability related to PrecisionBiotics Group is denominated in EUR. In 2021, the most probable sales and EBITDA were reassessed, which led to an increase in the fair value at the acquisition date of DKK 44 mil-lion in contingent consideration and goodwill.Microbiome LabsThe purchase agreement of Microbiome Labs includes a contingent consideration of up to DKK 941 million. The consideration is contingent on the achieve-ment of sales targets for 2022 and is recognized at the anticipated fair value of DKK 158 million (2021: DKK 332 million). Based on lower-than-ex-pected realized sales in 2022, Management reas-sessed the value of the earn-out and reduced the contingent consideration by DKK 223 million (2021: DKK 62 million). The fair value adjustment was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations to Microbiome Labs remain intact. The fair value adjustments have been recognized in Financial income. Fair value is assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2021: 8%). An interest expense of DKK 29 million has been recognized in financial costs (2021: DKK 28 million). The contingent liability related to Microbiome Labs is denominated in USD and increased by DKK 20 million due to currency translation adjust-ments (2021: DKK 28 million). Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.4.1 InventoriesDKK million 2022 2021Raw materials and consumables 603 433Work in progress 1,333 979Finished goods 1,867 1,580Inventories at December 31 B/S3,803 2,992Cost of materials, included under Cost of goods sold 4,770 3,411Indirect production costs capitalized in inventories at December 31 1,053 971Write-downs expensed during the year 102 79Reversal of write-downs during the year* 44 57* Part of the reversal of write-downs is attributable to written-down inventory being reused in production.Critical accounting estimates and judgmentsWork in progress and Finished goods are meas-ured at cost, including indirect production costs. Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee costs, capacity utilization, cost drivers and other relevant fac-tors. Changes in these parameters may have an impact on the gross margin and the overall val-uation of Work in progress and Finished goods.Accounting policiesInventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value. The cost of Work in progress and Finished goods comprises direct production costs such as raw materials and consumables, energy and labor directly attributable to pro-duction as well as indirect production costs such as employee costs, maintenance and depreciation of plants, etc. If the expected selling price less any comple-tion costs and costs to execute the sale (net realizable value) of inventories is lower than the carrying amount, inventories are written down to net realizable value. Novozymes has entered into a few agree-ments where Novozymes supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. Such goods are derecognized from inventories in the period when they are consumed in the customer\u2019s production.4.2 Trade receivables and contract assetsDKK million 2022 2021Trade receivables, gross 3,590 3,099Allowances\ue614 (136) (151)Trade receivables at December 31 B/S3,454 2,948Aging of trade receivables, gross:Up to 30 days 3,350 2,886Between 30 and 90 days 74 30More than 90 days 166 183Trade receivables, gross, at December 31 3,590 3,099Changes in allowances for trade receivables:At January 1 151 163Allowances during the year 51 30Write-offs during the year (35) (3)Reversed allowances (31) (39)Allowances at December 31 136 151The war in Russia/Ukraine has not led to signifi-cant losses on trade receivables or an increase in allowances. mainly related to goods delivered but not invoiced, and estimated profit splits arising from partner-ships that Novozymes has entered.The contract assets are initially recognized as revenue when goods are delivered to the other contracting party. When invoiced, the contract assets are reclassified to trade receivables. Critical accounting estimates and judgmentsThe allowance for expected credit losses for trade receivables and contract assets is based on historical credit loss experience combined with forward-looking information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.Accounting policiesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for life-time expected credit losses for trade receiva-bles is recognized on initial recognition. For contract assets, the credit risk is based on an individual assessment. Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery. The cost of allowances for expected credit losses and write-offs for trade receivables and contract assets are recognized in Sales and distribution costs.Contract assets Contract assets amounted to DKK 151 million at December 31, 2022 (2021: DKK 40 million), and No allowance for expected credit losses had been made for contract assets at December 31, 2022 (2021: no allowance).Trade receivables Novozymes has collateral of DKK 5 million (2021: DKK 3 million) held as security for trade receiva-bles in selected countries. 4.3 Other receivables DKK million 2022 2021Deposits 32 32Prepaid expenses 174 395Other 186 131Other receivables at December 31 392 558Recognized in the balance sheet as follows:Non-current B/S32 39Current B/S 360 519Other receivables at December 31 392 558Prepaid expenses in 2021 included prepayments related to establishing the new production line in Blair, Nebraska, U.S.4.4 Other liabilitiesDKK million 2022 2021Employee costs payable 672 641Stock-based payment settled in cash 21 44Deferred consideration - 77Other payables 727 490Other liabilities at December 31 1,420 1,252Recognized in the balance sheet as follows:Current B/S1,420 1,252Other liabilities at December 31 1,420 1,2525.1 Financial risk factors and risk managementDue to the international nature of Novozymes\u2019 operations, our earnings and financial position are exposed to a number of financial risk factors. Financial risks are managed centrally for the entire Group. The Treasury Policy is approved by the Board of Directors and sets the limits for the various financial risks and the derivatives used tohedge risk. The Treasury Policy is adjusted on an ongoing basis and adapted to the market situa-tion. It contains rules on which derivatives can be used for hedging, which counterparties can be used, and the risk profile that is to be applied. Currency risk Currency risk arises due to imbalances between income and costs in each individual currency and because Novozymes has more assets than liabili-ties in foreign currencies in connection with global operations. Hedging of currency risk is carried out in the cur-rencies in which Novozymes has the largest expo-sures. Hedging is managed by entering into deriv-atives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes. Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the relevant Foreign exchange sensitivity \u2013 2022 The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in DKK versus the key currencies to which Novozymes was exposed on December 31, 2022. For other comprehensive income, the analysis shows the impact on currency translation of net investments and does not include the impact of cash flow hedges, as these relate to future com-mercial transactions. The sensitivity analysis reflects transaction and translation risk, and assumes that exchange rates change on December 31, 2022, while all other variables remain constant. The table shows the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect. Foreign exchange sensitivity analysis2022 2021Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% 4 51 4 57 CNY 5.0% (5) 127 (1) 127 USD 5.0% (3) 325 1 244 Other 5.0% 4 64 (6) 108 Total - 567 (2) 536 Foreign exchange sensitivity \u2013 2023 estimate Operating profit (EBIT) is exposed to exchange rate developments, as the effect of hedges is included in financial income/costs. EBIT is mainly exposed to USD and EUR. A movement of 5% in the USD/DKK exchange rate would result in a change in the expected EBIT for 2023 of around DKK 130-160 million (2022: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2023 of around DKK 200 million (2022: DKK 200 million).Of the expected USD cash flows for 2023, 88% has been hedged by forward contracts at an average rate of DKK 6.98. As a result, the impact on net profit from changes in the USD/DKK exchange rate has been reduced significantly compared with the impact on EBIT.Interest rate risk Interest rate risk arises in relation to interest-bearing assets and liabilities. In accordance with Novozymes\u2019 Treasury Policy, a minimum of 30% of loans must be at fixed interest rates. Hedging of the interest rate risk is managed by entering into fixed-rate loans and interest rate swaps. currencies with the timing and value changes for the designated cash flow hedging transaction. Where deemed appropriate, currency risk related to net investments in foreign subsidiaries is hedged by taking out loans and entering into swaps. Currently, there are no open transactions used to hedge equity investments. With the current hedging of interest rate risk, an increase of 1 percentage point in the average interest rate on Novozymes\u2019 net interest-bearing debt would have a negative effect on net profit of DKK 14 million (2021: negative effect of DKK 12 million). At December 31, 2022, 62% (2021: 62%) of the loan portfolio carried fixed interest rates. Credit risk Credit risk arises especially on cash and cash equivalents, derivatives, trade receivables and contract assets. The credit risk on trade receiva-bles is countered by thorough, regular analysis based on customer type, country and specific conditions. The credit risk on cash and cash equivalents as well as derivatives is mitigated by the Treasury Policy, which limits exposure solely to counterparties that have an investment-grade credit rating. The credit risk is calculated on the basis of net market values and is governed by the Treasury Policy. Novozymes has entered into net-ting agreements (ISDA or similar) with all the banks used for trading in financial instruments, which means that Novozymes\u2019 credit risk is lim-ited to net assets. At December 31, 2022, the Group considered its maximum credit risk to be DKK 5,036 million (2021: DKK 4,219 million), which is the total of the Group\u2019s financial assets. At December 31, 2022, the maximum credit risk related to one counterparty was DKK 386 million (2021: DKK 330 million). Liquidity risk In connection with the Group\u2019s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flexible liquidity. This is guaranteed by using committed credit facilities and placing free funds in deposits, gov-ernment bonds or ultra-liquid mortgage bonds in accordance with the Treasury Policy. At December 31, 2022, Novozymes\u2019 financial resources amounted to DKK 18,543 million (2021: DKK 4,748 million), consisting of net cash, cash equivalents, and undrawn committed credit facilities of DKK 17,502 million, which expire in 2023\u20132027. The increase in undrawn committed credit facilities compared to 2021 is related to the facility obtained to refinance existing debt following completion of the proposed combina-tion of Novozymes and Chr. Hansen.With the exception of debt to credit institutions, the maturity dates are primarily within one year. Capital structure Novozymes favors a conservative balance which is reflected by a target for net interest-bearing debt of around 1x EBITDA. At December 31, 2022, the ratio was 1.0 and thus the target is considered as met in 2022. The capital structure is mainly managed using two instruments: 1) Dividend payments where Novozymes aims for a payout ratio of around 50%. For 2022, the pay-out ratio is expected to be 45.0%*, which is in line with the communicated target. 2) Stock buy-backs, where a program for DKK 500 million was executed in 2022. *Adjusted for non-recurring items with no cash stflow impact related to 21.BIO and the Microbiome Labs earnout, the payout ratio is 50.9%.5.2 Financial income and Financial costsDKK million 2022 2021Interest income 18 18Fair value adjustments of contingent consideration 223 62Gains on cash flow hedges - 31Gains on fair value hedges - 63Gain on divestment of minority ownership in Albumedix 267 -Fair value adjustments of cash-settled stock options 25 -Financial income I/S533 174Interest costs (40) (31)Interest on lease liabilities (19) (21)Interest on contingent consideration (43) (50)Losses on cash flow hedges (295) -Losses on fair value hedges (20) -Other financial costs (99) (20)Other foreign exchange losses, net (15) (98)Fair value adjustments of cash-settled stock options - (33)Financial costs I/S(531) (253)Financial income/(costs), net 2 (79)Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.Novozymes has divested its minority share of Albumedix, a company built with Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million.Increase in Other financial costs are mainly costs for the refinancing facility related to the pro-posed combination of Novozymes and Chr. Hansen.5.3 Other financial liabilitiesDKK million 2022 2021Credit institutions 6,437 5,706Derivatives 101 113Other financial liabilities at December 316,538 5,819Recognized in the balance sheet as follows:Non-current 3,619 3,680Current 2,919 2,139Other financial liabilities at December 31 6,538 5,8192022 2021Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 5,706 482 6,188 4,350 522 4,872Financing cash flows 731 (120) 611 1,174 (103) 1,071Currency translation adjustments - 10 10 2 18 20Other changes* - 39 39 180 45 225Total liabilities from financing activities at December 31 6,437 411 6,848 5,706 482 6,188* Other changes include changes in lease liabilities from new or terminated leases and accrued interest expenses which will be presented as operating cash flows in the statement of cash flows when paid. In 2021, Other changes included the change in category of the transitional holiday accrual (Denmark).Credit institutions - currency 2022 (2021)DKK millionEUR2,147 (2,273)DKK4,290 (3,433)Credit institutions - time to maturity 2022 (2021)DKK millionLess than 1 year2,818 (2,029)Between 1 and 5 years2,301 (2,424)More than 5 years6,4371,318 (1,253)(5,706)Loan portfolio - fixed or \ufb02oating interest rate 2022 (2021)DKK millionFixed interest rate3,979 (3,540)Floating interest rate2,458 (2,166)6,45.4 Derivatives \u2013 hedge accounting2022 2021Contract amount based Contract amount based DKK millionon agreed rates* Fair\ue61fvalueon agreed rates* Fair\ue61fvalue Forward exchange contractsCNH (618) (13) (516) 43BRL 165 2 122 1USD (228) (20) 66 -INR 374 23 227 (9)Other 21 1 (985) 25Fair value hedges at December 31 (286) (7) (1,086) 60* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Fair value hedgesThe table above shows the derivatives the Group has contracted in order to hedge currency expo-sure on financial assets and liabilities that give rise to currency adjustments in the income state-ment.The forward exchange contracts mature in the period January 2023 to August 2023 (2021: January 2022 to July 2022).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 20 million (2021: gain of DKK 63 million), com-pared with a gain on hedged items of DKK 20 mil-lion (2021: loss of DKK 63 million).2022 2021Contract amount based Contract amount based DKK millionon agreed rates Fair\ue61fvalue on agreed rates Fair\ue61fvalueForward exchange contracts*USD 2,344 16 2,103 (99)2,344 16 2,103 (99)Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 2.42% (2021: (0.22%)) 400 51 400 5DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 2.45% (2021: (0.1867%)) 243 12 313 (4)643 63 713 1ForwardsElectricity price agreements \u2013 average payment of DKK 2,078 / MWh 85 (31) - -85 (31) - -Cash flow hedges at December 31 3,072 48 2,816 (98)* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. Cash flow hedges The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows. The forward exchange contracts mature in the period January 2023 to December 2023 (2021: January 2022 to December 2022), the swaps mature in May 2026 and December 2026 (2021: May 2026 and December 2026) and the electricity price agreements mature in the period January 2023 to June 2023. At the end of 2022, the Group had hedged 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98 (2021: 88% of expected future cash flows in USD for 2022 at an average rate of DKK 6.26).5.5 Common stock and treasury stock2022 2021Nominal valueNominal valueDKK million No.DKK million No.DKK millionCommon stockA common stock (shares of DKK 2) 53,743,600 107 53,743,600 107B common stock (shares of DKK 2) 227,256,400 455 228,256,400 457Common stock at December 31 281,000,000 562 282,000,000 564Treasury stock - B stockTreasury stock at January 1 4,894,362 10 5,674,598 11Additions during the year 1,134,982 2 3,401,975 7Disposals during the year (628,333) (1) (1,182,211) (2)Cancellation of common stock (1,000,000) (2) (3,000,000) (6)Treasury stock at December 31 4,401,011 9 4,894,362 10No. 2022 2021Shares of common stock in circulationShares of stock at January 1 277,105,638 279,325,402Purchase of treasury stock (1,134,982) (3,401,975)Sale of treasury stock 628,333 1,182,211Shares of common stock in circulation at December 31 276,598,989 277,105,638Each A share entitles the holder to 20 votes, while each B share entitles the holder to two votes. Each year, the Board of Directors assesses whether the ownership structure with A and B common stock is optimal. The Board of Directors continues to believe that this is the best way to safeguard Novozymes\u2019 long-term development to the benefit of the company\u2019s shareholders and other stakeholders. Treasury stock is used to reduce the common stock and to hedge employees\u2019 exercise of granted stock awards and stock options. In 2022, Novozymes canceled 1 million treasury shares, reducing the common stock to 281 mil-lion shares.Treasury stock 2022% of common stock0.4(0.2)(0.3)1.71.6Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,20222022Treasury stock 2021% of common stock1.2(0.4)(1.1)2.01.7Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,202120215.6 Financial assets and liabilities by categoryDKK million Note 2022 2021Trade receivables 4.2 3,454 2,948Contract assets 4.2 151 40Other receivables, excl. prepaid expenses 4.3 218 163Cash and cash equivalents 1,041 963Financial assets at amortized cost4,864 4,114Derivatives \ue768\ue76e 70Other financial assets 30 30Fair value through profit and loss 58 100Derivatives 114 5Fair value through other comprehensive income 114 5Financial assets 5,036 4,219DKK million Note 2022 2021Lease liabilities 5.3 (411) (482)Credit institutions 5.3 (6,437) (5,706)Trade payables (1,869) (1,490)Other payables, incl. deferred consideration 4.4 (727) (567)Financial liabilities at amortized cost(9,444) (8,245)Derivatives 5.3 \ue734\ue769\ue76b\ue735 (10)Contingent consideration 3.6 (382) (543)Fair value through profit and loss (417) (553)Derivatives 5.3 (66) (103)Fair value through other comprehensive income (66) (103)Share purchase liability 6.5 (760) (717)Fair value through equity (760) (717)Financial liabilities (10,687) (9,618)Fair value hierarchyNovozymes has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).For financial assets and financial liabilities meas-ured at amortized cost (level 2 input), the carry-ing amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The derivatives are not traded in an active market based on quoted prices but on individual contracts. The fair value of these assets is determined using valuation techniques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices and volatilities.Other financial assets, contingent considerations and share purchase liability are measured at fair value based on non-observable data (level 3 input). Reference is made to Notes 3.6 and 6.5 for a description of their fair value measurement.6.1 Management remuneration2022 2021Executive Leadership Team Executive Leadership TeamNon- Non- Board of Registered registered Board of Registered registered DKK million Directorsexecutivesexecutives Total Directorsexecutivesexecutives TotalSalaries and other short-term benefits 10 15 32 57 10 17 27 54Defined contribution plans - 2 3 5 - 2 3 5Cash bonus - 11 18 29 - 11 17 28Expensed stock-based incentive programs - 16 25 41 - 8 14 22Remuneration 10 44 78 132 10 38 61 109Compensation for lost incentives 8 2 10 6 3 9Remuneration including additional payments 10 52 80 142 10 44 64 118No. of members at December 31 11 2 6 11 2 6General guidelines for the remuneration of the Board of Directors and the Executive Leadership Team of Novozymes A/S, as assessed by the Board of Directors in accordance with the recom-mendations of the Nomination and Remuneration Committee, are approved at the Annual Shareholders\u2019 Meeting. A summary of the Management remuneration can be found in the Governance section of The Novozymes Report. Executive Leadership Team Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant proportions of their remuneration packages are based on performance-related pay through short and long-term incentives. Most of the variable remuneration is weighted towards the long-term, in line with Novozymes\u2019 strategic focus and mir-roring the long-term nature of Novozymes\u2019 investments in the business.The short and long-term incentive programs are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and indi-vidual objectives, which are directly linked to Novozymes\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders. The annual cash bonus can-not exceed 9.5 months\u2019 fixed base salary, of which 65% is expected to be payable at target performance. The stock-based incentive pro-grams are described in Note 6.2. Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed compa-nies, including the periods of notice that both parties are required to give, and noncompetition clauses. If an executive officer\u2019s contract of employment is terminated by the company with-out any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contributions. Board of Directors The remuneration of the Board of Directors com-prises a fixed fee and is not based on incentives.6.2 Stock-based paymentNew programsNovozymes has established stock-based incen-tive programs for the Executive Leadership Team, vice presidents, directors, and other employees. The purpose of these programs is to ensure an alignment of interests of the Management, employees and shareholders. Allocation of pro-grams has been, and remains, dependent on profit, value creation and, in some cases, sustain-ability targets being achieved, and are made based on individual base salary. The exercise price and the share price of a stock option are identical at the date of grant. In order to exercise the options, the employees must still be employed at the exercise date. This does not apply to persons who have retired, taken volun-tary early retirement or been given notice. In 2020, Novozymes introduced annual long-term incentive-based program grants with overlapping three-year performance periods, and so in 2022 a new incentive program for the Executive Leadership Team was established, covering the performance period 2022\u20132024. The program is a combination of stock options and stock, with half of the incentive program allocated in stock options and half in stock. The total number of stock options and stock achievable is divided into two categories: \u2018target stock options and target stock\u2019 and \u2018extra stock options and extra stock\u2019. The tar-get stock options, and target stock correspond to 65% of the maximum stock options and stock, and extra stock options and extra stock correspond to 35% of the maximum stock options and stock. The targets have 40% weight on organic sales growth, 20% weight on EBIT margin, 20% weight on ROIC, and 20% weight on nonfinancial targets. The non-financial targets are measured in relation to Climate, water & waste, workplace and diversity. Each of the nonfinancial targets carries a weight of 5%. The performance targets are as protocolled in the minutes of the board meeting approving the annual group financial statement for the year prior to the performance period. \u2022 If Novozymes reaches the targets for 2022\u2013 2024 for organic sales growth, EBIT margin and ROIC in line with business plans and long-term aspiration and on all four measures for the nonfinancial targets, then the target stock options and the target stock will be granted. \u2022 If Novozymes manages to outperform the tar-gets, some or all of the extra stock options and extra stock may be granted. \u2022 If Novozymes does not meet the targets for 2022\u20132024 or if Novozymes is significantly below the targets on one or more of the four nonfinancial targets, then none or only part of the target stock options and the target stock will be granted. The program contains a maximum-value clause, allowing the Board of Directors to choose to limit the total allocation of stock options and stock if the intrinsic value of the program exceeds twice the annual conditional grant. The total target-level fair value of the program at the date of grant was approximately DKK 40 mil-lion. The value of the stock will be expensed over the three-year qualifying period (2022\u20132024) andwill be released in 2025. The stock options have a vesting period of four years, followed by an exercise period of five years. The fair value of the stock options will be expensed over the four-year vesting period. A new program was also established in 2022 for vice presidents and directors covering the perfor-mance period 2022\u20132024 (206 vice presidents and directors). The total target level fair value at grant date was approximately DKK 50 million and based on the same requirements and targets as for the Executive Leadership Team. The program is a combination of stock options and stock, with half of the incentive program allocated in stock and half in stock options. The stock options have a four-year vesting period, while the stock will be released in 2025.The program contains a maximum-value clause, allowing the Executive Leadership Team to choose to limit the total allocation of stock and stock options if the intrinsic value of the program exceeds twice the annual conditional grant.For other employees, a new stock option-based incentive program was also established in 2022 covering the performance period 2022\u20132024. The employee program follows the same require-ments and targets as the program for the Executive Leadership Team and the program for vice presidents and directors.The Executive Leadership Team and other senior management, who are already included in an exist-ing incentive program, are excluded from this new program. The awarded stock options have a vest-ing period of four years, followed by an exercise period of five years. The target level value of the program is approximately DKK 40 million. Finally awarded programsAwards in the programs covering the performance period 2020\u20132022 were finalized in 2022. The tar-gets for sales growth and economic profit was adjusted in 2021 to exclude 2020 performance due to the extraordinary impact from COVID-19, and the allocations related to these targets were reduced by one third. For more information, see the description in the Novozymes Remuneration Report 2021. The accumulated economic profit generated in the two-year period (2021\u20132022) was DKK 4.6 billion, resulting in 100% of the economic profit pool (26.5% of the total program) being awarded. Average organic sales growth during the two-year period was 7.5%, resulting in 100% of the sales growth pool (26.5% of the total program). 80% of the sustainability targets were reached (20% of the total program). In total, 69% of the original maximum of the program is being awarded.For the Executive Leadership Team, this means that a total of 45,085 shares will be released in January 2023. The number of stock options granted over the three-year period is 328,763 reflecting the realized target achievement. The program contains a maximum-value clause, allow-ing the Board of Directors to choose to limit the total allocation of stock and stock options if the intrinsic value exceeds twice the annual condi-tional grant at the end of the program. There will be no limitation on the total allocation, as the intrinsic value is DKK 16 million.The program for vice presidents and directors fol-lows the same requirements and targets as the program for the Executive Leadership Team. The final number of shares allocated under this pro-gram to be released in January 2023 is 60,768. The number of stock options granted over the three-year period is 442,539, reflecting the real-ized target achievement of 69%.Awards in the program for other employees cover-ing the performance period 2020\u20132022 were also finalized in 2022. The number of stock options granted over the three-year period is 785,811, reflecting the realized target achievement of 69%.Stock options Number of options DKK DKK millionThe number of outstanding options (excl. stock awards) has developed as follows: Executive Vice presidents Other Avg. exercise Grant date fair Grant date fair Leadership Teamand directors employees Totalprice per optionvalue per optionvalue totalOutstanding\ue614at\ue614January\ue6141, 2022 899,295 3,761,733 2,349,300 7,010,328 312Granted\ue613 235,877 318,779 557,898 1,112,554 416 82 92Allocation adjustment\ue612 19,063 19,439 32,382 70,884 351 48 3Exercised\ue611 - (414,669) (222,654) (637,323) 264Forfeited - (98,188) (165,200) (263,388) 366Expired - (9,963) (6,835) (16,798) 275Outstanding\ue61fat\ue61fDecember\ue61f31, 2022 1,154,235 3,577,131 2,544,891 7,276,257 331Outstanding\ue614at\ue614January\ue6141, 2021 997,511 4,091,106 2,054,654 7,143,271 289Change in Management (188,638) 188,638 - -Granted\ue610 266,279 371,321 617,963 1,255,563 385 68 85Exercised\ue612 (175,857) (811,215) (242,860) (1,229,932) 253Forfeited - (78,117) (75,869) (153,986) 335Expired - - (4,588) (4,588) 272Outstanding\ue61fat\ue61fDecember\ue61f31, 2021 899,295 3,761,733 2,349,300 7,010,328 312Number of exercisable options at December 31, 2022 2,534,562 278Number of exercisable options at December 31, 2021 2,493,268 2681. The allocation of stock options for 2022\u20132024 will be adjusted in January 2025 based on the cumulative level of target achievement for the period.2. The allocation of stock options for 2020\u20132022 has been adjusted based on the realized level of target achievement for the period (69%).3. The weighted average share price for stock options exercised during 2022 was DKK\ue614433 (2021: DKK 448). 4. The allocation of stock options for 2021\u20132023 will be adjusted in January 2024 based on the cumulative level of target achievement for the period.For stock options outstanding at December 31, 2022, the range of exercise prices is DKK 233-486 per option (2021: DKK 178-486 per option), and the weighted average remaining term to maturity is five years (2021: five years).During 2022, DKK 127 million arising from stock-based payment was recognized in the income statement (2021: DKK 78 million), DKK 123 mil-lion of which was from equity-settled programs (2021: DKK 75 million) and DKK 4 million was from cash-settled programs (2021: DKK 3 mil-lion). Most programs are equity settled, and no liability is recognized for these. If allocations under the programs are made in countries where ownership of foreign stock is not permitted, the value of stock options is settled in cash instead, and a lia-bility of DKK 21 million was recognized for this in 2022 (2021: DKK 44 million). The intrinsic value of exercisable cash-settled programs in 2022 wasDKK 9 million (2021: DKK 61 million). The fair value of employee services received is measured with reference to the fair value of the equity instruments granted. Fair value at grant date is measured in accordance with the Black\u2013Scholes model, using the average exercise price, the option term and the following significant assumptions:DKK million Note 2022 2021Expected future dividends per share DKK 38.9 38.1Volatility % 25.9 25.3Annual risk-free interest rate % 0.3 (0.5)Weighted average share price at grant date DKK 416 385Furthermore, the options are assumed to be exercised two years after expiry of the vesting period, on average, or at the option\u2019s expiry date if within one year. Volatility is estimated using the historical volatility over the last three years. The risk-free interest rate is based on Danish government bonds with a maturity equivalent to the option\u2019s term to maturity. Stock awards The stock allocated under the programs is used for stock awards. In 2022, 107,510 stock awards with a fair value of DKK 45 million were granted (2021: DKK 41 million) which will be expensed over the three-year period (2022\u20132024). The total number of outstanding stock awards at December 31, 2022 was 314,029 (2021: 209,193).The fair value of these at December 31, 2022 was DKK 111 million (2021: 112 million).Accounting policiesThe Group has established stock-based incentive programs comprising equity-settled and cash-settled programs. The fair value of the employee services received in exchange for the grant of stock options and stock awards is measured with reference to the fair value of the stock options and stock awards granted. The fair value is measured using the Black\u2013Scholes option-pricing model. The fair value of stock-based payment at the grant date is recognized as an employee cost over the period in which the stock options vest. In measuring the fair value, account is taken of the number of employees expected to gain entitlement to the options as well as the number of options the employees are expected to gain. This estimate is adjusted at the end of each reporting period such that only the number of options to which employ-ees are entitled or expected to be entitled is recognized. The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other lia-bilities, is adjusted to fair value at the end of each reporting period, and the subsequent adjustment is recognized in the income state-ment under Financial income or Financial costs.6.3 Commitments and contingenciesDKK million 2022 2021Other guaranteesOther guarantees and commitments to related companies 22 29Other guarantees and commitments 606 332Pending litigation and arbitration Novozymes is engaged in certain legal cases. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not. Contractual commitmentsThe increase in contractual commitments is related to the proposed combination of Novozymes and Chr. Hansen.Contractual commitments to third parties relat-ing to Property, plant and equipment are described in Note 3.2.Contingent liabilitiesIn the unlikely event that the proposed combina-tion of Novozymes and Chr. Hansen does not obtain regulatory approval, Novozymes may have to pay a break-up fee of up to DKK 2,342 million (EUR 315 million).Contract conditions Several of the partnership contracts to which Novozymes is a party may be terminated by the other party in the event of significant changes in ownership or control of Novozymes. Furthermore, a few contracts contain provisions that restrict Novozymes\u2019 licenses from using specific forms of technology in such situations. 6.4 Related party transactionsTransactionsDKK million 2022 2021Novo Holdings A/SSale of services - 1Dividend payment to Novo Holdings A/S 396 382The Novo Nordisk GroupSale of services 92 78Sale of assets 21 6Purchase of goods and materials (29) (80)Purchase of services (49) (36)The NNIT GroupPurchase of services (34) (39)The Chr. Hansen GroupSale of goods and materials 123 89Purchase of goods and materials - (3)Microbiogen Pty. Ltd.*Purchase of services (38) (25)st21. BIO A/S*Sale of services 14 -MagnaBioAnalytics LLC*Purchase of goods and materials (1) -Purchase of services (1) -* Associate of Novozymes A/SOutstanding balances DKK million 2022 2021The Novo Nordisk GroupReceivables 10 10Payables (79) (88)The NNIT GroupPayables (7) (9)The Chr. Hansen GroupReceivables 22 5Microbiogen Pty. Ltd.*Payables (12) (7)st21. BIO A/S*Receivables 2 -MagnaBioAnalytics LLC*Receivables 5 -* Associate of Novozymes A/SNovozymes A/S is controlled by Novo Holdings A/S, domiciled in Hellerup, Denmark, which holds 72.7% of the votes in Novozymes A/S. The remaining stock is widely held. The ultimate par-ent of the Group is the(incorporated in Denmark). Novo Nordisk Foundation Rental commitments to related parties at December 31, 2022 amounted to DKK 12 million, compared with DKK 12 million at December 31, 2021.Related parties are considered to be Novo Holdings A/S and the Novo Nordisk Foundation, as well as the Board of Directors and Executive Management of these entities together with their immediate families. Other related parties are considered to be the Novo Nordisk Foundation\u2019s subsidiaries and associates, such as the Novo Nordisk Group, the NNIT Group and the Chr. Hansen Group, associates of Novozymes A/S, as well as the Board of Directors and Executive Leadership Team of Novozymes A/S together with their immediate families. Related parties also include companies in which the above per-sons have control or joint control. All agreements relating to these transactions are based on market price (arm\u2019s length). The major-ity of the agreements are renegotiated regularly.In 2022, Novozymes has not sold or purchased any of its own B shares from Novo Holdings A/S.In 2021, Novozymes purchased from Novo Holdings A/S 765,000 of its own B shares with the approval of the Board of Directors, at a price of DKK 338 million. The transaction was based on the market price.There were no transactions with related parties other than the transactions described and nor-mal remuneration of the Board of Directors and Executive Leadership Team, which is presented in Note 6.1. In 2022, Novozymes Biotechnology ApS merged stwith 21.BIO. As part of the merger, Novozymes streceived 40% of the shares in 21.BIO, corre-sponding to the value of the intellectual property rights from Novozymes Biotechnology ApS of DKK 201 million.6.5 Non-controlling interestsTransactions with non-controlling interestsOn December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences, located in India.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests and are recognized in the final opening balance at the proportionate share of the acquired net identifiable assets, which amounts to DKK 371 million. See details in Note 3.5.Share purchase liabilityThe remaining 40% of the shares in Synergia Life Sciences are to be acquired in 2025 and a liabil-ity of DKK 760 million (2021: DKK 717 million) is recognized. The redemption amount is contingent on the achievement of sales targets for Synergia Life Sciences for the period April 1, 2024 to March 31, 2025. The consideration will be within the range of DKK623 million to DKK 1,121 million and includes payment of the non-controlling interests\u2019 stake of the net working capital and cash balances at the acquisition date of Synergia Life Sciences. Fair value of the Share purchase liability is assessed by using the most probable redemption amount, discounted at a rate of 11% (2021: 11%). Currency translation adjustments and interest of net DKK 43 million (2021: DKK 0 million) have been recognized in Equity. The share purchase liability is denominated in INR.Accounting policiesShare purchase liability is Novozymes\u2019s obli-gation to purchase non-controlling interests in subsidiaries and is remeasured at fair value at each reporting date. The fair value of the most likely redemption amount is initially recognized within liabilities with a corre-sponding charge directly to Equity. Interest and fair value adjustments resulting from events after the initial recognition are recog-nized in Equity under Retained earnings.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.DKK million 2022 2021Share purchase liability at January 1 717 -Additions from business acquisitions - 717Currency translation adjustments (32) -Interest 75 -Share purchase liability at December 31 760 7176.6 Fees to statutory auditorsDKK million 2022 2021Statutory audit 9 9Other assurance engagements - -Tax assurance services 3 3Other services 10 1Fees to statutory auditors 22 13Group audit fee ratio 1.4 0.4Audit fee policy It is Novozymes\u2019 policy that the annual fee for nonaudit services provided by the statutory audi-tors should not exceed the annual fee for statu-tory audit services measured at Group level. The Group audit fee ratio may only exceed 1 with the approval of the Audit Committee. In 2022, approval was given for advisory services and mandatory statements of DKK 9.6 million related to the proposed combination of Novozymes and Chr. Hansen.In 2021 the group audit fee ratio was 0.4.Implementation of the EU audit reform has led to restrictions on the nonaudit services that the auditors elected at the Annual Shareholders\u2019 Meeting may perform, including a 70% cap. The fee for nonaudit services performed for Novozymes by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was DKK 4 million (2021: DKK 1 million) and does not exceed the 70% cap. The services comprise tax advisory services concerning transfer pricing, advisory services related to the proposed combi-nation of Novozymes and Chr. Hansen and other general financial reporting and tax consultancy. The fee for the mandatory statements related to the proposed combination of Novozymes and Chr. Hansen are by definition not a nonaudit ser-vice in relation to 70% cap calculation. 6.7 Cash flowDKK million Note 2022 2021Non-cash itemsAccrued interest income and interest costs 146 34(Gain)/loss on financial assets, etc., net (248) 3Depreciation, amortization and impairment losses 3.1, 3.2 1,485 1,416Realized loss and allowances for doubtful trade receivables 15 (14)(Gain)/loss on sale and disposal of assets (25) (92)Unrealized foreign exchange (gain)/loss 70 73Tax 2.7 870 779Stock-based payment 6.2 127 78Change in provisions (44) (26)Divestment of a pharma-related royalty - (57)stGain from 21.BIO transaction (201) -Gain on divestment of minority ownership in Albumedix (267) -Profit/loss in associates 7 4Non-cash items 1,935 2,198DKK million Note 2022 2021Business acquisitions, divestments and purchases of financial assetsDivestment of minority ownership in Albumedix 5.2 267 -Acquisition of Microbiome Labs 3.5 - (761)Acquisition of Synergia Life Sciences 3.5 (77) (870)Cash flow from acquisitions, net 190 (1,631)Additions of intangible assets 3.1 130 169Purchase of intangible assets 130 169Additions of property, plant and equipment 3.2 2,802 1,188Non-cash additions of property, plant and equipment - (15)Less additions to lease assets 3.3 (42) (102)Purchase of property, plant and equipment 2,760 1,071Undrawn committed credit facilities amounted to DKK 17,502 million at December 31, 2022 (2021: DKK 3,785 million), all of which expire in 2023\u20132027. The increase mainly relates to a significant facilityrelated to the proposed combination of Novozymes and Chr. Hansen.Accounting policiesThe consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year. Cash flow from operating activities comprises net profit adjusted for non-cash items, paid financial items, corporate income tax paid and change in working capital. Cash flow from investing activities comprises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment. Cash flow from financing activities comprises proceeds from borrowings, repayment of principal on interest-bearing debt, repayment of lease liabilities, payment of dividends, pro-ceeds from stock issues, and the sale of treasury stock and other securities. Cash and cash equivalents comprises cash at bank and in hand less current bank loans due on demand. 6.8 Events after the reporting dateNo events of importance to the consolidated financial statements have occurred after the reporting date.6.9 Group companies ISO 14001-certified sites. All major companies are ISO 9001 certified. Production Sales and marketing Research and development Holding companies, etc.SubsidiariesNovozymes BioAg S.A., Argentina100Novozymes Australia Pty. Ltd.*, Australia100Novozymes Belgium BV*, Belgium100Novozymes Latin America Ltda.*, Brazil100Novozymes BioAg Productos Para Agricultura Ltda., Brazil100Novozymes BioAg Limited, Canada100Percentage of Activityshares ownedNovozymes Canada Limited, Canada100Novozymes (China) Biotechnology Co. Ltd., China100Novozymes (China) Investment Co. Ltd., China100Novozymes (Shenyang) Biologicals Co. Ltd., China100Suzhou Hongda Enzyme Co. Ltd., China96Novozymes OneHealth Biotechnology (Shanghai) Co. Ltd., China100Novozymes Bioindustrial A/S*, Denmark100Novozymes Bioindustrial China A/S*, Denmark100Novozymes Biopharma DK A/S*, Denmark100Novozymes BioAg A/S*, Denmark100Novozymes France S.A.S.*, France100Novozymes Deutschland GmbH*, Germany100Novozymes Berlin GmbH, Germany100Novozymes Greece Single Member SA*, Greece100Novozymes Hong Kong Ltd., Hong Kong100Novozymes South Asia Pvt. Ltd., India100Riata Life Sciences Pvt. Ltd., India60Synergia Life Sciences Pvt. Ltd.*, India60PT Novozymes Indonesia Biotechnology*, Indonesia100PrecisionBiotics Group Ltd.*, Ireland100Novozymes Italia S.r.l.*, Italy100Novozymes Japan Ltd.*, Japan100Novozymes Kenya Ltd.*, Kenya100Novozymes Malaysia Sdn. Bhd.*, Malaysia100Percentage of Activityshares ownedParent CompanyNovozymesDenmarkA/S, Percentage of Activityshares ownedNovozymes Mexicana, S.A. de C.V.*, Mexico100Novozymes Mexico, S.A. de C.V., Mexico100Novozymes Nederland B.V.*, Netherlands100Novozymes RUS LLC*, Russia100Novozymes Singapore Pte. Ltd.*, Singapore100Novozymes South Africa (Pty) Ltd.*, South Africa100Novozymes Korea Limited*, South Korea100Novozymes Spain S.A.*, Spain100Novozymes Sweden AB*, Sweden100Novozymes Switzerland AG, Switzerland100Novozymes Switzerland Holding AG*, Switzerland100Novozymes (Thailand) Ltd.*, Thailand100Novozymes Enzim Dis Ticaret Ltd. Sirketi*, Turkey100Novozymes UK Ltd.*, U.K.100Novozymes BioAg, Inc., U.S.100Novozymes Biologicals, Inc., U.S.100Novozymes Blair, Inc., U.S.100Novozymes, Inc., U.S.100Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S.100Novozymes North America, Inc., U.S.100Novozymes US, Inc.*, U.S.100Percentage of Activityshares ownedJoint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 42.70Microbiogen PTY Ltd.*, Australia 23.10Tecnol s.r.l. in liqudiazione (formerly Beta Renewables S.p.A.)*, Italy 9.95MagnaBioAnalytics LLC, U.S. 19.35* Owned directly by Novozymes A/S.",
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"value": "The accounting policies described below apply to the consolidated financial statements as a whole. Accounting policies and critical accounting esti-mates and judgments are described in the notes to which they relate to enhance understanding. The descriptions of accounting policies in the notes form part of the overall description of accounting policies. ACCOUNTING POLICIES Consolidation The consolidated financial statements comprise the financial statements of Novozymes A/S (the Parent Company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The consolidated financial statements are prepared by combining items of a uniform nature and subsequently elim-inating intercompany transactions, internal stockholdings and balances, and unrealized inter-company profits and losses. Non-controlling interests\u2019 share of subsidiaries\u2019 net profit for the year and equity are included in the Group\u2019s net profit and total equity, but are disclosed separately.Consolidation of the environmental, social and governance data follows the same principles as the financial reporting. Translation of foreign currencies The consolidated financial statements are pre-sented in Danish kroner (DKK), which is also the functional and presentation currency of the par-ent company. Exchange rate differences arising between exchange rates at the transaction date and the reporting date are recognized as Financial income or Financial costs. Foreign currency transactions are translated into the functional currency defined for each com-pany using the exchange rates prevailing at the transaction date. Monetary items denominated in foreign currencies are translated into the func-tional currency at the exchange rates prevailing at the reporting date. Financial statements of foreign subsidiaries are translated into DKK at the exchange rates pre-vailing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items. The following exchange rate differences, arising from translation using the exchange rate prevail-ing at the reporting date, are recognized in Other comprehensive income: \u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year. \u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates. Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements and the environmental, social and governance data requires Management to make estimates and assumptions that can have a sig-nificant effect on the application of policies and reported amounts of assets, liabilities, income, expenses and related disclosures. The estimates and underlying assumptions are based on histori-cal experience and various other factors. Actual results may differ from these estimates. The application of the Group\u2019s accounting poli-cies may require Management to make judg-ments that can have a significant effect on the amounts recognized in the consolidated financial statements. Management judgment is required in particular when assessing the substance of trans-actions that have a complicated structure or legal form.The critical accounting estimates and judgments could potentially have a significant impact on the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in esti-mates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed information becomes available. Such changes are recognized in the period in which the estimate in question is revised.The table shows critical accounting estimates and judgments and their level of potential impact on the consolidated financial statements:Critical accounting Estimate/ Potential impact from Note\ue61festimates and judgments\ue61fjudgment\ue61festimates and judgments\ue61f2.2 Revenue\ue614 Revenue recognition\ue614 Estimate\ue614 Classification of 2.6 Special itemsspecial items Judgment Group tax charge\ue614and 2.7 Tax\ue614deferred tax assets Estimate\ue614 3.1 Intangible assets and Impairment of intangible impairment test of goodwill\ue614assets and goodwill\ue614 Estimate\ue614 3.5 Business acquisitions3.6 Contingent consideration\ue614 Fair value measurement Estimate 6.5 Non-controlling interestsCost of work in progress 4.1 Inventories\ue614and finished goods\ue614 Estimate 4.2 Trade receivables and Allowances for doubtful contract assets\ue614trade receivables\ue614 Estimate Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further require-ments in the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the exception of derivatives, securities, contingent consideration and share purchase liability, which are measured at fair value. The accounting policies are unchanged from last year. Defining materiality The Novozymes Report is based on the concept of materiality, to ensure that the content is mate-rial and relevant. If items are individually immaterial, they are aggregated with other items of a similar nature in the statements or in the notes. Novozymes pro-vides the specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the readers of The Novozymes Report. Introduction of special items in the income statementAs a consequence of the proposed combination of Novozymes and Chr. Hansen, special items are presented in the income statement from 2022.Introduction of special items has been made to provide a more transparent view of Novozymes\u2019 recurring activities and to separate the income and costs from the proposed combination of Novozymes and Chr. Hansen from Novozymes\u2019 operating profit.Please refer to Note 2.6 for more information.Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2022:\u2022 Amendments to IFRS 3 \u2013 Business Combinations clarifying the prohibition for recognizing contingent assets acquired in a business combination and replacing outdated references to the Framework. \u2022 Amendments to IAS 37 \u2013 Provisions Contingent Liabilities and Contingent Assets specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019 whether being incremental costs of fulfilling that contract or an alloca-tion of other costs that relate directly to ful-filling contracts.\u2022 Amendment to IAS 16 - Property, Plant and Equipment prohibiting deductions from the cost of an item of property, plant and equip-ment of any proceeds from selling items produced while bringing that asset to the loca-tion and condition necessary for it to be capa-ble of operating in the manner intended by management. Instead, proceeds from selling such items, and the cost of producing those items, must be recognized in profit or loss. \u2022 Annual Improvements to IFRSs (2018\u20132020) contains minor changes to four standards.The adoption of the new and amended standards and interpretations has not had a significant impact on recognition, measurement, or disclo-sures in the consolidated financial statements for 2022 and is not anticipated to have a signifi-cant impact on future periods.Segment reporting The internal reporting framework used for reporting on revenue and expenses to the Executive Leadership Team and the Board of Directors has been established to reflect and report on the global functional responsibility setup at Novozymes. This setup consolidates functions by type, and Management reviews the results of the Group as a whole to assess perfor-mance. Thus, there is only one operating seg-ment.Critical accounting estimates and judgmentsNovozymes has entered into various sales agreements, including agreements where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers, and where the profit on products sold to end customers is shared between the partner and Novozymes based on predetermined profit-sharing mechanisms. Recognition of revenue requires judgment and estimates by Management in connection with determining the appropriate revenue recognition as well as the timing of recogni-tion.Accounting policiesNovozymes produces a wide range of industrial enzymes, microorganisms and probiotics. Revenue includes the sale of goods and related services and royalties, and is recognized at an amount that reflects the consideration to which Novozymes expects to be entitled. Revenue from the straightforward sale of goods to cus-tomers is recognized when control of the goods is transferred to the customer, i.e. when goods are delivered. Variable considerations are included in revenue to the extent that they are not subject to significant uncertainty. The performance obligations in the contracts are to deliver enzymes, microorganisms and probiotics to customers, and each batch deliv-ered is considered a separate performance obligation, as each batch is distinct.Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. Returns A few of Novozymes\u2019 markets are granted a right of return. No revenue is recognized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These estimates are updated at the end of each reporting period. As the goods returned are usu-ally scrapped, no inventory asset is recognized. Profit split Novozymes has entered into partnerships where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers. The profit on products sold to end customers is shared between the partner and Novozymes based on predeter-mined profit-sharing mechanisms. Revenue from these arrangements consists of sales of products to the partner and the shared profit, and is recognized in full when the goods are delivered to the other contracting party. This is done by calculating the expected profit based on insights, experience and other input factors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically. Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. Other Revenue collected on behalf of third parties is not recognized as revenue. Novozymes\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities. A trade receivable is recognized when the cus-tomer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes unconditional and only the passage of time is required before payment is due. Typical payment terms are around 60 days. Contract liabilities consist of advance pay-ments, deferred revenue and liabilities for refund goods. The contract liabilities are recog-nized as revenue as the performance obliga-tions under the contracts are fulfilled.Accounting policiesThe number of employees is derived from contractual obligations, but does not include employees on unpaid leave, temporary replacements, student interns, agency employees, consultants or PhD students. In the calculation of the number of full-time employees, employees with a working time ratio of 95% or more are counted as full-time employees. The average number of employees is calcu-lated as the average of the number of perma-nent employees at the end of each month. Job categories are defined as follows: Senior management comprises the CEO, executive vice presidents, vice presidents and directors. Management comprises middle managers and specialists. Professional comprises employ-ees with academic backgrounds as well as team leaders. Process operators comprises operators and unskilled workers.All of the above classifications are based on internal job categories. Accounting policiesResearch and development costs primarily comprise employee costs, internal and exter-nal costs related to the development of new products and to the ongoing optimization of production processes for existing products, and amortization, depreciation and impair-ment losses related to intangible assets and property, plant and equipment used in research and development activities. Research costs are expensed as incurred, while development costs are expensed as incurred unless the criteria for capitalization are deemed to have been met. Income received from research and collabora-tion agreements is recognized in Other oper-ating income.Accounting policiesOther operating income comprises income that is not product-related and that is not defined as special items. This includes income from research and collaboration agreements, government grants, sale of licenses, patents, etc., and other income of a secondary nature in relation to the main activities of the Group. This item also includes non-recurring income items in respect of damages, outlicensing, etc., and gains and losses on divestments.Critical accounting estimates and judgmentsAs the Group operates across many different countries, the calculation of the Group\u2019s total tax charge in the income statement inherently involves estimation. Tax and transfer-pricing disputes with authorities in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes. The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if management assesses they can be offset against positive taxable income in the foreseeable future. This judgment is made annually and based on budgets and business plans for the coming years, includ-ing planned commercial initiatives.Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial differences between the tax charge recog-nized in the consolidated income statement and actual tax payments.Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.Accounting policiesEarnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average number of shares in circulation. Diluted earnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average num-ber of shares in circulation, including the dilu-tive effect of stock options \u201cin the money.\u201dCritical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.Accounting policiesLease assetsLease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are ini-tially measured at the present value of future lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable lease payments depending on an index or a rate and the exercise price of purchase options that are reasonably certain to be excercised. Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired. Lease assets are depreciated as follows: \u2022 Buildings: 1\u201312 years \u2022 Land: 10\u201390 years \u2022 Plant and machinery: 1\u201310 years \u2022 Other equipment: 1\u201310 years Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term. Novozymes\u2019 portfolio of leases covers leases of land, buildings, plant and machinery and other equipment such as cars and transporta-tion containers. Lease liabilities Lease liabilities are initially recognized at the present value of future lease payments includ-ing payments from extension or purchase options that are considered reasonably certain to be exercised. The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novozymes operates. Novozymes applies a sin-gle discount rate to portfolios of leases in the countries in which Novozymes operates based on contract currency and loan periods. If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated taking the size of the building and its strategic importance into con-sideration. Novozymes has entered into sev-eral open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame necessary to vacate the premises. The estimated lease term is reas-sessed at each reporting date. The estimated lease terms for such contracts do not exceed 12 years.Accounting policiesProvisions are recognized where a legal or constructive obligation has been incurred as a result of past events and it is proba-ble that it will lead to an outflow of finan-cial resources. Provisions are measured at the present value of the expected expend-iture required to settle the obligation.Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesOn acquisition of companies, the identifiable assets acquired and the liabilities and contin-gent liabilities assumed are recognized at their fair values at the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contin-gent consideration arrangement.Non-controlling interests in an acquired com-pany is recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired company\u2019s net identifi-able assets. This decision is made on an acquisition-by-ac-quisition basis.Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifiable net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and cir-cumstances present at the acquisition date. Acquired companies are consolidated from the date of acquisition. Acquisition-related costs are expensed as incurred.Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.Critical accounting estimates and judgmentsWork in progress and Finished goods are meas-ured at cost, including indirect production costs. Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee costs, capacity utilization, cost drivers and other relevant fac-tors. Changes in these parameters may have an impact on the gross margin and the overall val-uation of Work in progress and Finished goods.Accounting policiesInventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value. The cost of Work in progress and Finished goods comprises direct production costs such as raw materials and consumables, energy and labor directly attributable to pro-duction as well as indirect production costs such as employee costs, maintenance and depreciation of plants, etc. If the expected selling price less any comple-tion costs and costs to execute the sale (net realizable value) of inventories is lower than the carrying amount, inventories are written down to net realizable value. Novozymes has entered into a few agree-ments where Novozymes supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. Such goods are derecognized from inventories in the period when they are consumed in the customer\u2019s production.Critical accounting estimates and judgmentsThe allowance for expected credit losses for trade receivables and contract assets is based on historical credit loss experience combined with forward-looking information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.Accounting policiesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for life-time expected credit losses for trade receiva-bles is recognized on initial recognition. For contract assets, the credit risk is based on an individual assessment. Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery. The cost of allowances for expected credit losses and write-offs for trade receivables and contract assets are recognized in Sales and distribution costs.Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. Accounting policiesThe Group has established stock-based incentive programs comprising equity-settled and cash-settled programs. The fair value of the employee services received in exchange for the grant of stock options and stock awards is measured with reference to the fair value of the stock options and stock awards granted. The fair value is measured using the Black\u2013Scholes option-pricing model. The fair value of stock-based payment at the grant date is recognized as an employee cost over the period in which the stock options vest. In measuring the fair value, account is taken of the number of employees expected to gain entitlement to the options as well as the number of options the employees are expected to gain. This estimate is adjusted at the end of each reporting period such that only the number of options to which employ-ees are entitled or expected to be entitled is recognized. The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other lia-bilities, is adjusted to fair value at the end of each reporting period, and the subsequent adjustment is recognized in the income state-ment under Financial income or Financial costs.Accounting policiesShare purchase liability is Novozymes\u2019s obli-gation to purchase non-controlling interests in subsidiaries and is remeasured at fair value at each reporting date. The fair value of the most likely redemption amount is initially recognized within liabilities with a corre-sponding charge directly to Equity. Interest and fair value adjustments resulting from events after the initial recognition are recog-nized in Equity under Retained earnings.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesThe consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year. Cash flow from operating activities comprises net profit adjusted for non-cash items, paid financial items, corporate income tax paid and change in working capital. Cash flow from investing activities comprises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment. Cash flow from financing activities comprises proceeds from borrowings, repayment of principal on interest-bearing debt, repayment of lease liabilities, payment of dividends, pro-ceeds from stock issues, and the sale of treasury stock and other securities. Cash and cash equivalents comprises cash at bank and in hand less current bank loans due on demand. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-16-2": {
"value": "Consolidation The consolidated financial statements comprise the financial statements of Novozymes A/S (the Parent Company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The consolidated financial statements are prepared by combining items of a uniform nature and subsequently elim-inating intercompany transactions, internal stockholdings and balances, and unrealized inter-company profits and losses. Non-controlling interests\u2019 share of subsidiaries\u2019 net profit for the year and equity are included in the Group\u2019s net profit and total equity, but are disclosed separately.Consolidation of the environmental, social and governance data follows the same principles as the financial reporting. ",
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"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-16-4": {
"value": "Consolidation The consolidated financial statements comprise the financial statements of Novozymes A/S (the Parent Company) and subsidiaries controlled by Novozymes A/S, prepared in accordance with Group accounting policies. The consolidated financial statements are prepared by combining items of a uniform nature and subsequently elim-inating intercompany transactions, internal stockholdings and balances, and unrealized inter-company profits and losses. Non-controlling interests\u2019 share of subsidiaries\u2019 net profit for the year and equity are included in the Group\u2019s net profit and total equity, but are disclosed separately.Consolidation of the environmental, social and governance data follows the same principles as the financial reporting. ",
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"pp-value-18-3": {
"value": "Translation of foreign currencies The consolidated financial statements are pre-sented in Danish kroner (DKK), which is also the functional and presentation currency of the par-ent company. Exchange rate differences arising between exchange rates at the transaction date and the reporting date are recognized as Financial income or Financial costs. Foreign currency transactions are translated into the functional currency defined for each com-pany using the exchange rates prevailing at the transaction date. Monetary items denominated in foreign currencies are translated into the func-tional currency at the exchange rates prevailing at the reporting date. Financial statements of foreign subsidiaries are translated into DKK at the exchange rates pre-vailing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items. The following exchange rate differences, arising from translation using the exchange rate prevail-ing at the reporting date, are recognized in Other comprehensive income: \u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year. \u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-18-4": {
"value": "Translation of foreign currencies The consolidated financial statements are pre-sented in Danish kroner (DKK), which is also the functional and presentation currency of the par-ent company. Exchange rate differences arising between exchange rates at the transaction date and the reporting date are recognized as Financial income or Financial costs. Foreign currency transactions are translated into the functional currency defined for each com-pany using the exchange rates prevailing at the transaction date. Monetary items denominated in foreign currencies are translated into the func-tional currency at the exchange rates prevailing at the reporting date. Financial statements of foreign subsidiaries are translated into DKK at the exchange rates pre-vailing at the reporting date for assets and liabili-ties, and at average exchange rates for income statement items. The following exchange rate differences, arising from translation using the exchange rate prevail-ing at the reporting date, are recognized in Other comprehensive income: \u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year. \u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-25-2": {
"value": "Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements and the environmental, social and governance data requires Management to make estimates and assumptions that can have a sig-nificant effect on the application of policies and reported amounts of assets, liabilities, income, expenses and related disclosures. The estimates and underlying assumptions are based on histori-cal experience and various other factors. Actual results may differ from these estimates. The application of the Group\u2019s accounting poli-cies may require Management to make judg-ments that can have a significant effect on the amounts recognized in the consolidated financial statements. Management judgment is required in particular when assessing the substance of trans-actions that have a complicated structure or legal form.The critical accounting estimates and judgments could potentially have a significant impact on the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in esti-mates may be necessary if there are changes in the circumstances on which the estimate was based, or if more detailed information becomes available. Such changes are recognized in the period in which the estimate in question is revised.The table shows critical accounting estimates and judgments and their level of potential impact on the consolidated financial statements:Critical accounting Estimate/ Potential impact from Note\ue61festimates and judgments\ue61fjudgment\ue61festimates and judgments\ue61f2.2 Revenue\ue614 Revenue recognition\ue614 Estimate\ue614 Classification of 2.6 Special itemsspecial items Judgment Group tax charge\ue614and 2.7 Tax\ue614deferred tax assets Estimate\ue614 3.1 Intangible assets and Impairment of intangible impairment test of goodwill\ue614assets and goodwill\ue614 Estimate\ue614 3.5 Business acquisitions3.6 Contingent consideration\ue614 Fair value measurement Estimate 6.5 Non-controlling interestsCost of work in progress 4.1 Inventories\ue614and finished goods\ue614 Estimate 4.2 Trade receivables and Allowances for doubtful contract assets\ue614trade receivables\ue614 Estimate Introduction of special items in the income statementAs a consequence of the proposed combination of Novozymes and Chr. Hansen, special items are presented in the income statement from 2022.Introduction of special items has been made to provide a more transparent view of Novozymes\u2019 recurring activities and to separate the income and costs from the proposed combination of Novozymes and Chr. Hansen from Novozymes\u2019 operating profit.Please refer to Note 2.6 for more information.Critical accounting estimates and judgmentsNovozymes has entered into various sales agreements, including agreements where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers, and where the profit on products sold to end customers is shared between the partner and Novozymes based on predetermined profit-sharing mechanisms. Recognition of revenue requires judgment and estimates by Management in connection with determining the appropriate revenue recognition as well as the timing of recogni-tion.Critical accounting estimates and judgmentsSpecial items are used in the presentation of the income statement and include significant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit. These items are classified separately in the income statement as Special items in order to pro-vide a more transparent view of Novozymes\u2019 operating profit.The use of special items entails management judgement in the separation from other items in the income statement.Management considers individual items in order to ensure that special items include sig-nificant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit.Special items include income or costs from the proposed combination of Novozymes and Chr. Hansen.Critical accounting estimates and judgmentsAs the Group operates across many different countries, the calculation of the Group\u2019s total tax charge in the income statement inherently involves estimation. Tax and transfer-pricing disputes with authorities in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes. The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if management assesses they can be offset against positive taxable income in the foreseeable future. This judgment is made annually and based on budgets and business plans for the coming years, includ-ing planned commercial initiatives.Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial differences between the tax charge recog-nized in the consolidated income statement and actual tax payments.Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.Critical accounting estimates and judgmentsWork in progress and Finished goods are meas-ured at cost, including indirect production costs. Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee costs, capacity utilization, cost drivers and other relevant fac-tors. Changes in these parameters may have an impact on the gross margin and the overall val-uation of Work in progress and Finished goods.Critical accounting estimates and judgmentsThe allowance for expected credit losses for trade receivables and contract assets is based on historical credit loss experience combined with forward-looking information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further require-ments in the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the exception of derivatives, securities, contingent consideration and share purchase liability, which are measured at fair value. The accounting policies are unchanged from last year. Defining materiality The Novozymes Report is based on the concept of materiality, to ensure that the content is mate-rial and relevant. If items are individually immaterial, they are aggregated with other items of a similar nature in the statements or in the notes. Novozymes pro-vides the specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the readers of The Novozymes Report. Introduction of special items in the income statementAs a consequence of the proposed combination of Novozymes and Chr. Hansen, special items are presented in the income statement from 2022.Introduction of special items has been made to provide a more transparent view of Novozymes\u2019 recurring activities and to separate the income and costs from the proposed combination of Novozymes and Chr. Hansen from Novozymes\u2019 operating profit.Please refer to Note 2.6 for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further require-ments in the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, with the exception of derivatives, securities, contingent consideration and share purchase liability, which are measured at fair value. The accounting policies are unchanged from last year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2022:\u2022 Amendments to IFRS 3 \u2013 Business Combinations clarifying the prohibition for recognizing contingent assets acquired in a business combination and replacing outdated references to the Framework. \u2022 Amendments to IAS 37 \u2013 Provisions Contingent Liabilities and Contingent Assets specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019 whether being incremental costs of fulfilling that contract or an alloca-tion of other costs that relate directly to ful-filling contracts.\u2022 Amendment to IAS 16 - Property, Plant and Equipment prohibiting deductions from the cost of an item of property, plant and equip-ment of any proceeds from selling items produced while bringing that asset to the loca-tion and condition necessary for it to be capa-ble of operating in the manner intended by management. Instead, proceeds from selling such items, and the cost of producing those items, must be recognized in profit or loss. \u2022 Annual Improvements to IFRSs (2018\u20132020) contains minor changes to four standards.The adoption of the new and amended standards and interpretations has not had a significant impact on recognition, measurement, or disclo-sures in the consolidated financial statements for 2022 and is not anticipated to have a signifi-cant impact on future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2022:\u2022 Amendments to IFRS 3 \u2013 Business Combinations clarifying the prohibition for recognizing contingent assets acquired in a business combination and replacing outdated references to the Framework. \u2022 Amendments to IAS 37 \u2013 Provisions Contingent Liabilities and Contingent Assets specify that the \u2018cost of fulfilling\u2019 a contract comprises the \u2018costs that relate directly to the contract\u2019 whether being incremental costs of fulfilling that contract or an alloca-tion of other costs that relate directly to ful-filling contracts.\u2022 Amendment to IAS 16 - Property, Plant and Equipment prohibiting deductions from the cost of an item of property, plant and equip-ment of any proceeds from selling items produced while bringing that asset to the loca-tion and condition necessary for it to be capa-ble of operating in the manner intended by management. Instead, proceeds from selling such items, and the cost of producing those items, must be recognized in profit or loss. \u2022 Annual Improvements to IFRSs (2018\u20132020) contains minor changes to four standards.The adoption of the new and amended standards and interpretations has not had a significant impact on recognition, measurement, or disclo-sures in the consolidated financial statements for 2022 and is not anticipated to have a signifi-cant impact on future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "Revenue 2022 (2021)DKK millionDenmark 211 (207)Rest of Europe, Middle East & Africa5,884 (5,474)17,553North America (14,951)5,829 (4,683)Latin America 2,063 (1,578)Asia Pacific3,566 (3,009)2.2 Revenue DKK million 2022 2021Consumer BiosolutionsHousehold Care 4,988 4,763Food, Beverages & Human Health 4,134 3,464Agriculture & Industrial BiosolutionsBioenergy 3,748 2,702Grain & Tech Processing 2,607 2,236Agriculture, Animal Health & Nutrition 2,076 1,786Revenue I/S17,553 14,951Emerging markets 6,441 5,448Developed markets* 11,112 9,503Revenue I/S17,553 14,951Revenue to the five largest customers as a percentage of revenue 23% 25%* Developed markets comprise North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. Rest of the world is considered as emerging markets.At January 1, 2022, contract liabilities amounted to DKK 129 million (2021: DKK 67 million), of which DKK 81 million was recognized as revenue in 2022 (2021: DKK 43 million).As a consequence of the war in Ukraine, Novozymes has discontinued all sales to custom-ers in Russia. This is estimated to have had a negative impact on the organic sales growth in 2022 of around 1%.Critical accounting estimates and judgmentsNovozymes has entered into various sales agreements, including agreements where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers, and where the profit on products sold to end customers is shared between the partner and Novozymes based on predetermined profit-sharing mechanisms. Recognition of revenue requires judgment and estimates by Management in connection with determining the appropriate revenue recognition as well as the timing of recogni-tion.Sales by currency 2022 (2021)DKK millionDKK 6% (7%)EUR 33% (36%)USD 38% (35%)CNY 8% (9%)Other 15% (13%)Sales growth 2022DKK million7%17,5539%1%14,9512021Organic M&A Exchange 2022growthimpactratesMost of Novozymes\u2019 revenue is derived from the sale of goods to customers, with revenue being recognized when the goods are delivered. Accounting policiesNovozymes produces a wide range of industrial enzymes, microorganisms and probiotics. Revenue includes the sale of goods and related services and royalties, and is recognized at an amount that reflects the consideration to which Novozymes expects to be entitled. Revenue from the straightforward sale of goods to cus-tomers is recognized when control of the goods is transferred to the customer, i.e. when goods are delivered. Variable considerations are included in revenue to the extent that they are not subject to significant uncertainty. The performance obligations in the contracts are to deliver enzymes, microorganisms and probiotics to customers, and each batch deliv-ered is considered a separate performance obligation, as each batch is distinct.Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. Returns A few of Novozymes\u2019 markets are granted a right of return. No revenue is recognized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These estimates are updated at the end of each reporting period. As the goods returned are usu-ally scrapped, no inventory asset is recognized. Profit split Novozymes has entered into partnerships where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers. The profit on products sold to end customers is shared between the partner and Novozymes based on predeter-mined profit-sharing mechanisms. Revenue from these arrangements consists of sales of products to the partner and the shared profit, and is recognized in full when the goods are delivered to the other contracting party. This is done by calculating the expected profit based on insights, experience and other input factors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically. Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. Other Revenue collected on behalf of third parties is not recognized as revenue. Novozymes\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities. A trade receivable is recognized when the cus-tomer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes unconditional and only the passage of time is required before payment is due. Typical payment terms are around 60 days. Contract liabilities consist of advance pay-ments, deferred revenue and liabilities for refund goods. The contract liabilities are recog-nized as revenue as the performance obliga-tions under the contracts are fulfilled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "Intangible assets and property, plant and equipment 2022 (2021)DKK millionDenmark 6,747 (6,647)Rest of Europe, Middle East & Africa788 (828) 16,North America (15,25,804 (4,019)Latin America 121 (108)Asia Pacific3,312 (3,607) 3.1 Intangible assets and impairment test of goodwillAdditions from business acquisitionsNo acquisitions were made in 2022. In 2021, Novozymes acquired DKK 2,554 million of intangible assets through the acquisition of Microbiome Labs and Synergia Life Sciences, of which DKK 1,709 million primarily related to Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)patents and know-how (technology), customer relationships and brands.Impairment In 2022, an impairment loss of DKK 28 million on a know-how asset was recognized as the use of this know-how asset ceased. The impairment loss was recognized in Cost of goods sold and Research and development costs at DKK 13 mil-lion and DKK 15 million respectively.In 2021, an impairment loss of DKK 27 million on a know-how asset was recognized as the use of this know-how ceased. The impairment loss was recognized in Research and development costs.Impairment test of goodwillAn impairment test of goodwill of Novozymes\u2019 cash-generating units (CGUs) is performed for the entire Group, as cost bases of the cash-gen-erating units cannot be measured at CGU level.As the market value of Novozymes is significantly higher than its equity, no further key assump-tions are used to determine whether impairment of goodwill exists (2021: no impairment). Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2022 2,020 5,002 839 150 8,011Currency translation adjustments (11) (33) 1 2 (41)Additions from business acquisitions (2) - - - (2)Additions during the year - - 22 108 130Disposals during the year - - (1) - (1)Transfers to/(from) other items - - 80 (80) -Cost at December 31, 2022 2,007 4,969 941 180 8,097Amortization and impairment losses at January 1, 2022 (2,348) (639) (2,987)Currency translation adjustments (5) (1) (6)Amortization during the year (281) (98) (379)Impairment losses (28) - (28)Disposals during the year - 1 1Amortization and impairment losses at December 31, 2022 (2,662) (737) (3,399)Carrying amount at December 31, 2022 B/S2,007 2,307 204 180 4,698Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2021 1,098 3,235 745 84 5,162 Currency translation adjustments 33 48 2 - 83Additions from business acquisitions 889 1,709 - - 2,598Additions during the year - 11 31 127 169Disposals during the year - (1) - - (1)Transfers to/(from) other items - - 61 (61) -Cost at December 31, 2021 2,020 5,002 839 150 8,011Amortization and impairment losses at January 1, 2021 (2,068) (540) (2,608)Currency translation adjustments (12) (2) (14)Amortization during the year (241) (97) (338)Impairment losses (27) - (27)Amortization and impairment losses at December 31, 2021 (2,348) (639) (2,987)Carrying amount at December 31, 2021 B/S2,020 2,654 200 150 5,024Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-4": {
"value": "Intangible assets and property, plant and equipment 2022 (2021)DKK millionDenmark 6,747 (6,647)Rest of Europe, Middle East & Africa788 (828) 16,North America (15,25,804 (4,019)Latin America 121 (108)Asia Pacific3,312 (3,607)3.2 Property, plant and equipmentLand and Plant and Other Assets under DKK millionbuildingsmachineryequipmentconstruction TotalCost at January 1, 2022 7,551 11,958 2,696 876 23,081Currency translation adjustments 86 185 38 25 334Additions from business acquisitions - (8) (1) - (9)Additions during the year 129 124 117 2,432 2,802Disposals during the year (178) (107) (73) - (358)Transfers to/(from) other items 123 211 103 (437) -Cost at December 31, 2022 7,711 12,363 2,880 2,896 25,850Depreciation and impairment losses at January 1, 2022 (3,571) (7,668) (1,657) (12,896)Currency translation adjustments (26) (90) (20) (136)Depreciation for the year (286) (550) (242) (1,078)Disposals during the year 171 96 67 334Depreciation and impairment losses at December 31, 2022 (3,712) (8,212) (1,852) (13,776)Carrying amount at December 31, 2022 B/S3,999 4,151 1,028 2,896 12,074Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)Capitalized interest and pledges Interest of DKK 9 million (2021: DKK 1 million) was capitalized under Additions during the year and recognized as Investing activities in the statement of cash flows. Capitalization rate: 0.82% (2021: 0.50%). Impairment No impairment loss was recognized in 2022. In 2021, an impairment loss of DKK 15 million on a building was recognized and included in Cost of goods sold.Land and buildings with a carrying amount of DKK 1,366 million (2021: DKK 1,453 million) were pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039. As a consequence of the war in Ukraine, Novozymes has discontinued all sales to Russia and closed the sales office in Moscow, Russia. The closing did not lead to any impairment of property, plant and equipment.Land and Plant and OtherAssets under DKK millionbuildingsmachinery equipmentconstruction TotalCost at January 1, 2021 6,986 11,017 2,364 682 21,049 Currency translation adjustments 282 528 96 37 943Additions from business acquisitions 43 41 2 4 90Additions during the year 185 276 214 513 1,188Disposals during the year (43) (50) (96) - (189)Transfers to/(from) other items 98 146 116 (360) -Cost at December 31, 2021 7,551 11,958 2,696 876 23,081Depreciation and impairment losses at January 1, 2021 (3,133) (6,881) (1,423) (11,437)Currency translation adjustments (141) (320) (62) (523)Depreciation for the year (305) (509) (222) (1,036)Impairment losses (15) - - (15)Disposals during the year 27 39 49 115Transfers (to)/from other items (4) 3 1 -Depreciation and impairment losses at December 31, 2021 (3,571) (7,668) (1,657) (12,896)Carrying amount at December 31, 2021 B/S3,980 4,290 1,039 876 10,185Contractual obligationsContractual obligations to third parties relating to property, plant and equipment amounted to DKK 712 million (2021: DKK 1,328 million).Novozymes is committed to establishing the new production line in Blair, Nebraska, U.S. The capi-tal investment of roughly DKK 2 billion will span the period 2021\u20132023 with expected completion by the end of 2023. Most of the investment activi-ties will take place in 2022 and 2023. An accumulated amount of DKK 1,661 million has been incurred since the investment was initiated (2021: DKK 170 million).The contractual obligations to third parties relat-ing to property, plant and equipment related to the above production line amounted to DKK 335 million at December 31, 2022 (2021: DKK 1,156 million).Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
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"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "Segment reporting The internal reporting framework used for reporting on revenue and expenses to the Executive Leadership Team and the Board of Directors has been established to reflect and report on the global functional responsibility setup at Novozymes. This setup consolidates functions by type, and Management reviews the results of the Group as a whole to assess perfor-mance. Thus, there is only one operating seg-ment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-2": {
"value": "2.1 Segment Segment reporting The internal reporting framework used for reporting on revenue and expenses to the Executive Leadership Team and the Board of Directors has been established to reflect and report on the global functional responsibility setup at Novozymes. This setup consolidates functions by type, and Management reviews the results of the Group as a whole to assess perfor-mance. Thus, there is only one operating seg-ment.Worldwide operations The Group operates in four geographical regions: Europe, Middle East & Africa, North America, Asia Pacific and Latin America. From a revenue perspective, U.S. is the largest single country, contributing ~31% of the Group\u2019s revenue (2021: ~29%). The geographical distribution of revenue is basedon the country in which the goods are delivered. For a number of customers, central deliveries are made to specified locations and the final desti-nation is unknown. The stated geographical dis-tribution of revenue may therefore vary from one year to the next if delivery destinations for these customers change. Most of the Group\u2019s intangible assets and prop-erty, plant and equipment are located in Denmark, U.S., India and China.Revenue 2022 (2021)DKK millionDenmark 211 (207)Rest of Europe, Middle East & Africa5,884 (5,474)17,553North America (14,951)5,829 (4,683)Latin America 2,063 (1,578)Asia Pacific3,566 (3,009)Intangible assets and property, plant and equipment 2022 (2021)DKK millionDenmark 6,747 (6,647)Rest of Europe, Middle East & Africa788 (828) 16,North America (15,25,804 (4,019)Latin America 121 (108)Asia Pacific3,312 (3,607)Net investments 2022 (2021)DKK millionDenmark 754 (431)Rest of Europe, Middle East & Africa3 (-32)2North America (1,941 (517)Latin America 26 (22)Asia Pacific138 (178)Intangible assets and property, plant and equipment, largest single countries: 2022 2021Denmark 40% 44%U.S. 33% 25%India 11% 13%China 9% 10%",
"dimensions": {
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"pp-value-52-3": {
"value": "2.2 Revenue DKK million 2022 2021Consumer BiosolutionsHousehold Care 4,988 4,763Food, Beverages & Human Health 4,134 3,464Agriculture & Industrial BiosolutionsBioenergy 3,748 2,702Grain & Tech Processing 2,607 2,236Agriculture, Animal Health & Nutrition 2,076 1,786Revenue I/S17,553 14,951Emerging markets 6,441 5,448Developed markets* 11,112 9,503Revenue I/S17,553 14,951Revenue to the five largest customers as a percentage of revenue 23% 25%* Developed markets comprise North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. Rest of the world is considered as emerging markets.At January 1, 2022, contract liabilities amounted to DKK 129 million (2021: DKK 67 million), of which DKK 81 million was recognized as revenue in 2022 (2021: DKK 43 million).As a consequence of the war in Ukraine, Novozymes has discontinued all sales to custom-ers in Russia. This is estimated to have had a negative impact on the organic sales growth in 2022 of around 1%.Critical accounting estimates and judgmentsNovozymes has entered into various sales agreements, including agreements where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers, and where the profit on products sold to end customers is shared between the partner and Novozymes based on predetermined profit-sharing mechanisms. Recognition of revenue requires judgment and estimates by Management in connection with determining the appropriate revenue recognition as well as the timing of recogni-tion.Sales by currency 2022 (2021)DKK millionDKK 6% (7%)EUR 33% (36%)USD 38% (35%)CNY 8% (9%)Other 15% (13%)Sales growth 2022DKK million7%17,5539%1%14,9512021Organic M&A Exchange 2022growthimpactratesMost of Novozymes\u2019 revenue is derived from the sale of goods to customers, with revenue being recognized when the goods are delivered. Accounting policiesNovozymes produces a wide range of industrial enzymes, microorganisms and probiotics. Revenue includes the sale of goods and related services and royalties, and is recognized at an amount that reflects the consideration to which Novozymes expects to be entitled. Revenue from the straightforward sale of goods to cus-tomers is recognized when control of the goods is transferred to the customer, i.e. when goods are delivered. Variable considerations are included in revenue to the extent that they are not subject to significant uncertainty. The performance obligations in the contracts are to deliver enzymes, microorganisms and probiotics to customers, and each batch deliv-ered is considered a separate performance obligation, as each batch is distinct.Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. Returns A few of Novozymes\u2019 markets are granted a right of return. No revenue is recognized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These estimates are updated at the end of each reporting period. As the goods returned are usu-ally scrapped, no inventory asset is recognized. Profit split Novozymes has entered into partnerships where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers. The profit on products sold to end customers is shared between the partner and Novozymes based on predeter-mined profit-sharing mechanisms. Revenue from these arrangements consists of sales of products to the partner and the shared profit, and is recognized in full when the goods are delivered to the other contracting party. This is done by calculating the expected profit based on insights, experience and other input factors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically. Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. Other Revenue collected on behalf of third parties is not recognized as revenue. Novozymes\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities. A trade receivable is recognized when the cus-tomer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes unconditional and only the passage of time is required before payment is due. Typical payment terms are around 60 days. Contract liabilities consist of advance pay-ments, deferred revenue and liabilities for refund goods. The contract liabilities are recog-nized as revenue as the performance obliga-tions under the contracts are fulfilled.mainly related to goods delivered but not invoiced, and estimated profit splits arising from partner-ships that Novozymes has entered.The contract assets are initially recognized as revenue when goods are delivered to the other contracting party. When invoiced, the contract assets are reclassified to trade receivables. Contract assets Contract assets amounted to DKK 151 million at December 31, 2022 (2021: DKK 40 million), and No allowance for expected credit losses had been made for contract assets at December 31, 2022 (2021: no allowance).",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-64-6": {
"value": "Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-68-6": {
"value": "Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-62-5": {
"value": "Accounting policiesNovozymes produces a wide range of industrial enzymes, microorganisms and probiotics. Revenue includes the sale of goods and related services and royalties, and is recognized at an amount that reflects the consideration to which Novozymes expects to be entitled. Revenue from the straightforward sale of goods to cus-tomers is recognized when control of the goods is transferred to the customer, i.e. when goods are delivered. Variable considerations are included in revenue to the extent that they are not subject to significant uncertainty. The performance obligations in the contracts are to deliver enzymes, microorganisms and probiotics to customers, and each batch deliv-ered is considered a separate performance obligation, as each batch is distinct.Rebates Enzymes, microorganisms and probiotics are sometimes sold at a rebate. A rebate agree-ment can be set up in various ways, but com-mon to all agreements is that revenue is recognized based on the price specified in the contract, net of the estimated rebate. The rebates are estimated based on experience, as well as information related to expected orders 3\u201312 months in advance. The estimated rebates are reassessed at the end of each reporting period. Returns A few of Novozymes\u2019 markets are granted a right of return. No revenue is recognized for the goods expected to be returned, as a refund liability is recognized. Estimates of the expected level of returns are based on analysis of historical returns and knowledge of the relevant markets/products. These estimates are updated at the end of each reporting period. As the goods returned are usu-ally scrapped, no inventory asset is recognized. Profit split Novozymes has entered into partnerships where Novozymes manufactures and sells products to a partner, who undertakes the sales to end customers. The profit on products sold to end customers is shared between the partner and Novozymes based on predeter-mined profit-sharing mechanisms. Revenue from these arrangements consists of sales of products to the partner and the shared profit, and is recognized in full when the goods are delivered to the other contracting party. This is done by calculating the expected profit based on insights, experience and other input factors. The calculated profit is recognized as a contract asset or contract liability until an invoice is issued. The profit realized is settled periodically. Commission Novozymes has entered into commission agree-ments where agents undertake sales to third parties in return for a commission on realized sales. Revenue from such agreements is recog-nized when the goods are delivered, as the nature of the performance obligation is to pro-vide the specified goods. Other Revenue collected on behalf of third parties is not recognized as revenue. Novozymes\u2019 obligation to provide a refund for products that are not of the agreed quality or according to agreed specifications under the standard warranty terms is recognized as con-tract liabilities. A trade receivable is recognized when the cus-tomer obtains control of the goods and an invoice is issued, as this is the point in time when the consideration becomes unconditional and only the passage of time is required before payment is due. Typical payment terms are around 60 days. Contract liabilities consist of advance pay-ments, deferred revenue and liabilities for refund goods. The contract liabilities are recog-nized as revenue as the performance obliga-tions under the contracts are fulfilled.",
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"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-70-2": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Employee costs 2022 (2021)DKK millionDenmark 2,383 (2,276)Rest of Europe, Middle East & Africa205 (157)4North America 1,244 (1,054)Asia Pacific655 (533)Latin America 123 (93)Number of employees at year-end 2022 (2021)No. of employeesDenmark 2,883 (2,787)Rest of Europe, Middle East & Africa 238 (214)6,781 North America (6,527)1,303 (1,238)Asia Pacific 2,038 (1,967)Latin America 319 (321)DKK million 2022 2021Average number of employees who work with R&D 1,279 1,330Number of employees outside Denmark as a percentage of total number of employees 57% 57%Part-time employees 343 343Full-time employees 6,438 6,184Employees at December 31ESG6,781 6,527Senior management 214 199Management 1,388 1,326Professional 1,894 1,753Administrative 737 731Skilled workers, laboratory technicians and other technicians 1,178 1,189Process operators 1,370 1,329Employees by category at December 31ESG6,781 6,527Employee gender distribution 2022 (2021)Women39% (39%)Men61% (61%)Senior management gender distribution 2022 (2021)Women33% (34%)Men67% (66%)Accounting policiesThe number of employees is derived from contractual obligations, but does not include employees on unpaid leave, temporary replacements, student interns, agency employees, consultants or PhD students. In the calculation of the number of full-time employees, employees with a working time ratio of 95% or more are counted as full-time employees. The average number of employees is calcu-lated as the average of the number of perma-nent employees at the end of each month. Job categories are defined as follows: Senior management comprises the CEO, executive vice presidents, vice presidents and directors. Management comprises middle managers and specialists. Professional comprises employ-ees with academic backgrounds as well as team leaders. Process operators comprises operators and unskilled workers.All of the above classifications are based on internal job categories. ",
"dimensions": {
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"pp-value-70-3": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Employee costs 2022 (2021)DKK millionDenmark 2,383 (2,276)Rest of Europe, Middle East & Africa205 (157)4North America 1,244 (1,054)Asia Pacific655 (533)Latin America 123 (93)2.4 Research and development costsDKK million Note 2022 2021Internal and external research and development costs 528 575Employee costs 2.3 1,127 1,087Amortization and impairment losses, intangible assets 3.1 182 184Depreciation and impairment losses, property, plant and equipment 3.2 164 163Total research and development costsI/S2,001 2,009As a percentage of revenue 11.4% 13.4%Due to significant uncertainty associated with In 2022, Novozymes had 892 active patent fami-the development of new products, none of the lies (2021: 902). Active patent families comprise development projects met the critieria for capi-the number of inventions for which Novozymes talization in 2022 and 2021. had one or more active patent applications or active patents at December 31.In 2022, Novozymes launched 26 new products (2021: 14 new products). New products comprise products with new or improved characteristics. Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)",
"dimensions": {
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
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},
"pp-value-70-4": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Employee costs 2022 (2021)DKK millionDenmark 2,383 (2,276)Rest of Europe, Middle East & Africa205 (157)4North America 1,244 (1,054)Asia Pacific655 (533)Latin America 123 (93)Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)",
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"pp-value-70-5": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.2.4 Research and development costsDKK million Note 2022 2021Internal and external research and development costs 528 575Employee costs 2.3 1,127 1,087Amortization and impairment losses, intangible assets 3.1 182 184Depreciation and impairment losses, property, plant and equipment 3.2 164 163Total research and development costsI/S2,001 2,009As a percentage of revenue 11.4% 13.4%Due to significant uncertainty associated with In 2022, Novozymes had 892 active patent fami-the development of new products, none of the lies (2021: 902). Active patent families comprise development projects met the critieria for capi-the number of inventions for which Novozymes talization in 2022 and 2021. had one or more active patent applications or active patents at December 31.In 2022, Novozymes launched 26 new products (2021: 14 new products). New products comprise products with new or improved characteristics. Accounting policiesResearch and development costs primarily comprise employee costs, internal and exter-nal costs related to the development of new products and to the ongoing optimization of production processes for existing products, and amortization, depreciation and impair-ment losses related to intangible assets and property, plant and equipment used in research and development activities. Research costs are expensed as incurred, while development costs are expensed as incurred unless the criteria for capitalization are deemed to have been met. Income received from research and collabora-tion agreements is recognized in Other oper-ating income.Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)",
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"entity": "scheme:529900T6WNZXD2R3JW38",
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},
"pp-value-70-6": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-70-7": {
"value": "2.3 EmployeesDKK million 2022 2021Wages and salaries 3,721 3,312Pensions \u2013 defined contribution plans 348 304Other social security costs 263 274Other employee costs 151 145Stock-based payment 127 78Employee costs 4,610 4,113Recognized in the income statement under the following items:Cost of goods sold 1,654 1,440Sales and distribution costs 1,209 992Research and development costs 1,127 1,087Administrative costs 575 5434,565 4,062Change in employee costs recognized in Inventories 45 51Employee costs 4,610 4,113Employee costs in 2021 included severance costs related to the consolidation of research and development activities of DKK 41 million.Other obligations include other long-term employee benefits and other contractual obliga-tions.6.1 Management remuneration2022 2021Executive Leadership Team Executive Leadership TeamNon- Non- Board of Registered registered Board of Registered registered DKK million Directorsexecutivesexecutives Total Directorsexecutivesexecutives TotalSalaries and other short-term benefits 10 15 32 57 10 17 27 54Defined contribution plans - 2 3 5 - 2 3 5Cash bonus - 11 18 29 - 11 17 28Expensed stock-based incentive programs - 16 25 41 - 8 14 22Remuneration 10 44 78 132 10 38 61 109Compensation for lost incentives 8 2 10 6 3 9Remuneration including additional payments 10 52 80 142 10 44 64 118No. of members at December 31 11 2 6 11 2 6General guidelines for the remuneration of the Board of Directors and the Executive Leadership Team of Novozymes A/S, as assessed by the Board of Directors in accordance with the recom-mendations of the Nomination and Remuneration Committee, are approved at the Annual Shareholders\u2019 Meeting. A summary of the Management remuneration can be found in the Governance section of The Novozymes Report. Executive Leadership Team Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant proportions of their remuneration packages are based on performance-related pay through short and long-term incentives. Most of the variable remuneration is weighted towards the long-term, in line with Novozymes\u2019 strategic focus and mir-roring the long-term nature of Novozymes\u2019 investments in the business.The short and long-term incentive programs are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and indi-vidual objectives, which are directly linked to Novozymes\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders. The annual cash bonus can-not exceed 9.5 months\u2019 fixed base salary, of which 65% is expected to be payable at target performance. The stock-based incentive pro-grams are described in Note 6.2. Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed compa-nies, including the periods of notice that both parties are required to give, and noncompetition clauses. If an executive officer\u2019s contract of employment is terminated by the company with-out any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contributions. Board of Directors The remuneration of the Board of Directors com-prises a fixed fee and is not based on incentives.",
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"language": "en",
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"pp-value-81-4": {
"value": "Accounting policiesResearch and development costs primarily comprise employee costs, internal and exter-nal costs related to the development of new products and to the ongoing optimization of production processes for existing products, and amortization, depreciation and impair-ment losses related to intangible assets and property, plant and equipment used in research and development activities. Research costs are expensed as incurred, while development costs are expensed as incurred unless the criteria for capitalization are deemed to have been met. Income received from research and collabora-tion agreements is recognized in Other oper-ating income.Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Accounting policiesResearch and development costs primarily comprise employee costs, internal and exter-nal costs related to the development of new products and to the ongoing optimization of production processes for existing products, and amortization, depreciation and impair-ment losses related to intangible assets and property, plant and equipment used in research and development activities. Research costs are expensed as incurred, while development costs are expensed as incurred unless the criteria for capitalization are deemed to have been met. Income received from research and collabora-tion agreements is recognized in Other oper-ating income.",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-86-5": {
"value": "Accounting policiesOther operating income comprises income that is not product-related and that is not defined as special items. This includes income from research and collaboration agreements, government grants, sale of licenses, patents, etc., and other income of a secondary nature in relation to the main activities of the Group. This item also includes non-recurring income items in respect of damages, outlicensing, etc., and gains and losses on divestments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
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},
"pp-value-83-2": {
"value": "2.5 Other operating income, netDKK million 2022 2021Income and grants concerning research projects/collaborations 10 13stGain from 21.BIO transaction 201 -Net gain from divestment of a pharma-related royalty - 62Net gain from sale of buildings held for sale - 60Other secondary income, net 65 53Other operating income, netI/S276 188In 2022, Other operating income was impacted by DKK 201 million from an accounting gain strelated to the 21.BIO transaction, in which Novozymes Biotechnology ApS merged with st21.BIO. Following the transaction, Novozymes stobtained significant influence in 21.BIO, and st21.BIO is recognized as an associated company of Novozymes.In 2021, Other operating income was impacted by DKK 60 million due to a realized gain from the sale of an administration building and by DKK 62 million from the contingent consideration relat-ing to the divestment of a pharma-related roy-alty. Contingent consideration was recognized where entitlement was obtained due to comple-tion of patent registrations.Accounting policiesOther operating income comprises income that is not product-related and that is not defined as special items. This includes income from research and collaboration agreements, government grants, sale of licenses, patents, etc., and other income of a secondary nature in relation to the main activities of the Group. This item also includes non-recurring income items in respect of damages, outlicensing, etc., and gains and losses on divestments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-3": {
"value": "2.5 Other operating income, netDKK million 2022 2021Income and grants concerning research projects/collaborations 10 13stGain from 21.BIO transaction 201 -Net gain from divestment of a pharma-related royalty - 62Net gain from sale of buildings held for sale - 60Other secondary income, net 65 53Other operating income, netI/S276 188In 2022, Other operating income was impacted by DKK 201 million from an accounting gain strelated to the 21.BIO transaction, in which Novozymes Biotechnology ApS merged with st21.BIO. Following the transaction, Novozymes stobtained significant influence in 21.BIO, and st21.BIO is recognized as an associated company of Novozymes.In 2021, Other operating income was impacted by DKK 60 million due to a realized gain from the sale of an administration building and by DKK 62 million from the contingent consideration relat-ing to the divestment of a pharma-related roy-alty. Contingent consideration was recognized where entitlement was obtained due to comple-tion of patent registrations.Accounting policiesOther operating income comprises income that is not product-related and that is not defined as special items. This includes income from research and collaboration agreements, government grants, sale of licenses, patents, etc., and other income of a secondary nature in relation to the main activities of the Group. This item also includes non-recurring income items in respect of damages, outlicensing, etc., and gains and losses on divestments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-4": {
"value": "2.5 Other operating income, netDKK million 2022 2021Income and grants concerning research projects/collaborations 10 13stGain from 21.BIO transaction 201 -Net gain from divestment of a pharma-related royalty - 62Net gain from sale of buildings held for sale - 60Other secondary income, net 65 53Other operating income, netI/S276 188",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-5": {
"value": "2.5 Other operating income, netDKK million 2022 2021Income and grants concerning research projects/collaborations 10 13stGain from 21.BIO transaction 201 -Net gain from divestment of a pharma-related royalty - 62Net gain from sale of buildings held for sale - 60Other secondary income, net 65 53Other operating income, netI/S276 188",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-88-2": {
"value": "2.6 Special items DKK million 2022 2021Transaction costs related to the proposed combination of Novozymes and Chr. Hansen (68) -Special itemsI/S(68) -Special items reconcile to the income statement as specified below:Special items bridge2022 2021Reported Adjusted Reported Adjusted income Special income income Special income DKK millionstatementitemsstatementstatementitemsstatementRevenue 17,553 - 17,553 14,951 - 14,951Cost of goods sold (7,976) - (7,976) (6,328) - (6,328)Gross profit 9,577 - 9,577 8,623 - 8,623Sales and distribution costs (2,271) (67) (2,338) (1,936) - (1,936)Research and development costs (2,001) - (2,001) (2,009) - (2,009)Administrative costs (952) (1) (953) (859) - (859)Other operating income, net 276 - 276 188 - 188Operating profit (EBIT) before special items 4,629 (68) 4,561 4,007 - 4,007Special items (68) 68 - - - -Operating profit (EBIT) I/S4,561 - 4,561 4,007 - 4,007Critical accounting estimates and judgmentsSpecial items are used in the presentation of the income statement and include significant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit. These items are classified separately in the income statement as Special items in order to pro-vide a more transparent view of Novozymes\u2019 operating profit.The use of special items entails management judgement in the separation from other items in the income statement.Management considers individual items in order to ensure that special items include sig-nificant non-recurring income or costs not related to Novozymes\u2019 recurring operating profit.Special items include income or costs from the proposed combination of Novozymes and Chr. Hansen.",
"dimensions": {
"concept": "NOV:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-91-2": {
"value": "2.7 TaxTax risks In many markets, Novozymes operates through sales companies and distributors, whereas pro-duction is located in only a few countries. This leads to transactions between group companies. Novozymes follows the OECD principles in setting internal transfer prices for these transactions. This is a complicated area and entails a tax risk, because the transactions are subject to judgment in each country. The tax controversy risk for Novozymes is significantly reduced through the use of bilateral advance pricing agreements (APAs). Bilateral APAs As stated in our tax policy, Novozymes proactively engages in bilateral APAs negotiated at compe-tent authority level to increase predictability and to mitigate transfer pricing risks. Most of the inter-company transaction value within the Novozymes Group is covered by bilateral APAs. An APA is an agreement between a taxpayer and a tax authority determining the transfer pricing methodology for pricing the taxpayer\u2019s interna-tional transactions for future years. The methodology is applied for a certain period based on the fulfilment of certain terms and con-ditions (called critical assumptions). An APA can be unilateral or bilateral. Novozymes only enters into bilateral APAs, meaning that they are negoti-ated between the competent tax authorities of the two countries involved in the transaction. An APA provides assurance with respect to the tax outcome of our international transactions, by determining in advance arm\u2019s length pricing and the pricing methodology to be applied to the international transactions. Novozymes has entered into bilateral APAs with the tax authorities in the countries where inter-nal transactions are most significant. Included in APA-covered transactions are group internal transactions between Denmark and the U.S., China and India, respectively. Joint taxation Novozymes A/S and its Danish subsidiaries are jointly taxed with the Danish companies of the Novo Holdings A/S Group. Joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation liability. Any subsequent adjustments to income taxes and withholding taxes may increase the liability. Tax for the indi-vidual companies is allocated in full on the basis of the expected taxable income. Tax in the income statement The effective tax rate for 2022 was positively stimpacted by the accounting gain related to 21.BIO and the divestment of Novozymes\u2019 minority ownership in Albumedix. In addition, there was a positive impact from a fair value adjustment of contingent consideration. The total positive impact of 3.3 percentage points is recognized in Other adjustments. In 2021 the effective tax rate was positively impacted by a transfer of intellec-tual property from Switzerland to Denmark (2.7 percentage points), which was recognized in Difference in foreign tax rates.Tax in the income statementDKK million 2022 2021Tax payable on net profit (818) (941)Change in deferred tax (105) 139Prior-year adjustments - current tax 76 (41)Prior-year adjustments - deferred tax (23) 64Tax in the income statementI/S(870) (779)Calculation of effective tax rate:Corporate tax rate in Denmark (22.0)% (22.0)%Non-taxable income less non-deductible expenses (0.3)% 0.5%Difference in foreign tax rates (0.3)% 2.1%Other adjustments 3.5% (0.5)%Effective tax rate (19.1)% (19.9)%Critical accounting estimates and judgmentsAs the Group operates across many different countries, the calculation of the Group\u2019s total tax charge in the income statement inherently involves estimation. Tax and transfer-pricing disputes with authorities in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes. The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if management assesses they can be offset against positive taxable income in the foreseeable future. This judgment is made annually and based on budgets and business plans for the coming years, includ-ing planned commercial initiatives.Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial differences between the tax charge recog-nized in the consolidated income statement and actual tax payments.Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-4": {
"value": "Critical accounting estimates and judgmentsAs the Group operates across many different countries, the calculation of the Group\u2019s total tax charge in the income statement inherently involves estimation. Tax and transfer-pricing disputes with authorities in various countries may occur, and Management\u2019s assessment is applied to assess the possible outcome of such disputes. The Group recognizes deferred tax assets, including the expected tax value of tax loss carryforwards, if management assesses they can be offset against positive taxable income in the foreseeable future. This judgment is made annually and based on budgets and business plans for the coming years, includ-ing planned commercial initiatives.Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of open items. As a result, there may be substantial differences between the tax charge recog-nized in the consolidated income statement and actual tax payments.Deferred taxDeferred tax assets Deferred tax liabilitiesDKK million 2022 2021 2022 2021Intangible assets and property, plant and equipment 716 915 (1,447) (1,507)Inventories 295 438 (93) (246)Tax loss carry-forwards 85 53 - -Stock options 67 250 - -Other 406 442 (59) (45)1,569 2,098 (1,599) (1,798)Offsetting items 54 (461) (54) 461Deferred tax at December 31 B/S1,623 1,637 (1,653) (1,337)The tax value of the unrecognized share of tax loss carry-forwards, tax credits, etc. that do not expire amounted to DKK 50 million (2021: DKK 22 million).DKK million 2022 2021Deferred tax at January 1 300 135Currency translation adjustments 3 9Effect of business acquisitions (7) (236)Tax related to the income statement (128) 204Tax on equity items (198) 188Deferred tax at December 31 (30) 300Deferred tax assetsB/S1,623 1,637Deferred tax liabilitiesB/S(1,653) (1,337)Deferred tax at December 31 (30) 300Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "Tax receivables and payablesDKK million 2022 2021Tax payables, net, at January 1 (200) 124Currency translation adjustments 46 18Tax related to business acquisitions - (26)Tax related to the income statement (742) (983)Tax on equity items 12 40Tax paid for the current year, net 910 627Tax payables, net, at December\ue61f31 26 (200)Tax receivablesB/S352 286Tax payablesB/S(326) (486)Tax payables, net, at December\ue61f31 26 (200)Of which due within 12 months 5 (40)Of which due after more than 12 months 21 (160)Tax payables, net, at December\ue61f31 26 (200)Corporate income taxes paid are specified as follows:Income taxes paid in Denmark 610 460Income taxes paid outside Denmark 300 167Total income taxes paid 910 627",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-2": {
"value": "2.8 Earnings per shareDKK million 2022 2021Net profit for the year 3,686 3,145Less net profit attributable to non-controlling interests (10) 1Net profit attributable to the shareholders of Novozymes A/S 3,676 3,146Average number of sharesWeighted average number of shares in circulation 276,644,153 277,919,162Average dilutive effect of outstanding stock options and stock awards 2,089,765 2,308,943Average number of diluted shares 278,733,918 280,228,105Earnings per share, DKK 13.29 11.32Earnings per share, diluted, DKK 13.19 11.23Accounting policiesEarnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average number of shares in circulation. Diluted earnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average num-ber of shares in circulation, including the dilu-tive effect of stock options \u201cin the money.\u201d",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-5": {
"value": "Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-6": {
"value": "Accounting policiesCorporation tax, comprising the current tax liability, change in deferred tax for the year and possible adjustments relating to prior years, is recognized in the income statement, unless it relates to items recognized either in Other comprehensive income or directly in equity. Uncertain tax positions are assessed individually and recognized if it is probable that an amount will be paid or received. Deferred tax is measured using the balance sheet liability method and comprises all tem-porary differences between the carrying amount and the tax base of assets and liabili-ties. No deferred tax is recognized for good-will, unless amortization of goodwill for tax purposes is allowed. The tax value of tax loss carry-forwards is included in the calculation of deferred tax to the extent that the tax losses can be expected to be utilized in the future.Deferred tax is measured according to cur-rent tax rules and at the tax rate expected to be in force on elimination of temporary dif-ferences. Changes in deferred tax due to tax rate changes are recognized in the income statement, unless they relate to items recog-nized either in Other comprehensive income or directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-4": {
"value": "Accounting policiesEarnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average number of shares in circulation. Diluted earnings per share is calculated as net profit attributable to shareholders of Novozymes A/S divided by the average num-ber of shares in circulation, including the dilu-tive effect of stock options \u201cin the money.\u201d",
"dimensions": {
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"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-114-10": {
"value": "Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)",
"dimensions": {
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-113-5": {
"value": "Additions from business acquisitionsNo acquisitions were made in 2022. In 2021, Novozymes acquired DKK 2,554 million of intangible assets through the acquisition of Microbiome Labs and Synergia Life Sciences, of which DKK 1,709 million primarily related to 3.5 Business acquisitionsAdjustment to prior-year business acquisitions The fair value and allocation of acquired assets, liabilities and non-controlling interests in Synergia Life Sciences was finalized in 2022, which led to a reduction of goodwill of DKK 2 mil-lion at the acquisition date. The final opening balance mainly includes changes to Property, plant and equipment, Deferred tax liabilities and Financial and other liabilities as provisionally presented in The Novozymes Report 2021. In 2021, the most probable sales and EBITDA related to PrecisionBiotics Group were reas-sessed. This led to an increase of DKK 44 million in the fair value of contingent consideration and goodwill at the acquisition date. Acquisitions in 2021 Synergia Life Sciences On December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences. Synergia Life Sciences is a leading player within spore probiotics and vitamin K2-7. Synergia Life Sciences has a global footprint and adds strong developing and manufacturing capabilities in spore probiotics and vitamin K2-7 from three production sites in India. Synergia Life Sciences is a producer and supplier to Microbiome Labs, which was acquired by Novozymes early in 2021. The vitamin K2-7 portfolio is a strong complemen-tary enabler to support growth in Novozymes\u2019 BioHealth platform. The acquisition offers a sci-entifically proven spore strain portfolio that strengthens Novozymes\u2019 human health business and accelerates its functional food offerings.The purchase price led to the recognition of goodwill of DKK 505 million and intangible assets of DKK 991 million. Goodwill is attributa-ble to expected synergies with Novozymes\u2019 exist-ing business operations and technologies within spore probiotics for human health and is highly synergistic to the previous acquisition of Microbiome Labs within the human health busi-ness. The goodwill is not tax deductible. The following valuation techniques have been applied in the fair value assessment of signifi-cant assets acquired: \u2022 Technology; the Relief from Royalty (RfR)method \u2022 Customer relationships; The Multi-period Excess Earnings Method (MEEM) \u2022 Brands; The Relief from Royalty (RfR) method\ue613\ue634\ue603\ue626\ue628\ue636\ue63a\ue62e\ue638\ue62e\ue639\ue62e\ue634\ue633\ue638\ue603\ue63c\ue62a\ue637\ue62a\ue603\ue632\ue626\ue629\ue62a\ue603\ue62e\ue633\ue603\ue768\ue766\ue768\ue768\ue72b Synergia Life 1DKK millionSciencesFair value of acquired assets and liabilities are as follows:Intangible assets excluding goodwill 991Property, plant and equipment 75Inventories 8 Trade and other receivables 42Cash and cash equivalents 112 Deferred tax liabilities, net (243)Financial and other liabilities (60)Non-controlling interests (371)Acquired net assets 554Purchase price:Cash 982Deferred consideration 77Total purchase price 1,059 Goodwill 505Cash flow for acquisition:Cash payment 982 Less cash and cash equivalents in acquired business (112) Cash outflow for acquisition 8701. The final opening balance mainly includes changes to Property, plant and equipment, Deferred tax liabilities and Financial and other liabilities as provisionally presented in The Novozymes Report 2021.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests. The non-controlling interests are recognized at its proportionate share of the acquired net iden-tifiable assets and amount to DKK 371 million. The remaining 40% is to be acquired in 2025. Reference is made to Note 6.5 concerning Non-controlling interests. The purchase price includes a deferred consider-ation of DKK 77 million, which was paid in 2022. For further details, please refer to Note 3.5 in The Novozymes Report 2021. Microbiome LabsOn January 7, 2021, Novozymes acquired all shares in Microbiome Labs at a purchase price of DKK 1,107 million. Microbiome Labs offers a comprehensive suite of proprietary probiotic and microbiome solutions targeting gastrointestinal, immune, metabolic, and cognitive health. The solutions are marketed under both the compa-ny\u2019s own supplement brands and in private label products. The branded products are sold exclu-sively through the company\u2019s access to an extensive network of healthcare practitioners predominately consisting of medical doctors, nutritionists and naturopaths. The purchase price led to the recognition of goodwill of DKK 338 million and intangible assets of DKK 718 million. Goodwill is attributa-ble to expected synergies with Novozymes\u2019 exist-ing business operations and technologies within probiotics and enzymes for human health. The goodwill is tax deductible. The purchase agreement includes a contingent consideration of up to DKK 825 million at the acquisition date. The consideration is contingent on the achievement of sales targets for 2022 and is recognized at the anticipated fair value of DKK 338 million at the acquisition date. Fair value is assessed by using the earn-out from the most probable sales estimates in 2022 discounted at a rate of 8%. For further details, please refer to Note 3.5 in The Novozymes Report 2021.Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesOn acquisition of companies, the identifiable assets acquired and the liabilities and contin-gent liabilities assumed are recognized at their fair values at the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contin-gent consideration arrangement.Non-controlling interests in an acquired com-pany is recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired company\u2019s net identifi-able assets. This decision is made on an acquisition-by-ac-quisition basis.Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifiable net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and cir-cumstances present at the acquisition date. Acquired companies are consolidated from the date of acquisition. Acquisition-related costs are expensed as incurred.3.6 Contingent considerationDKK million 2022 2021Contingent consideration at January 1 543 146Additions from business acquisitions - 382Currency translation adjustments 19 27Interest on contingent consideration 43 50Fair value adjustment of contingent consideration (223) (62)Contingent consideration at December 31 382 543Recognized in the balance sheet as follows:Non-current B/S224 543Current B/S158 -Contingent consideration at December 31 382 543PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 298 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 224 million (2021: DKK 211 million). Fair value is assessed by using the earn-out from the most probable sales in 2023 discounted at a rate of 7% (2021: 7%).An interest expense of DKK 14 million has been recognized in Financial costs (2021: DKK 22 mil-lion). The contingent liability related to PrecisionBiotics Group is denominated in EUR. In 2021, the most probable sales and EBITDA were reassessed, which led to an increase in the fair value at the acquisition date of DKK 44 mil-lion in contingent consideration and goodwill.Microbiome LabsThe purchase agreement of Microbiome Labs includes a contingent consideration of up to DKK 941 million. The consideration is contingent on the achieve-ment of sales targets for 2022 and is recognized at the anticipated fair value of DKK 158 million (2021: DKK 332 million). Based on lower-than-ex-pected realized sales in 2022, Management reas-sessed the value of the earn-out and reduced the contingent consideration by DKK 223 million (2021: DKK 62 million). The fair value adjustment was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations to Microbiome Labs remain intact. The fair value adjustments have been recognized in Financial income. Fair value is assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2021: 8%). An interest expense of DKK 29 million has been recognized in financial costs (2021: DKK 28 million). The contingent liability related to Microbiome Labs is denominated in USD and increased by DKK 20 million due to currency translation adjust-ments (2021: DKK 28 million). Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.DKK million Note 2022 2021Business acquisitions, divestments and purchases of financial assetsDivestment of minority ownership in Albumedix 5.2 267 -Acquisition of Microbiome Labs 3.5 - (761)Acquisition of Synergia Life Sciences 3.5 (77) (870)Cash flow from acquisitions, net 190 (1,631)Additions of intangible assets 3.1 130 169Purchase of intangible assets 130 169Additions of property, plant and equipment 3.2 2,802 1,188Non-cash additions of property, plant and equipment - (15)Less additions to lease assets 3.3 (42) (102)Purchase of property, plant and equipment 2,760 1,071",
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-112-3": {
"value": " 3.1 Intangible assets and impairment test of goodwillAdditions from business acquisitionsNo acquisitions were made in 2022. In 2021, Novozymes acquired DKK 2,554 million of intangible assets through the acquisition of Microbiome Labs and Synergia Life Sciences, of which DKK 1,709 million primarily related to Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)patents and know-how (technology), customer relationships and brands.Impairment In 2022, an impairment loss of DKK 28 million on a know-how asset was recognized as the use of this know-how asset ceased. The impairment loss was recognized in Cost of goods sold and Research and development costs at DKK 13 mil-lion and DKK 15 million respectively.In 2021, an impairment loss of DKK 27 million on a know-how asset was recognized as the use of this know-how ceased. The impairment loss was recognized in Research and development costs.Impairment test of goodwillAn impairment test of goodwill of Novozymes\u2019 cash-generating units (CGUs) is performed for the entire Group, as cost bases of the cash-gen-erating units cannot be measured at CGU level.As the market value of Novozymes is significantly higher than its equity, no further key assump-tions are used to determine whether impairment of goodwill exists (2021: no impairment). Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2022 2,020 5,002 839 150 8,011Currency translation adjustments (11) (33) 1 2 (41)Additions from business acquisitions (2) - - - (2)Additions during the year - - 22 108 130Disposals during the year - - (1) - (1)Transfers to/(from) other items - - 80 (80) -Cost at December 31, 2022 2,007 4,969 941 180 8,097Amortization and impairment losses at January 1, 2022 (2,348) (639) (2,987)Currency translation adjustments (5) (1) (6)Amortization during the year (281) (98) (379)Impairment losses (28) - (28)Disposals during the year - 1 1Amortization and impairment losses at December 31, 2022 (2,662) (737) (3,399)Carrying amount at December 31, 2022 B/S2,007 2,307 204 180 4,698Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2021 1,098 3,235 745 84 5,162 Currency translation adjustments 33 48 2 - 83Additions from business acquisitions 889 1,709 - - 2,598Additions during the year - 11 31 127 169Disposals during the year - (1) - - (1)Transfers to/(from) other items - - 61 (61) -Cost at December 31, 2021 2,020 5,002 839 150 8,011Amortization and impairment losses at January 1, 2021 (2,068) (540) (2,608)Currency translation adjustments (12) (2) (14)Amortization during the year (241) (97) (338)Impairment losses (27) - (27)Amortization and impairment losses at December 31, 2021 (2,348) (639) (2,987)Carrying amount at December 31, 2021 B/S2,020 2,654 200 150 5,024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-4": {
"value": " 3.1 Intangible assets and impairment test of goodwillAdditions from business acquisitionsNo acquisitions were made in 2022. In 2021, Novozymes acquired DKK 2,554 million of intangible assets through the acquisition of Microbiome Labs and Synergia Life Sciences, of which DKK 1,709 million primarily related to Recognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)patents and know-how (technology), customer relationships and brands.Impairment In 2022, an impairment loss of DKK 28 million on a know-how asset was recognized as the use of this know-how asset ceased. The impairment loss was recognized in Cost of goods sold and Research and development costs at DKK 13 mil-lion and DKK 15 million respectively.In 2021, an impairment loss of DKK 27 million on a know-how asset was recognized as the use of this know-how ceased. The impairment loss was recognized in Research and development costs.Impairment test of goodwillAn impairment test of goodwill of Novozymes\u2019 cash-generating units (CGUs) is performed for the entire Group, as cost bases of the cash-gen-erating units cannot be measured at CGU level.As the market value of Novozymes is significantly higher than its equity, no further key assump-tions are used to determine whether impairment of goodwill exists (2021: no impairment). Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2022 2,020 5,002 839 150 8,011Currency translation adjustments (11) (33) 1 2 (41)Additions from business acquisitions (2) - - - (2)Additions during the year - - 22 108 130Disposals during the year - - (1) - (1)Transfers to/(from) other items - - 80 (80) -Cost at December 31, 2022 2,007 4,969 941 180 8,097Amortization and impairment losses at January 1, 2022 (2,348) (639) (2,987)Currency translation adjustments (5) (1) (6)Amortization during the year (281) (98) (379)Impairment losses (28) - (28)Disposals during the year - 1 1Amortization and impairment losses at December 31, 2022 (2,662) (737) (3,399)Carrying amount at December 31, 2022 B/S2,007 2,307 204 180 4,698Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2021 1,098 3,235 745 84 5,162 Currency translation adjustments 33 48 2 - 83Additions from business acquisitions 889 1,709 - - 2,598Additions during the year - 11 31 127 169Disposals during the year - (1) - - (1)Transfers to/(from) other items - - 61 (61) -Cost at December 31, 2021 2,020 5,002 839 150 8,011Amortization and impairment losses at January 1, 2021 (2,068) (540) (2,608)Currency translation adjustments (12) (2) (14)Amortization during the year (241) (97) (338)Impairment losses (27) - (27)Amortization and impairment losses at December 31, 2021 (2,348) (639) (2,987)Carrying amount at December 31, 2021 B/S2,020 2,654 200 150 5,024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-5": {
"value": " 3.1 Intangible assets and impairment test of goodwillRecognition of amortization and impairment losses by function 2022 (2021)DKK millionCost of goods sold 117 (92)Sales and distribution71 (50)Research and 407development (365)182 (184)Administration37 (39)patents and know-how (technology), customer relationships and brands.Impairment In 2022, an impairment loss of DKK 28 million on a know-how asset was recognized as the use of this know-how asset ceased. The impairment loss was recognized in Cost of goods sold and Research and development costs at DKK 13 mil-lion and DKK 15 million respectively.In 2021, an impairment loss of DKK 27 million on a know-how asset was recognized as the use of this know-how ceased. The impairment loss was recognized in Research and development costs.Impairment test of goodwillAn impairment test of goodwill of Novozymes\u2019 cash-generating units (CGUs) is performed for the entire Group, as cost bases of the cash-gen-erating units cannot be measured at CGU level.As the market value of Novozymes is significantly higher than its equity, no further key assump-tions are used to determine whether impairment of goodwill exists (2021: no impairment). Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2022 2,020 5,002 839 150 8,011Currency translation adjustments (11) (33) 1 2 (41)Additions from business acquisitions (2) - - - (2)Additions during the year - - 22 108 130Disposals during the year - - (1) - (1)Transfers to/(from) other items - - 80 (80) -Cost at December 31, 2022 2,007 4,969 941 180 8,097Amortization and impairment losses at January 1, 2022 (2,348) (639) (2,987)Currency translation adjustments (5) (1) (6)Amortization during the year (281) (98) (379)Impairment losses (28) - (28)Disposals during the year - 1 1Amortization and impairment losses at December 31, 2022 (2,662) (737) (3,399)Carrying amount at December 31, 2022 B/S2,007 2,307 204 180 4,698Acquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2021 1,098 3,235 745 84 5,162 Currency translation adjustments 33 48 2 - 83Additions from business acquisitions 889 1,709 - - 2,598Additions during the year - 11 31 127 169Disposals during the year - (1) - - (1)Transfers to/(from) other items - - 61 (61) -Cost at December 31, 2021 2,020 5,002 839 150 8,011Amortization and impairment losses at January 1, 2021 (2,068) (540) (2,608)Currency translation adjustments (12) (2) (14)Amortization during the year (241) (97) (338)Impairment losses (27) - (27)Amortization and impairment losses at December 31, 2021 (2,348) (639) (2,987)Carrying amount at December 31, 2021 B/S2,020 2,654 200 150 5,024Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.Recognition of depreciation and impairment losses by function 2022 (2021)DKK millionCost of goods sold 787 (762)Sales and distribution37 (32)1,078Research and (1,051)development 164 (163)Administration90 (94)Impairment No impairment loss was recognized in 2022. In 2021, an impairment loss of DKK 15 million on a building was recognized and included in Cost of goods sold.As a consequence of the war in Ukraine, Novozymes has discontinued all sales to Russia and closed the sales office in Moscow, Russia. The closing did not lead to any impairment of property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-6": {
"value": "Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-7": {
"value": "Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-8": {
"value": "Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-9": {
"value": "Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-10": {
"value": "Critical accounting estimates and judgmentsManagement assesses the risk of impairment of the Group\u2019s intangible assets. This requires judgment in relation to the identification of cash-generating units (CGUs) and the underly-ing assumptions in the Group\u2019s impairment model.If there is any indication of impairment for intangible assets other than goodwill, value in use is estimated and compared with the carry-ing amount. The calculation of value in use is based on the discounted cash flow method using estimates of future cash flows from the continuing use. The key parameters are the expected revenue streams and the rate used to discount the cash flows. Accounting policiesIntangible assets other than goodwill are meas-ured at cost less accumulated amortization and impairment losses. Goodwill and IT develop-ment projects in progress are not subject to amortization. Costs associated with large IT projects for the development of software for internal use are capitalized if incurred with a view to developing new and improved systems. Amortization is based on the straight-line method over the expected useful lives of the finite-lived assets, as follows: \u2022 Completed IT development projects are amortized over their useful lives. IT devel-opment assets are amortized over a period of 3\u20135 years. \u2022 Acquired patents, trademarks, licenses, know-how, customer relationships and brands are amortized over their useful lives.The useful lives of patents and trademarks are normally identical to the patent period. Licenses are amortized over the contractual period. Recognized patents, trademarks, licenses, know-how, customer relationships and brands are amortized over a period of 7\u201320 years. Expected useful lives are reassessed annually. The Group regularly reviews the carrying amounts of its finite-lived intangible assets to determine whether there is an indication of impairment. An impairment loss is recognized to the extent that the asset\u2019s carrying amount exceeds its estimated recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and esti-mates underlying the impairment calculation. Goodwill is tested for impairment annually or whenever there is an indication that it may be impaired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-3": {
"value": "Capitalized interest and pledges Interest of DKK 9 million (2021: DKK 1 million) was capitalized under Additions during the year and recognized as Investing activities in the statement of cash flows. Capitalization rate: 0.82% (2021: 0.50%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-7": {
"value": "Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-8": {
"value": "Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-9": {
"value": "Accounting policiesProperty, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Borrowing costs in respect of construction of major assets are capitalized. Depreciation is based on the straight-line method over the expected useful lives of the assets, as follows:\u2022 Buildings: 12\u201350 years \u2022 Plant and machinery: 5\u201325 years \u2022 Other equipment: 3\u201318 years The residual values and useful lives of the assets are reviewed on an annual basis and adjusted if necessary at each reporting date.The Group regularly reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is esti-mated in order to determine the extent of any impairment loss. If the recoverable amount of an asset is estimated to be lower than its car-rying amount, the carrying amount is reduced to the recoverable amount. Impairment losses are reversed only to the extent of changes in the assumptions and estimates underlying the impairment calculation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-2": {
"value": "3.3 LeasesDKK million 2022 2021Land and buildings 254 290Plant and machinery 87 93Other equipment 79 113Carrying amount of lease assets 420 496Additions to the lease assets during 2022 amounted to DKK 42 million (2021: DKK 102 million).DKK million 2022 2021Lease liabilitiesLess than 1 year 128 121Between 1 and 5 years 222 267More than 5 years 119 142Undiscounted lease liabilities at December 31 469 530DKK million 2022 2021Amounts recognized in the income statementInterest on lease liabilities 19 21Depreciation of lease assets per asset classLand and buildings 65 59Plant and machinery 5 6Other equipment 49 45Depreciation of lease assets 119 110Amounts recognized in the statement of cash flowsTotal cash outflow for leases 139 124Accounting policiesLease assetsLease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are ini-tially measured at the present value of future lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable lease payments depending on an index or a rate and the exercise price of purchase options that are reasonably certain to be excercised. Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired. Lease assets are depreciated as follows: \u2022 Buildings: 1\u201312 years \u2022 Land: 10\u201390 years \u2022 Plant and machinery: 1\u201310 years \u2022 Other equipment: 1\u201310 years Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term. Novozymes\u2019 portfolio of leases covers leases of land, buildings, plant and machinery and other equipment such as cars and transporta-tion containers. Lease liabilities Lease liabilities are initially recognized at the present value of future lease payments includ-ing payments from extension or purchase options that are considered reasonably certain to be exercised. The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novozymes operates. Novozymes applies a sin-gle discount rate to portfolios of leases in the countries in which Novozymes operates based on contract currency and loan periods. If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated taking the size of the building and its strategic importance into con-sideration. Novozymes has entered into sev-eral open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame necessary to vacate the premises. The estimated lease term is reas-sessed at each reporting date. The estimated lease terms for such contracts do not exceed 12 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-4": {
"value": "Accounting policiesLease assetsLease assets are \u2018right-of-use assets\u2019 from lease agreements. If, at inception, it is assessed that a contract contains a lease, a lease asset is recognized. Lease assets are ini-tially measured at the present value of future lease payments, plus the cost of obligations to refurbish the asset. Payments include fixed payments, variable lease payments depending on an index or a rate and the exercise price of purchase options that are reasonably certain to be excercised. Lease assets are depreciated using the straight-line method over the shorter of the expected lease term and the useful life of the underlying asset. Lease assets are tested for impairment whenever there is an indication that the assets may be impaired. Lease assets are depreciated as follows: \u2022 Buildings: 1\u201312 years \u2022 Land: 10\u201390 years \u2022 Plant and machinery: 1\u201310 years \u2022 Other equipment: 1\u201310 years Short-term leases and leases of low value are recognized as expenses in the income state-ment on a straight-line basis over the lease term. Novozymes\u2019 portfolio of leases covers leases of land, buildings, plant and machinery and other equipment such as cars and transporta-tion containers. Lease liabilities Lease liabilities are initially recognized at the present value of future lease payments includ-ing payments from extension or purchase options that are considered reasonably certain to be exercised. The lease liability is measured using the implicit borrowing rate in the contracts or, where this is not available, the marginal bor-rowing rate in the countries in which Novozymes operates. Novozymes applies a sin-gle discount rate to portfolios of leases in the countries in which Novozymes operates based on contract currency and loan periods. If a lease contract is modified, the lease liabil-ity is remeasured. For building leases, lease terms are estimated taking the size of the building and its strategic importance into con-sideration. Novozymes has entered into sev-eral open-ended building leases and building leases with extension options. Lease terms of such agreements are estimated based on the strategic importance of the buildings and the estimated time frame necessary to vacate the premises. The estimated lease term is reas-sessed at each reporting date. The estimated lease terms for such contracts do not exceed 12 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-4": {
"value": "Accounting policiesProvisions are recognized where a legal or constructive obligation has been incurred as a result of past events and it is proba-ble that it will lead to an outflow of finan-cial resources. Provisions are measured at the present value of the expected expend-iture required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-5": {
"value": "Accounting policiesProvisions are recognized where a legal or constructive obligation has been incurred as a result of past events and it is proba-ble that it will lead to an outflow of finan-cial resources. Provisions are measured at the present value of the expected expend-iture required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-2": {
"value": "3.4 Provisions2022 2021Dismantling\ue61f Legal and other Dismantling\ue61f Legal and other DKK millionand restorationobligations Totaland restorationobligations TotalProvisions at January 1 56 118 174 64 141 205Currency translation adjustments 2 (2) - 1 1 2Additions from business acquisitions - (35) (35) - 50 50Additions during the year - 3 3 - 4 4Reversals during the year - (13) (13) (9) (69) (78)Utilization during the year - - - - (9) (9)Provisions at December 31 58 71 129 56 118 174Recognized in the balance sheet as follows:Non-current 52 67 119 51 102 153Current 6 4 10 5 16 21Provisions at December 31 58 71 129 56 118 174Dismantling and restorationDismantling and restoration relates to estimated future costs of environmental restoration. Novozymes aims for its production sites not to have a negative environmental impact. These lia-bilities relate to established circumstances, and the costs are expected to be incurred either when concrete measures are implemented or when a site is vacated. The expected costs and timing are inherently uncertain. Legal and other obligationsNovozymes is involved in a number of ongoing legal disputes, and provisions are made for the estimated costs based on a current evaluation of the outcomes. Current ongoing cases are expected to be finalized in 2023\u20132024. In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any signifi-cant losses beyond the amounts provided for at December 31, 2022.In 2021, Additions from business acquisitions of DKK 50 million were related to the acquisition of Synergia Life Sciences. In 2022, the provisions in the final opening balance of Synergia Life Sciences were reduced by DKK 35 million.In 2021, contingent consideration of DKK 62 mil-lion related to the divestment of a pharma-related royalty was recognized in Other operating income. The remaining consideration was reversed because certain patent registrations were not obtained in 2021.Accounting policiesProvisions are recognized where a legal or constructive obligation has been incurred as a result of past events and it is proba-ble that it will lead to an outflow of finan-cial resources. Provisions are measured at the present value of the expected expend-iture required to settle the obligation.Other long-term employee benefits account for only a minor amount, as most of Novozymes\u2019 pension plans are defined contribution plans, covering approximately 99% of employees. These obligations are mainly expected to be incurred over a relatively long period of time. Other obligations include other long-term employee benefits and other contractual obliga-tions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "3.4 Provisions2022 2021Dismantling\ue61f Legal and other Dismantling\ue61f Legal and other DKK millionand restorationobligations Totaland restorationobligations TotalProvisions at January 1 56 118 174 64 141 205Currency translation adjustments 2 (2) - 1 1 2Additions from business acquisitions - (35) (35) - 50 50Additions during the year - 3 3 - 4 4Reversals during the year - (13) (13) (9) (69) (78)Utilization during the year - - - - (9) (9)Provisions at December 31 58 71 129 56 118 174Recognized in the balance sheet as follows:Non-current 52 67 119 51 102 153Current 6 4 10 5 16 21Provisions at December 31 58 71 129 56 118 174Dismantling and restorationDismantling and restoration relates to estimated future costs of environmental restoration. Novozymes aims for its production sites not to have a negative environmental impact. These lia-bilities relate to established circumstances, and the costs are expected to be incurred either when concrete measures are implemented or when a site is vacated. The expected costs and timing are inherently uncertain. Legal and other obligationsNovozymes is involved in a number of ongoing legal disputes, and provisions are made for the estimated costs based on a current evaluation of the outcomes. Current ongoing cases are expected to be finalized in 2023\u20132024. In Management\u2019s opinion, the outcomes of these cases are not expected to give rise to any signifi-cant losses beyond the amounts provided for at December 31, 2022.In 2021, Additions from business acquisitions of DKK 50 million were related to the acquisition of Synergia Life Sciences. In 2022, the provisions in the final opening balance of Synergia Life Sciences were reduced by DKK 35 million.In 2021, contingent consideration of DKK 62 mil-lion related to the divestment of a pharma-related royalty was recognized in Other operating income. The remaining consideration was reversed because certain patent registrations were not obtained in 2021.Other long-term employee benefits account for only a minor amount, as most of Novozymes\u2019 pension plans are defined contribution plans, covering approximately 99% of employees. These obligations are mainly expected to be incurred over a relatively long period of time. Other obligations include other long-term employee benefits and other contractual obliga-tions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-5": {
"value": "Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesOn acquisition of companies, the identifiable assets acquired and the liabilities and contin-gent liabilities assumed are recognized at their fair values at the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contin-gent consideration arrangement.Non-controlling interests in an acquired com-pany is recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired company\u2019s net identifi-able assets. This decision is made on an acquisition-by-ac-quisition basis.Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifiable net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and cir-cumstances present at the acquisition date. Acquired companies are consolidated from the date of acquisition. Acquisition-related costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-6": {
"value": "Critical accounting estimates and judgments Fair value measurement of the acquired assets and liabilities as well as contingent consideration requires Management to make estimates and use assumptions, as observable market prices are not available. The deter-mined fair values are associated with uncer-tainty and may be subject to subsequent adjustments.Accounting policiesOn acquisition of companies, the identifiable assets acquired and the liabilities and contin-gent liabilities assumed are recognized at their fair values at the acquisition date. The consideration transferred includes the fair value at the acquisition date of any contin-gent consideration arrangement.Non-controlling interests in an acquired com-pany is recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired company\u2019s net identifi-able assets. This decision is made on an acquisition-by-ac-quisition basis.Goodwill may subsequently be adjusted for changes in the fair value of the consideration transferred and/or changes in the fair value of the identifiable net assets acquired until 12 months after the acquisition date, to the extent such changes relate to facts and cir-cumstances present at the acquisition date. Acquired companies are consolidated from the date of acquisition. Acquisition-related costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-3": {
"value": "3.6 Contingent considerationDKK million 2022 2021Contingent consideration at January 1 543 146Additions from business acquisitions - 382Currency translation adjustments 19 27Interest on contingent consideration 43 50Fair value adjustment of contingent consideration (223) (62)Contingent consideration at December 31 382 543Recognized in the balance sheet as follows:Non-current B/S224 543Current B/S158 -Contingent consideration at December 31 382 543PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 298 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 224 million (2021: DKK 211 million). Fair value is assessed by using the earn-out from the most probable sales in 2023 discounted at a rate of 7% (2021: 7%).An interest expense of DKK 14 million has been recognized in Financial costs (2021: DKK 22 mil-lion). The contingent liability related to PrecisionBiotics Group is denominated in EUR. In 2021, the most probable sales and EBITDA were reassessed, which led to an increase in the fair value at the acquisition date of DKK 44 mil-lion in contingent consideration and goodwill.Microbiome LabsThe purchase agreement of Microbiome Labs includes a contingent consideration of up to DKK 941 million. The consideration is contingent on the achieve-ment of sales targets for 2022 and is recognized at the anticipated fair value of DKK 158 million (2021: DKK 332 million). Based on lower-than-ex-pected realized sales in 2022, Management reas-sessed the value of the earn-out and reduced the contingent consideration by DKK 223 million (2021: DKK 62 million). The fair value adjustment was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations to Microbiome Labs remain intact. The fair value adjustments have been recognized in Financial income. Fair value is assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2021: 8%). An interest expense of DKK 29 million has been recognized in financial costs (2021: DKK 28 million). The contingent liability related to Microbiome Labs is denominated in USD and increased by DKK 20 million due to currency translation adjust-ments (2021: DKK 28 million). 5.4 Derivatives \u2013 hedge accounting2022 2021Contract amount based Contract amount based DKK millionon agreed rates* Fair\ue61fvalueon agreed rates* Fair\ue61fvalue Forward exchange contractsCNH (618) (13) (516) 43BRL 165 2 122 1USD (228) (20) 66 -INR 374 23 227 (9)Other 21 1 (985) 25Fair value hedges at December 31 (286) (7) (1,086) 60* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Fair value hedgesThe table above shows the derivatives the Group has contracted in order to hedge currency expo-sure on financial assets and liabilities that give rise to currency adjustments in the income state-ment.The forward exchange contracts mature in the period January 2023 to August 2023 (2021: January 2022 to July 2022).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 20 million (2021: gain of DKK 63 million), com-pared with a gain on hedged items of DKK 20 mil-lion (2021: loss of DKK 63 million).2022 2021Contract amount based Contract amount based DKK millionon agreed rates Fair\ue61fvalue on agreed rates Fair\ue61fvalueForward exchange contracts*USD 2,344 16 2,103 (99)2,344 16 2,103 (99)Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 2.42% (2021: (0.22%)) 400 51 400 5DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 2.45% (2021: (0.1867%)) 243 12 313 (4)643 63 713 1ForwardsElectricity price agreements \u2013 average payment of DKK 2,078 / MWh 85 (31) - -85 (31) - -Cash flow hedges at December 31 3,072 48 2,816 (98)* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Cash flow hedges The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows. The forward exchange contracts mature in the period January 2023 to December 2023 (2021: January 2022 to December 2022), the swaps mature in May 2026 and December 2026 (2021: May 2026 and December 2026) and the electricity price agreements mature in the period January 2023 to June 2023. At the end of 2022, the Group had hedged 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98 (2021: 88% of expected future cash flows in USD for 2022 at an average rate of DKK 6.26).5.6 Financial assets and liabilities by categoryDKK million Note 2022 2021Trade receivables 4.2 3,454 2,948Contract assets 4.2 151 40Other receivables, excl. prepaid expenses 4.3 218 163Cash and cash equivalents 1,041 963Financial assets at amortized cost4,864 4,114Derivatives \ue768\ue76e 70Other financial assets 30 30Fair value through profit and loss 58 100Derivatives 114 5Fair value through other comprehensive income 114 5Financial assets 5,036 4,219DKK million Note 2022 2021Lease liabilities 5.3 (411) (482)Credit institutions 5.3 (6,437) (5,706)Trade payables (1,869) (1,490)Other payables, incl. deferred consideration 4.4 (727) (567)Financial liabilities at amortized cost(9,444) (8,245)Derivatives 5.3 \ue734\ue769\ue76b\ue735 (10)Contingent consideration 3.6 (382) (543)Fair value through profit and loss (417) (553)Derivatives 5.3 (66) (103)Fair value through other comprehensive income (66) (103)Share purchase liability 6.5 (760) (717)Fair value through equity (760) (717)Financial liabilities (10,687) (9,618)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-4": {
"value": "3.6 Contingent considerationDKK million 2022 2021Contingent consideration at January 1 543 146Additions from business acquisitions - 382Currency translation adjustments 19 27Interest on contingent consideration 43 50Fair value adjustment of contingent consideration (223) (62)Contingent consideration at December 31 382 543Recognized in the balance sheet as follows:Non-current B/S224 543Current B/S158 -Contingent consideration at December 31 382 543PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 298 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 224 million (2021: DKK 211 million). Fair value is assessed by using the earn-out from the most probable sales in 2023 discounted at a rate of 7% (2021: 7%).An interest expense of DKK 14 million has been recognized in Financial costs (2021: DKK 22 mil-lion). The contingent liability related to PrecisionBiotics Group is denominated in EUR. In 2021, the most probable sales and EBITDA were reassessed, which led to an increase in the fair value at the acquisition date of DKK 44 mil-lion in contingent consideration and goodwill.Microbiome LabsThe purchase agreement of Microbiome Labs includes a contingent consideration of up to DKK 941 million. The consideration is contingent on the achieve-ment of sales targets for 2022 and is recognized at the anticipated fair value of DKK 158 million (2021: DKK 332 million). Based on lower-than-ex-pected realized sales in 2022, Management reas-sessed the value of the earn-out and reduced the contingent consideration by DKK 223 million (2021: DKK 62 million). The fair value adjustment was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations to Microbiome Labs remain intact. The fair value adjustments have been recognized in Financial income. Fair value is assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2021: 8%). An interest expense of DKK 29 million has been recognized in financial costs (2021: DKK 28 million). The contingent liability related to Microbiome Labs is denominated in USD and increased by DKK 20 million due to currency translation adjust-ments (2021: DKK 28 million). 5.6 Financial assets and liabilities by categoryDKK million Note 2022 2021Trade receivables 4.2 3,454 2,948Contract assets 4.2 151 40Other receivables, excl. prepaid expenses 4.3 218 163Cash and cash equivalents 1,041 963Financial assets at amortized cost4,864 4,114Derivatives \ue768\ue76e 70Other financial assets 30 30Fair value through profit and loss 58 100Derivatives 114 5Fair value through other comprehensive income 114 5Financial assets 5,036 4,219DKK million Note 2022 2021Lease liabilities 5.3 (411) (482)Credit institutions 5.3 (6,437) (5,706)Trade payables (1,869) (1,490)Other payables, incl. deferred consideration 4.4 (727) (567)Financial liabilities at amortized cost(9,444) (8,245)Derivatives 5.3 \ue734\ue769\ue76b\ue735 (10)Contingent consideration 3.6 (382) (543)Fair value through profit and loss (417) (553)Derivatives 5.3 (66) (103)Fair value through other comprehensive income (66) (103)Share purchase liability 6.5 (760) (717)Fair value through equity (760) (717)Financial liabilities (10,687) (9,618)Fair value hierarchyNovozymes has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).For financial assets and financial liabilities meas-ured at amortized cost (level 2 input), the carry-ing amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The derivatives are not traded in an active market based on quoted prices but on individual contracts. The fair value of these assets is determined using valuation techniques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices and volatilities.Other financial assets, contingent considerations and share purchase liability are measured at fair value based on non-observable data (level 3 input). Reference is made to Notes 3.6 and 6.5 for a description of their fair value measurement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-5": {
"value": "3.6 Contingent considerationDKK million 2022 2021Contingent consideration at January 1 543 146Additions from business acquisitions - 382Currency translation adjustments 19 27Interest on contingent consideration 43 50Fair value adjustment of contingent consideration (223) (62)Contingent consideration at December 31 382 543Recognized in the balance sheet as follows:Non-current B/S224 543Current B/S158 -Contingent consideration at December 31 382 543PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 298 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 224 million (2021: DKK 211 million). Fair value is assessed by using the earn-out from the most probable sales in 2023 discounted at a rate of 7% (2021: 7%).An interest expense of DKK 14 million has been recognized in Financial costs (2021: DKK 22 mil-lion). The contingent liability related to PrecisionBiotics Group is denominated in EUR. In 2021, the most probable sales and EBITDA were reassessed, which led to an increase in the fair value at the acquisition date of DKK 44 mil-lion in contingent consideration and goodwill.Microbiome LabsThe purchase agreement of Microbiome Labs includes a contingent consideration of up to DKK 941 million. The consideration is contingent on the achieve-ment of sales targets for 2022 and is recognized at the anticipated fair value of DKK 158 million (2021: DKK 332 million). Based on lower-than-ex-pected realized sales in 2022, Management reas-sessed the value of the earn-out and reduced the contingent consideration by DKK 223 million (2021: DKK 62 million). The fair value adjustment was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations to Microbiome Labs remain intact. The fair value adjustments have been recognized in Financial income. Fair value is assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2021: 8%). An interest expense of DKK 29 million has been recognized in financial costs (2021: DKK 28 million). The contingent liability related to Microbiome Labs is denominated in USD and increased by DKK 20 million due to currency translation adjust-ments (2021: DKK 28 million). Fair value hierarchyNovozymes has no financial instruments meas-ured at fair value on the basis of quoted prices (level 1 input).For financial assets and financial liabilities meas-ured at amortized cost (level 2 input), the carry-ing amounts approximate fair value. Derivatives are measured at fair value based on observable data (level 2 input). The derivatives are not traded in an active market based on quoted prices but on individual contracts. The fair value of these assets is determined using valuation techniques that utilize market-based data such as exchange rates, interest rates, credit risk, electricity prices and volatilities.Other financial assets, contingent considerations and share purchase liability are measured at fair value based on non-observable data (level 3 input). Reference is made to Notes 3.6 and 6.5 for a description of their fair value measurement.Transactions with non-controlling interestsOn December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences, located in India.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests and are recognized in the final opening balance at the proportionate share of the acquired net identifiable assets, which amounts to DKK 371 million. See details in Note 3.5.Share purchase liabilityThe remaining 40% of the shares in Synergia Life Sciences are to be acquired in 2025 and a liabil-ity of DKK 760 million (2021: DKK 717 million) is recognized. The redemption amount is contingent on the achievement of sales targets for Synergia Life Sciences for the period April 1, 2024 to March 31, 2025. The consideration will be within the range of DKK623 million to DKK 1,121 million and includes payment of the non-controlling interests\u2019 stake of the net working capital and cash balances at the acquisition date of Synergia Life Sciences. Fair value of the Share purchase liability is assessed by using the most probable redemption amount, discounted at a rate of 11% (2021: 11%). Currency translation adjustments and interest of net DKK 43 million (2021: DKK 0 million) have been recognized in Equity. The share purchase liability is denominated in INR.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-4": {
"value": "Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-5": {
"value": "Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-6": {
"value": "Accounting policiesContingent consideration is remeasured at fair value at each reporting date. Interest and fair value adjustments resulting from events after the acquisition date are recognized in Financial income or Financial costs. Critical accounting estimates and judgmentsFair value of contingent consideration is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information from after the initial rec-ognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the contingent consideration is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The determined fair value is associated with uncertainty and may be sub-ject to subsequent adjustments.Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. Accounting policiesShare purchase liability is Novozymes\u2019s obli-gation to purchase non-controlling interests in subsidiaries and is remeasured at fair value at each reporting date. The fair value of the most likely redemption amount is initially recognized within liabilities with a corre-sponding charge directly to Equity. Interest and fair value adjustments resulting from events after the initial recognition are recog-nized in Equity under Retained earnings.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-169-5": {
"value": "Critical accounting estimates and judgmentsWork in progress and Finished goods are meas-ured at cost, including indirect production costs. Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee costs, capacity utilization, cost drivers and other relevant fac-tors. Changes in these parameters may have an impact on the gross margin and the overall val-uation of Work in progress and Finished goods.Accounting policiesInventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value. The cost of Work in progress and Finished goods comprises direct production costs such as raw materials and consumables, energy and labor directly attributable to pro-duction as well as indirect production costs such as employee costs, maintenance and depreciation of plants, etc. If the expected selling price less any comple-tion costs and costs to execute the sale (net realizable value) of inventories is lower than the carrying amount, inventories are written down to net realizable value. Novozymes has entered into a few agree-ments where Novozymes supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. Such goods are derecognized from inventories in the period when they are consumed in the customer\u2019s production.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-2": {
"value": "4.1 InventoriesDKK million 2022 2021Raw materials and consumables 603 433Work in progress 1,333 979Finished goods 1,867 1,580Inventories at December 31 B/S3,803 2,992Cost of materials, included under Cost of goods sold 4,770 3,411Indirect production costs capitalized in inventories at December 31 1,053 971Write-downs expensed during the year 102 79Reversal of write-downs during the year* 44 57* Part of the reversal of write-downs is attributable to written-down inventory being reused in production.Critical accounting estimates and judgmentsWork in progress and Finished goods are meas-ured at cost, including indirect production costs. Indirect production costs are assessed on an ongoing basis to ensure reliable meas-urement of employee costs, capacity utilization, cost drivers and other relevant fac-tors. Changes in these parameters may have an impact on the gross margin and the overall val-uation of Work in progress and Finished goods.Accounting policiesInventories are measured at the lower of cost determined on a first-in first-out basis and net realizable value. The cost of Work in progress and Finished goods comprises direct production costs such as raw materials and consumables, energy and labor directly attributable to pro-duction as well as indirect production costs such as employee costs, maintenance and depreciation of plants, etc. If the expected selling price less any comple-tion costs and costs to execute the sale (net realizable value) of inventories is lower than the carrying amount, inventories are written down to net realizable value. Novozymes has entered into a few agree-ments where Novozymes supplies goods to a customer\u2019s premises but retains title to the inventory until the goods are consumed in the customer\u2019s production. Such goods are derecognized from inventories in the period when they are consumed in the customer\u2019s production.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-4": {
"value": "Trade receivables Novozymes has collateral of DKK 5 million (2021: DKK 3 million) held as security for trade receiva-bles in selected countries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-4": {
"value": "Accounting policiesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for life-time expected credit losses for trade receiva-bles is recognized on initial recognition. For contract assets, the credit risk is based on an individual assessment. Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery. The cost of allowances for expected credit losses and write-offs for trade receivables and contract assets are recognized in Sales and distribution costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-2": {
"value": "4.2 Trade receivables and contract assetsDKK million 2022 2021Trade receivables, gross 3,590 3,099Allowances\ue614 (136) (151)Trade receivables at December 31 B/S3,454 2,948Aging of trade receivables, gross:Up to 30 days 3,350 2,886Between 30 and 90 days 74 30More than 90 days 166 183Trade receivables, gross, at December 31 3,590 3,099Changes in allowances for trade receivables:At January 1 151 163Allowances during the year 51 30Write-offs during the year (35) (3)Reversed allowances (31) (39)Allowances at December 31 136 151The war in Russia/Ukraine has not led to signifi-cant losses on trade receivables or an increase in allowances. mainly related to goods delivered but not invoiced, and estimated profit splits arising from partner-ships that Novozymes has entered.The contract assets are initially recognized as revenue when goods are delivered to the other contracting party. When invoiced, the contract assets are reclassified to trade receivables. Critical accounting estimates and judgmentsThe allowance for expected credit losses for trade receivables and contract assets is based on historical credit loss experience combined with forward-looking information on macroeconomic factors affecting the credit risk. The expected loss rates are updated at each reporting date.Accounting policiesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past due. Furthermore, an allowance for life-time expected credit losses for trade receiva-bles is recognized on initial recognition. For contract assets, the credit risk is based on an individual assessment. Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery. The cost of allowances for expected credit losses and write-offs for trade receivables and contract assets are recognized in Sales and distribution costs.Contract assets Contract assets amounted to DKK 151 million at December 31, 2022 (2021: DKK 40 million), and No allowance for expected credit losses had been made for contract assets at December 31, 2022 (2021: no allowance).Trade receivables Novozymes has collateral of DKK 5 million (2021: DKK 3 million) held as security for trade receiva-bles in selected countries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-3": {
"value": "4.2 Trade receivables and contract assetsDKK million 2022 2021Trade receivables, gross 3,590 3,099Allowances\ue614 (136) (151)Trade receivables at December 31 B/S3,454 2,948Aging of trade receivables, gross:Up to 30 days 3,350 2,886Between 30 and 90 days 74 30More than 90 days 166 183Trade receivables, gross, at December 31 3,590 3,099Changes in allowances for trade receivables:At January 1 151 163Allowances during the year 51 30Write-offs during the year (35) (3)Reversed allowances (31) (39)Allowances at December 31 136 151The war in Russia/Ukraine has not led to signifi-cant losses on trade receivables or an increase in allowances. No allowance for expected credit losses had been made for contract assets at December 31, 2022 (2021: no allowance).Trade receivables Novozymes has collateral of DKK 5 million (2021: DKK 3 million) held as security for trade receiva-bles in selected countries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-184-2": {
"value": "4.3 Other receivables DKK million 2022 2021Deposits 32 32Prepaid expenses 174 395Other 186 131Other receivables at December 31 392 558Recognized in the balance sheet as follows:Non-current B/S32 39Current B/S 360 519Other receivables at December 31 392 558Prepaid expenses in 2021 included prepayments related to establishing the new production line in Blair, Nebraska, U.S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-185-2": {
"value": "4.4 Other liabilitiesDKK million 2022 2021Employee costs payable 672 641Stock-based payment settled in cash 21 44Deferred consideration - 77Other payables 727 490Other liabilities at December 31 1,420 1,252Recognized in the balance sheet as follows:Current B/S1,420 1,252Other liabilities at December 31 1,420 1,2525.3 Other financial liabilitiesDKK million 2022 2021Credit institutions 6,437 5,706Derivatives 101 113Other financial liabilities at December 316,538 5,819Recognized in the balance sheet as follows:Non-current 3,619 3,680Current 2,919 2,139Other financial liabilities at December 31 6,538 5,8192022 2021Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 5,706 482 6,188 4,350 522 4,872Financing cash flows 731 (120) 611 1,174 (103) 1,071Currency translation adjustments - 10 10 2 18 20Other changes* - 39 39 180 45 225Total liabilities from financing activities at December 31 6,437 411 6,848 5,706 482 6,188* Other changes include changes in lease liabilities from new or terminated leases and accrued interest expenses which will be presented as operating cash flows in the statement of cash flows when paid. In 2021, Other changes included the change in category of the transitional holiday accrual (Denmark).Credit institutions - currency 2022 (2021)DKK millionEUR2,147 (2,273)DKK4,290 (3,433)Credit institutions - time to maturity 2022 (2021)DKK millionLess than 1 year2,818 (2,029)Between 1 and 5 years2,301 (2,424)More than 5 years6,4371,318 (1,253)(5,706)Loan portfolio - fixed or \ufb02oating interest rate 2022 (2021)DKK millionFixed interest rate3,979 (3,540)Floating interest rate2,458 (2,166)6,4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-185-3": {
"value": "4.4 Other liabilitiesDKK million 2022 2021Employee costs payable 672 641Stock-based payment settled in cash 21 44Deferred consideration - 77Other payables 727 490Other liabilities at December 31 1,420 1,252Recognized in the balance sheet as follows:Current B/S1,420 1,252Other liabilities at December 31 1,420 1,2525.3 Other financial liabilitiesDKK million 2022 2021Credit institutions 6,437 5,706Derivatives 101 113Other financial liabilities at December 316,538 5,819Recognized in the balance sheet as follows:Non-current 3,619 3,680Current 2,919 2,139Other financial liabilities at December 31 6,538 5,819",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-187-3": {
"value": "Due to the international nature of Novozymes\u2019 operations, our earnings and financial position are exposed to a number of financial risk factors. Financial risks are managed centrally for the entire Group. The Treasury Policy is approved by the Board of Directors and sets the limits for the various financial risks and the derivatives used tohedge risk. The Treasury Policy is adjusted on an ongoing basis and adapted to the market situa-tion. It contains rules on which derivatives can be used for hedging, which counterparties can be used, and the risk profile that is to be applied. Currency risk Currency risk arises due to imbalances between income and costs in each individual currency and because Novozymes has more assets than liabili-ties in foreign currencies in connection with global operations. Hedging of currency risk is carried out in the cur-rencies in which Novozymes has the largest expo-sures. Hedging is managed by entering into deriv-atives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes. Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the relevant Foreign exchange sensitivity \u2013 2022 The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in DKK versus the key currencies to which Novozymes was exposed on December 31, 2022. For other comprehensive income, the analysis shows the impact on currency translation of net investments and does not include the impact of cash flow hedges, as these relate to future com-mercial transactions. The sensitivity analysis reflects transaction and translation risk, and assumes that exchange rates change on December 31, 2022, while all other variables remain constant. The table shows the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect. Foreign exchange sensitivity analysis2022 2021Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% 4 51 4 57 CNY 5.0% (5) 127 (1) 127 USD 5.0% (3) 325 1 244 Other 5.0% 4 64 (6) 108 Total - 567 (2) 536 Foreign exchange sensitivity \u2013 2023 estimate Operating profit (EBIT) is exposed to exchange rate developments, as the effect of hedges is included in financial income/costs. EBIT is mainly exposed to USD and EUR. A movement of 5% in the USD/DKK exchange rate would result in a change in the expected EBIT for 2023 of around DKK 130-160 million (2022: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2023 of around DKK 200 million (2022: DKK 200 million).Of the expected USD cash flows for 2023, 88% has been hedged by forward contracts at an average rate of DKK 6.98. As a result, the impact on net profit from changes in the USD/DKK exchange rate has been reduced significantly compared with the impact on EBIT.Interest rate risk Interest rate risk arises in relation to interest-bearing assets and liabilities. In accordance with Novozymes\u2019 Treasury Policy, a minimum of 30% of loans must be at fixed interest rates. Hedging of the interest rate risk is managed by entering into fixed-rate loans and interest rate swaps. currencies with the timing and value changes for the designated cash flow hedging transaction. Where deemed appropriate, currency risk related to net investments in foreign subsidiaries is hedged by taking out loans and entering into swaps. Currently, there are no open transactions used to hedge equity investments. With the current hedging of interest rate risk, an increase of 1 percentage point in the average interest rate on Novozymes\u2019 net interest-bearing debt would have a negative effect on net profit of DKK 14 million (2021: negative effect of DKK 12 million). At December 31, 2022, 62% (2021: 62%) of the loan portfolio carried fixed interest rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-189-4": {
"value": "Foreign exchange sensitivity \u2013 2022 The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in DKK versus the key currencies to which Novozymes was exposed on December 31, 2022. For other comprehensive income, the analysis shows the impact on currency translation of net investments and does not include the impact of cash flow hedges, as these relate to future com-mercial transactions. The sensitivity analysis reflects transaction and translation risk, and assumes that exchange rates change on December 31, 2022, while all other variables remain constant. The table shows the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect. Foreign exchange sensitivity analysis2022 2021Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% 4 51 4 57 CNY 5.0% (5) 127 (1) 127 USD 5.0% (3) 325 1 244 Other 5.0% 4 64 (6) 108 Total - 567 (2) 536 Foreign exchange sensitivity \u2013 2023 estimate Operating profit (EBIT) is exposed to exchange rate developments, as the effect of hedges is included in financial income/costs. EBIT is mainly exposed to USD and EUR. A movement of 5% in the USD/DKK exchange rate would result in a change in the expected EBIT for 2023 of around DKK 130-160 million (2022: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2023 of around DKK 200 million (2022: DKK 200 million).Of the expected USD cash flows for 2023, 88% has been hedged by forward contracts at an average rate of DKK 6.98. As a result, the impact on net profit from changes in the USD/DKK exchange rate has been reduced significantly compared with the impact on EBIT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-2": {
"value": "5.1 Financial risk factors and risk managementDue to the international nature of Novozymes\u2019 operations, our earnings and financial position are exposed to a number of financial risk factors. Financial risks are managed centrally for the entire Group. The Treasury Policy is approved by the Board of Directors and sets the limits for the various financial risks and the derivatives used tohedge risk. The Treasury Policy is adjusted on an ongoing basis and adapted to the market situa-tion. It contains rules on which derivatives can be used for hedging, which counterparties can be used, and the risk profile that is to be applied. Currency risk Currency risk arises due to imbalances between income and costs in each individual currency and because Novozymes has more assets than liabili-ties in foreign currencies in connection with global operations. Hedging of currency risk is carried out in the cur-rencies in which Novozymes has the largest expo-sures. Hedging is managed by entering into deriv-atives such as forward contracts, currency options and swaps. Loans and deposits in foreign currencies are also utilized for hedging purposes. Hedge effectiveness is assessed on a regular basis by comparing changes in the timing and value of the expected exposure in the relevant Foreign exchange sensitivity \u2013 2022 The sensitivity analysis shows the impact on net profit and other comprehensive income of a 5% change in DKK versus the key currencies to which Novozymes was exposed on December 31, 2022. For other comprehensive income, the analysis shows the impact on currency translation of net investments and does not include the impact of cash flow hedges, as these relate to future com-mercial transactions. The sensitivity analysis reflects transaction and translation risk, and assumes that exchange rates change on December 31, 2022, while all other variables remain constant. The table shows the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect. Foreign exchange sensitivity analysis2022 2021Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% 4 51 4 57 CNY 5.0% (5) 127 (1) 127 USD 5.0% (3) 325 1 244 Other 5.0% 4 64 (6) 108 Total - 567 (2) 536 Foreign exchange sensitivity \u2013 2023 estimate Operating profit (EBIT) is exposed to exchange rate developments, as the effect of hedges is included in financial income/costs. EBIT is mainly exposed to USD and EUR. A movement of 5% in the USD/DKK exchange rate would result in a change in the expected EBIT for 2023 of around DKK 130-160 million (2022: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2023 of around DKK 200 million (2022: DKK 200 million).Of the expected USD cash flows for 2023, 88% has been hedged by forward contracts at an average rate of DKK 6.98. As a result, the impact on net profit from changes in the USD/DKK exchange rate has been reduced significantly compared with the impact on EBIT.Interest rate risk Interest rate risk arises in relation to interest-bearing assets and liabilities. In accordance with Novozymes\u2019 Treasury Policy, a minimum of 30% of loans must be at fixed interest rates. Hedging of the interest rate risk is managed by entering into fixed-rate loans and interest rate swaps. currencies with the timing and value changes for the designated cash flow hedging transaction. Where deemed appropriate, currency risk related to net investments in foreign subsidiaries is hedged by taking out loans and entering into swaps. Currently, there are no open transactions used to hedge equity investments. With the current hedging of interest rate risk, an increase of 1 percentage point in the average interest rate on Novozymes\u2019 net interest-bearing debt would have a negative effect on net profit of DKK 14 million (2021: negative effect of DKK 12 million). At December 31, 2022, 62% (2021: 62%) of the loan portfolio carried fixed interest rates. Credit risk Credit risk arises especially on cash and cash equivalents, derivatives, trade receivables and contract assets. The credit risk on trade receiva-bles is countered by thorough, regular analysis based on customer type, country and specific conditions. The credit risk on cash and cash equivalents as well as derivatives is mitigated by the Treasury Policy, which limits exposure solely to counterparties that have an investment-grade credit rating. The credit risk is calculated on the basis of net market values and is governed by the Treasury Policy. Novozymes has entered into net-ting agreements (ISDA or similar) with all the banks used for trading in financial instruments, which means that Novozymes\u2019 credit risk is lim-ited to net assets. At December 31, 2022, the Group considered its maximum credit risk to be DKK 5,036 million (2021: DKK 4,219 million), which is the total of the Group\u2019s financial assets. At December 31, 2022, the maximum credit risk related to one counterparty was DKK 386 million (2021: DKK 330 million). Liquidity risk In connection with the Group\u2019s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flexible liquidity. This is guaranteed by using committed credit facilities and placing free funds in deposits, gov-ernment bonds or ultra-liquid mortgage bonds in accordance with the Treasury Policy. At December 31, 2022, Novozymes\u2019 financial resources amounted to DKK 18,543 million (2021: DKK 4,748 million), consisting of net cash, cash equivalents, and undrawn committed credit facilities of DKK 17,502 million, which expire in 2023\u20132027. The increase in undrawn committed credit facilities compared to 2021 is related to the facility obtained to refinance existing debt following completion of the proposed combina-tion of Novozymes and Chr. Hansen.With the exception of debt to credit institutions, the maturity dates are primarily within one year. Capital structure Novozymes favors a conservative balance which is reflected by a target for net interest-bearing debt of around 1x EBITDA. At December 31, 2022, the ratio was 1.0 and thus the target is considered as met in 2022. The capital structure is mainly managed using two instruments: 1) Dividend payments where Novozymes aims for a payout ratio of around 50%. For 2022, the pay-out ratio is expected to be 45.0%*, which is in line with the communicated target. 2) Stock buy-backs, where a program for DKK 500 million was executed in 2022. *Adjusted for non-recurring items with no cash stflow impact related to 21.BIO and the Microbiome Labs earnout, the payout ratio is 50.9%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-196-3": {
"value": "Credit risk Credit risk arises especially on cash and cash equivalents, derivatives, trade receivables and contract assets. The credit risk on trade receiva-bles is countered by thorough, regular analysis based on customer type, country and specific conditions. The credit risk on cash and cash equivalents as well as derivatives is mitigated by the Treasury Policy, which limits exposure solely to counterparties that have an investment-grade credit rating. The credit risk is calculated on the basis of net market values and is governed by the Treasury Policy. Novozymes has entered into net-ting agreements (ISDA or similar) with all the banks used for trading in financial instruments, which means that Novozymes\u2019 credit risk is lim-ited to net assets. At December 31, 2022, the Group considered its maximum credit risk to be DKK 5,036 million (2021: DKK 4,219 million), which is the total of the Group\u2019s financial assets. At December 31, 2022, the maximum credit risk related to one counterparty was DKK 386 million (2021: DKK 330 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-198-3": {
"value": "Liquidity risk In connection with the Group\u2019s ongoing financing of operations, including refinancing, efforts are made to ensure adequate and flexible liquidity. This is guaranteed by using committed credit facilities and placing free funds in deposits, gov-ernment bonds or ultra-liquid mortgage bonds in accordance with the Treasury Policy. At December 31, 2022, Novozymes\u2019 financial resources amounted to DKK 18,543 million (2021: DKK 4,748 million), consisting of net cash, cash equivalents, and undrawn committed credit facilities of DKK 17,502 million, which expire in 2023\u20132027. The increase in undrawn committed credit facilities compared to 2021 is related to the facility obtained to refinance existing debt following completion of the proposed combina-tion of Novozymes and Chr. Hansen.With the exception of debt to credit institutions, the maturity dates are primarily within one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-199-3": {
"value": "Capital structure Novozymes favors a conservative balance which is reflected by a target for net interest-bearing debt of around 1x EBITDA. At December 31, 2022, the ratio was 1.0 and thus the target is considered as met in 2022. The capital structure is mainly managed using two instruments: 1) Dividend payments where Novozymes aims for a payout ratio of around 50%. For 2022, the pay-out ratio is expected to be 45.0%*, which is in line with the communicated target. 2) Stock buy-backs, where a program for DKK 500 million was executed in 2022. *Adjusted for non-recurring items with no cash stflow impact related to 21.BIO and the Microbiome Labs earnout, the payout ratio is 50.9%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-6": {
"value": "Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-7": {
"value": "Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-2": {
"value": "5.2 Financial income and Financial costsDKK million 2022 2021Interest income 18 18Fair value adjustments of contingent consideration 223 62Gains on cash flow hedges - 31Gains on fair value hedges - 63Gain on divestment of minority ownership in Albumedix 267 -Fair value adjustments of cash-settled stock options 25 -Financial income I/S533 174Interest costs (40) (31)Interest on lease liabilities (19) (21)Interest on contingent consideration (43) (50)Losses on cash flow hedges (295) -Losses on fair value hedges (20) -Other financial costs (99) (20)Other foreign exchange losses, net (15) (98)Fair value adjustments of cash-settled stock options - (33)Financial costs I/S(531) (253)Financial income/(costs), net 2 (79)Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.Novozymes has divested its minority share of Albumedix, a company built with Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million.Increase in Other financial costs are mainly costs for the refinancing facility related to the pro-posed combination of Novozymes and Chr. Hansen.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-3": {
"value": "5.2 Financial income and Financial costsDKK million 2022 2021Interest income 18 18Fair value adjustments of contingent consideration 223 62Gains on cash flow hedges - 31Gains on fair value hedges - 63Gain on divestment of minority ownership in Albumedix 267 -Fair value adjustments of cash-settled stock options 25 -Financial income I/S533 174Interest costs (40) (31)Interest on lease liabilities (19) (21)Interest on contingent consideration (43) (50)Losses on cash flow hedges (295) -Losses on fair value hedges (20) -Other financial costs (99) (20)Other foreign exchange losses, net (15) (98)Fair value adjustments of cash-settled stock options - (33)Financial costs I/S(531) (253)Financial income/(costs), net 2 (79)Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.Novozymes has divested its minority share of Albumedix, a company built with Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million.Increase in Other financial costs are mainly costs for the refinancing facility related to the pro-posed combination of Novozymes and Chr. Hansen.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-4": {
"value": "5.2 Financial income and Financial costsDKK million 2022 2021Interest income 18 18Fair value adjustments of contingent consideration 223 62Gains on cash flow hedges - 31Gains on fair value hedges - 63Gain on divestment of minority ownership in Albumedix 267 -Fair value adjustments of cash-settled stock options 25 -Financial income I/S533 174Interest costs (40) (31)Interest on lease liabilities (19) (21)Interest on contingent consideration (43) (50)Losses on cash flow hedges (295) -Losses on fair value hedges (20) -Other financial costs (99) (20)Other foreign exchange losses, net (15) (98)Fair value adjustments of cash-settled stock options - (33)Financial costs I/S(531) (253)Financial income/(costs), net 2 (79)Accounting policiesFinancial income and Financial costs com-prise interest income and interest costs, real-ized and unrealized foreign exchange gains and losses, gains and losses on other finan-cial assets, as well as fair value adjustments of cash-settled stock-based incentive pro-grams and contingent consideration, which are offset against Other liabilities and fair value adjustments of Other financial assets. Interest income and Interest costs are meas-ured at amortized cost for financial assets and liabilities. Financial income and Financial costs also include fair value adjustments of derivatives used to hedge assets and liabilities, and income and costs relating to cash flow hedges that are transferred from Other comprehen-sive income on realization of the hedged item.Novozymes has divested its minority share of Albumedix, a company built with Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million.Increase in Other financial costs are mainly costs for the refinancing facility related to the pro-posed combination of Novozymes and Chr. Hansen.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-4": {
"value": "2022 2021Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 5,706 482 6,188 4,350 522 4,872Financing cash flows 731 (120) 611 1,174 (103) 1,071Currency translation adjustments - 10 10 2 18 20Other changes* - 39 39 180 45 225Total liabilities from financing activities at December 31 6,437 411 6,848 5,706 482 6,188* Other changes include changes in lease liabilities from new or terminated leases and accrued interest expenses which will be presented as operating cash flows in the statement of cash flows when paid. In 2021, Other changes included the change in category of the transitional holiday accrual (Denmark).6.7 Cash flowDKK million Note 2022 2021Non-cash itemsAccrued interest income and interest costs 146 34(Gain)/loss on financial assets, etc., net (248) 3Depreciation, amortization and impairment losses 3.1, 3.2 1,485 1,416Realized loss and allowances for doubtful trade receivables 15 (14)(Gain)/loss on sale and disposal of assets (25) (92)Unrealized foreign exchange (gain)/loss 70 73Tax 2.7 870 779Stock-based payment 6.2 127 78Change in provisions (44) (26)Divestment of a pharma-related royalty - (57)stGain from 21.BIO transaction (201) -Gain on divestment of minority ownership in Albumedix (267) -Profit/loss in associates 7 4Non-cash items 1,935 2,198DKK million Note 2022 2021Business acquisitions, divestments and purchases of financial assetsDivestment of minority ownership in Albumedix 5.2 267 -Acquisition of Microbiome Labs 3.5 - (761)Acquisition of Synergia Life Sciences 3.5 (77) (870)Cash flow from acquisitions, net 190 (1,631)Additions of intangible assets 3.1 130 169Purchase of intangible assets 130 169Additions of property, plant and equipment 3.2 2,802 1,188Non-cash additions of property, plant and equipment - (15)Less additions to lease assets 3.3 (42) (102)Purchase of property, plant and equipment 2,760 1,071Undrawn committed credit facilities amounted to DKK 17,502 million at December 31, 2022 (2021: DKK 3,785 million), all of which expire in 2023\u20132027. The increase mainly relates to a significant facilityrelated to the proposed combination of Novozymes and Chr. Hansen.Accounting policiesThe consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year. Cash flow from operating activities comprises net profit adjusted for non-cash items, paid financial items, corporate income tax paid and change in working capital. Cash flow from investing activities comprises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment. Cash flow from financing activities comprises proceeds from borrowings, repayment of principal on interest-bearing debt, repayment of lease liabilities, payment of dividends, pro-ceeds from stock issues, and the sale of treasury stock and other securities. Cash and cash equivalents comprises cash at bank and in hand less current bank loans due on demand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-206-4": {
"value": "5.3 Other financial liabilitiesDKK million 2022 2021Credit institutions 6,437 5,706Derivatives 101 113Other financial liabilities at December 316,538 5,819Recognized in the balance sheet as follows:Non-current 3,619 3,680Current 2,919 2,139Other financial liabilities at December 31 6,538 5,819",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-206-5": {
"value": "5.3 Other financial liabilitiesDKK million 2022 2021Credit institutions 6,437 5,706Derivatives 101 113Other financial liabilities at December 316,538 5,819Recognized in the balance sheet as follows:Non-current 3,619 3,680Current 2,919 2,139Other financial liabilities at December 31 6,538 5,8192022 2021Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 5,706 482 6,188 4,350 522 4,872Financing cash flows 731 (120) 611 1,174 (103) 1,071Currency translation adjustments - 10 10 2 18 20Other changes* - 39 39 180 45 225Total liabilities from financing activities at December 31 6,437 411 6,848 5,706 482 6,188* Other changes include changes in lease liabilities from new or terminated leases and accrued interest expenses which will be presented as operating cash flows in the statement of cash flows when paid. In 2021, Other changes included the change in category of the transitional holiday accrual (Denmark).Credit institutions - currency 2022 (2021)DKK millionEUR2,147 (2,273)DKK4,290 (3,433)Credit institutions - time to maturity 2022 (2021)DKK millionLess than 1 year2,818 (2,029)Between 1 and 5 years2,301 (2,424)More than 5 years6,4371,318 (1,253)(5,706)Loan portfolio - fixed or \ufb02oating interest rate 2022 (2021)DKK millionFixed interest rate3,979 (3,540)Floating interest rate2,458 (2,166)6,4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-211-3": {
"value": "5.4 Derivatives \u2013 hedge accounting2022 2021Contract amount based Contract amount based DKK millionon agreed rates* Fair\ue61fvalueon agreed rates* Fair\ue61fvalue Forward exchange contractsCNH (618) (13) (516) 43BRL 165 2 122 1USD (228) (20) 66 -INR 374 23 227 (9)Other 21 1 (985) 25Fair value hedges at December 31 (286) (7) (1,086) 60* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Fair value hedgesThe table above shows the derivatives the Group has contracted in order to hedge currency expo-sure on financial assets and liabilities that give rise to currency adjustments in the income state-ment.The forward exchange contracts mature in the period January 2023 to August 2023 (2021: January 2022 to July 2022).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 20 million (2021: gain of DKK 63 million), com-pared with a gain on hedged items of DKK 20 mil-lion (2021: loss of DKK 63 million).2022 2021Contract amount based Contract amount based DKK millionon agreed rates Fair\ue61fvalue on agreed rates Fair\ue61fvalueForward exchange contracts*USD 2,344 16 2,103 (99)2,344 16 2,103 (99)Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 2.42% (2021: (0.22%)) 400 51 400 5DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 2.45% (2021: (0.1867%)) 243 12 313 (4)643 63 713 1ForwardsElectricity price agreements \u2013 average payment of DKK 2,078 / MWh 85 (31) - -85 (31) - -Cash flow hedges at December 31 3,072 48 2,816 (98)* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Cash flow hedges The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows. The forward exchange contracts mature in the period January 2023 to December 2023 (2021: January 2022 to December 2022), the swaps mature in May 2026 and December 2026 (2021: May 2026 and December 2026) and the electricity price agreements mature in the period January 2023 to June 2023. At the end of 2022, the Group had hedged 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98 (2021: 88% of expected future cash flows in USD for 2022 at an average rate of DKK 6.26).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-211-4": {
"value": "5.4 Derivatives \u2013 hedge accounting2022 2021Contract amount based Contract amount based DKK millionon agreed rates* Fair\ue61fvalueon agreed rates* Fair\ue61fvalue Forward exchange contractsCNH (618) (13) (516) 43BRL 165 2 122 1USD (228) (20) 66 -INR 374 23 227 (9)Other 21 1 (985) 25Fair value hedges at December 31 (286) (7) (1,086) 60* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Fair value hedgesThe table above shows the derivatives the Group has contracted in order to hedge currency expo-sure on financial assets and liabilities that give rise to currency adjustments in the income state-ment.The forward exchange contracts mature in the period January 2023 to August 2023 (2021: January 2022 to July 2022).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 20 million (2021: gain of DKK 63 million), com-pared with a gain on hedged items of DKK 20 mil-lion (2021: loss of DKK 63 million).2022 2021Contract amount based Contract amount based DKK millionon agreed rates Fair\ue61fvalue on agreed rates Fair\ue61fvalueForward exchange contracts*USD 2,344 16 2,103 (99)2,344 16 2,103 (99)Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 2.42% (2021: (0.22%)) 400 51 400 5DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 2.45% (2021: (0.1867%)) 243 12 313 (4)643 63 713 1ForwardsElectricity price agreements \u2013 average payment of DKK 2,078 / MWh 85 (31) - -85 (31) - -Cash flow hedges at December 31 3,072 48 2,816 (98)* Positive contract amounts represent a sale of the respective currency, and negative amounts represent a purchase.Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. Cash flow hedges The table above shows the derivatives the Group has contracted to hedge currency, interest rate and electricity price exposure in future cash flows. The forward exchange contracts mature in the period January 2023 to December 2023 (2021: January 2022 to December 2022), the swaps mature in May 2026 and December 2026 (2021: May 2026 and December 2026) and the electricity price agreements mature in the period January 2023 to June 2023. At the end of 2022, the Group had hedged 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98 (2021: 88% of expected future cash flows in USD for 2022 at an average rate of DKK 6.26).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-6": {
"value": "Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-7": {
"value": "Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-8": {
"value": "Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Other financial liabilities respectively. Derivatives are recognized at the transaction date.Derivatives used for fair value hedges are measured at fair value at the reporting date, and value adjustments are recognized as Financial income or Financial costs. Derivatives used for cash flow hedges and hedges of net investments in subsidiaries are measured at fair value at the reporting date, and value adjustments are recognized in Other comprehensive income. Income and costs relating to cash flow hedges and hedges of net investments in subsidiaries are transferred from Other com-prehensive income. On realization, foreign exchange contracts and interest rate swaps are recognized as Financial income and Financial costs, and electricity price agree-ments covering production-related electricity are recognized as part of Cost of goods sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-2": {
"value": "5.5 Common stock and treasury stock2022 2021Nominal valueNominal valueDKK million No.DKK million No.DKK millionCommon stockA common stock (shares of DKK 2) 53,743,600 107 53,743,600 107B common stock (shares of DKK 2) 227,256,400 455 228,256,400 457Common stock at December 31 281,000,000 562 282,000,000 564Treasury stock - B stockTreasury stock at January 1 4,894,362 10 5,674,598 11Additions during the year 1,134,982 2 3,401,975 7Disposals during the year (628,333) (1) (1,182,211) (2)Cancellation of common stock (1,000,000) (2) (3,000,000) (6)Treasury stock at December 31 4,401,011 9 4,894,362 10No. 2022 2021Shares of common stock in circulationShares of stock at January 1 277,105,638 279,325,402Purchase of treasury stock (1,134,982) (3,401,975)Sale of treasury stock 628,333 1,182,211Shares of common stock in circulation at December 31 276,598,989 277,105,638Each A share entitles the holder to 20 votes, while each B share entitles the holder to two votes. Each year, the Board of Directors assesses whether the ownership structure with A and B common stock is optimal. The Board of Directors continues to believe that this is the best way to safeguard Novozymes\u2019 long-term development to the benefit of the company\u2019s shareholders and other stakeholders. Treasury stock is used to reduce the common stock and to hedge employees\u2019 exercise of granted stock awards and stock options. In 2022, Novozymes canceled 1 million treasury shares, reducing the common stock to 281 mil-lion shares.Treasury stock 2022% of common stock0.4(0.2)(0.3)1.71.6Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,20222022Treasury stock 2021% of common stock1.2(0.4)(1.1)2.01.7Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,20212021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-3": {
"value": "5.5 Common stock and treasury stock2022 2021Nominal valueNominal valueDKK million No.DKK million No.DKK millionCommon stockA common stock (shares of DKK 2) 53,743,600 107 53,743,600 107B common stock (shares of DKK 2) 227,256,400 455 228,256,400 457Common stock at December 31 281,000,000 562 282,000,000 564Treasury stock - B stockTreasury stock at January 1 4,894,362 10 5,674,598 11Additions during the year 1,134,982 2 3,401,975 7Disposals during the year (628,333) (1) (1,182,211) (2)Cancellation of common stock (1,000,000) (2) (3,000,000) (6)Treasury stock at December 31 4,401,011 9 4,894,362 10No. 2022 2021Shares of common stock in circulationShares of stock at January 1 277,105,638 279,325,402Purchase of treasury stock (1,134,982) (3,401,975)Sale of treasury stock 628,333 1,182,211Shares of common stock in circulation at December 31 276,598,989 277,105,638",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-223-4": {
"value": "5.6 Financial assets and liabilities by categoryDKK million Note 2022 2021Trade receivables 4.2 3,454 2,948Contract assets 4.2 151 40Other receivables, excl. prepaid expenses 4.3 218 163Cash and cash equivalents 1,041 963Financial assets at amortized cost4,864 4,114Derivatives \ue768\ue76e 70Other financial assets 30 30Fair value through profit and loss 58 100Derivatives 114 5Fair value through other comprehensive income 114 5Financial assets 5,036 4,219",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-223-5": {
"value": "5.6 Financial assets and liabilities by categoryDKK million Note 2022 2021Lease liabilities 5.3 (411) (482)Credit institutions 5.3 (6,437) (5,706)Trade payables (1,869) (1,490)Other payables, incl. deferred consideration 4.4 (727) (567)Financial liabilities at amortized cost(9,444) (8,245)Derivatives 5.3 \ue734\ue769\ue76b\ue735 (10)Contingent consideration 3.6 (382) (543)Fair value through profit and loss (417) (553)Derivatives 5.3 (66) (103)Fair value through other comprehensive income (66) (103)Share purchase liability 6.5 (760) (717)Fair value through equity (760) (717)Financial liabilities (10,687) (9,618)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-228-3": {
"value": "6.1 Management remuneration2022 2021Executive Leadership Team Executive Leadership TeamNon- Non- Board of Registered registered Board of Registered registered DKK million Directorsexecutivesexecutives Total Directorsexecutivesexecutives TotalSalaries and other short-term benefits 10 15 32 57 10 17 27 54Defined contribution plans - 2 3 5 - 2 3 5Cash bonus - 11 18 29 - 11 17 28Expensed stock-based incentive programs - 16 25 41 - 8 14 22Remuneration 10 44 78 132 10 38 61 109Compensation for lost incentives 8 2 10 6 3 9Remuneration including additional payments 10 52 80 142 10 44 64 118No. of members at December 31 11 2 6 11 2 6General guidelines for the remuneration of the Board of Directors and the Executive Leadership Team of Novozymes A/S, as assessed by the Board of Directors in accordance with the recom-mendations of the Nomination and Remuneration Committee, are approved at the Annual Shareholders\u2019 Meeting. A summary of the Management remuneration can be found in the Governance section of The Novozymes Report. Executive Leadership Team Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant proportions of their remuneration packages are based on performance-related pay through short and long-term incentives. Most of the variable remuneration is weighted towards the long-term, in line with Novozymes\u2019 strategic focus and mir-roring the long-term nature of Novozymes\u2019 investments in the business.The short and long-term incentive programs are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and indi-vidual objectives, which are directly linked to Novozymes\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders. The annual cash bonus can-not exceed 9.5 months\u2019 fixed base salary, of which 65% is expected to be payable at target performance. The stock-based incentive pro-grams are described in Note 6.2. Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed compa-nies, including the periods of notice that both parties are required to give, and noncompetition clauses. If an executive officer\u2019s contract of employment is terminated by the company with-out any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contributions. Board of Directors The remuneration of the Board of Directors com-prises a fixed fee and is not based on incentives.",
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"value": "6.1 Management remuneration2022 2021Executive Leadership Team Executive Leadership TeamNon- Non- Board of Registered registered Board of Registered registered DKK million Directorsexecutivesexecutives Total Directorsexecutivesexecutives TotalSalaries and other short-term benefits 10 15 32 57 10 17 27 54Defined contribution plans - 2 3 5 - 2 3 5Cash bonus - 11 18 29 - 11 17 28Expensed stock-based incentive programs - 16 25 41 - 8 14 22Remuneration 10 44 78 132 10 38 61 109Compensation for lost incentives 8 2 10 6 3 9Remuneration including additional payments 10 52 80 142 10 44 64 118No. of members at December 31 11 2 6 11 2 6General guidelines for the remuneration of the Board of Directors and the Executive Leadership Team of Novozymes A/S, as assessed by the Board of Directors in accordance with the recom-mendations of the Nomination and Remuneration Committee, are approved at the Annual Shareholders\u2019 Meeting. A summary of the Management remuneration can be found in the Governance section of The Novozymes Report. Executive Leadership Team Members of the Executive Leadership Team receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant proportions of their remuneration packages are based on performance-related pay through short and long-term incentives. Most of the variable remuneration is weighted towards the long-term, in line with Novozymes\u2019 strategic focus and mir-roring the long-term nature of Novozymes\u2019 investments in the business.The short and long-term incentive programs are designed to incentivize performance against selected financial, environmental, social and operational key performance indicators and indi-vidual objectives, which are directly linked to Novozymes\u2019 strategy, and to incentivize long-term value creation and alignment with the long-term interests of shareholders, customers and other stakeholders. The annual cash bonus can-not exceed 9.5 months\u2019 fixed base salary, of which 65% is expected to be payable at target performance. The stock-based incentive pro-grams are described in Note 6.2. Members of the Executive Leadership Team have contracts of employment containing standard conditions for executives of Danish listed compa-nies, including the periods of notice that both parties are required to give, and noncompetition clauses. If an executive officer\u2019s contract of employment is terminated by the company with-out any misconduct on the part of the executive officer, the executive officer has a notice period of 12 months. In addition to the notice period, the executive officer has a right to termination compensation of 12 months\u2019 base salary and pension contributions. Board of Directors The remuneration of the Board of Directors com-prises a fixed fee and is not based on incentives.6.2 Stock-based paymentNew programsNovozymes has established stock-based incen-tive programs for the Executive Leadership Team, vice presidents, directors, and other employees. The purpose of these programs is to ensure an alignment of interests of the Management, employees and shareholders. Allocation of pro-grams has been, and remains, dependent on profit, value creation and, in some cases, sustain-ability targets being achieved, and are made based on individual base salary. The exercise price and the share price of a stock option are identical at the date of grant. In order to exercise the options, the employees must still be employed at the exercise date. This does not apply to persons who have retired, taken volun-tary early retirement or been given notice. In 2020, Novozymes introduced annual long-term incentive-based program grants with overlapping three-year performance periods, and so in 2022 a new incentive program for the Executive Leadership Team was established, covering the performance period 2022\u20132024. The program is a combination of stock options and stock, with half of the incentive program allocated in stock options and half in stock. The total number of stock options and stock achievable is divided into two categories: \u2018target stock options and target stock\u2019 and \u2018extra stock options and extra stock\u2019. The tar-get stock options, and target stock correspond to 65% of the maximum stock options and stock, and extra stock options and extra stock correspond to 35% of the maximum stock options and stock. The targets have 40% weight on organic sales growth, 20% weight on EBIT margin, 20% weight on ROIC, and 20% weight on nonfinancial targets. The non-financial targets are measured in relation to Climate, water & waste, workplace and diversity. Each of the nonfinancial targets carries a weight of 5%. The performance targets are as protocolled in the minutes of the board meeting approving the annual group financial statement for the year prior to the performance period. \u2022 If Novozymes reaches the targets for 2022\u2013 2024 for organic sales growth, EBIT margin and ROIC in line with business plans and long-term aspiration and on all four measures for the nonfinancial targets, then the target stock options and the target stock will be granted. \u2022 If Novozymes manages to outperform the tar-gets, some or all of the extra stock options and extra stock may be granted. \u2022 If Novozymes does not meet the targets for 2022\u20132024 or if Novozymes is significantly below the targets on one or more of the four nonfinancial targets, then none or only part of the target stock options and the target stock will be granted. The program contains a maximum-value clause, allowing the Board of Directors to choose to limit the total allocation of stock options and stock if the intrinsic value of the program exceeds twice the annual conditional grant. The total target-level fair value of the program at the date of grant was approximately DKK 40 mil-lion. The value of the stock will be expensed over the three-year qualifying period (2022\u20132024) andwill be released in 2025. The stock options have a vesting period of four years, followed by an exercise period of five years. The fair value of the stock options will be expensed over the four-year vesting period. A new program was also established in 2022 for vice presidents and directors covering the perfor-mance period 2022\u20132024 (206 vice presidents and directors). The total target level fair value at grant date was approximately DKK 50 million and based on the same requirements and targets as for the Executive Leadership Team. The program is a combination of stock options and stock, with half of the incentive program allocated in stock and half in stock options. The stock options have a four-year vesting period, while the stock will be released in 2025.The program contains a maximum-value clause, allowing the Executive Leadership Team to choose to limit the total allocation of stock and stock options if the intrinsic value of the program exceeds twice the annual conditional grant.For other employees, a new stock option-based incentive program was also established in 2022 covering the performance period 2022\u20132024. The employee program follows the same require-ments and targets as the program for the Executive Leadership Team and the program for vice presidents and directors.The Executive Leadership Team and other senior management, who are already included in an exist-ing incentive program, are excluded from this new program. The awarded stock options have a vest-ing period of four years, followed by an exercise period of five years. The target level value of the program is approximately DKK 40 million. Finally awarded programsAwards in the programs covering the performance period 2020\u20132022 were finalized in 2022. The tar-gets for sales growth and economic profit was adjusted in 2021 to exclude 2020 performance due to the extraordinary impact from COVID-19, and the allocations related to these targets were reduced by one third. For more information, see the description in the Novozymes Remuneration Report 2021. The accumulated economic profit generated in the two-year period (2021\u20132022) was DKK 4.6 billion, resulting in 100% of the economic profit pool (26.5% of the total program) being awarded. Average organic sales growth during the two-year period was 7.5%, resulting in 100% of the sales growth pool (26.5% of the total program). 80% of the sustainability targets were reached (20% of the total program). In total, 69% of the original maximum of the program is being awarded.For the Executive Leadership Team, this means that a total of 45,085 shares will be released in January 2023. The number of stock options granted over the three-year period is 328,763 reflecting the realized target achievement. The program contains a maximum-value clause, allow-ing the Board of Directors to choose to limit the total allocation of stock and stock options if the intrinsic value exceeds twice the annual condi-tional grant at the end of the program. There will be no limitation on the total allocation, as the intrinsic value is DKK 16 million.The program for vice presidents and directors fol-lows the same requirements and targets as the program for the Executive Leadership Team. The final number of shares allocated under this pro-gram to be released in January 2023 is 60,768. The number of stock options granted over the three-year period is 442,539, reflecting the real-ized target achievement of 69%.Awards in the program for other employees cover-ing the performance period 2020\u20132022 were also finalized in 2022. The number of stock options granted over the three-year period is 785,811, reflecting the realized target achievement of 69%.Stock options Number of options DKK DKK millionThe number of outstanding options (excl. stock awards) has developed as follows: Executive Vice presidents Other Avg. exercise Grant date fair Grant date fair Leadership Teamand directors employees Totalprice per optionvalue per optionvalue totalOutstanding\ue614at\ue614January\ue6141, 2022 899,295 3,761,733 2,349,300 7,010,328 312Granted\ue613 235,877 318,779 557,898 1,112,554 416 82 92Allocation adjustment\ue612 19,063 19,439 32,382 70,884 351 48 3Exercised\ue611 - (414,669) (222,654) (637,323) 264Forfeited - (98,188) (165,200) (263,388) 366Expired - (9,963) (6,835) (16,798) 275Outstanding\ue61fat\ue61fDecember\ue61f31, 2022 1,154,235 3,577,131 2,544,891 7,276,257 331Outstanding\ue614at\ue614January\ue6141, 2021 997,511 4,091,106 2,054,654 7,143,271 289Change in Management (188,638) 188,638 - -Granted\ue610 266,279 371,321 617,963 1,255,563 385 68 85Exercised\ue612 (175,857) (811,215) (242,860) (1,229,932) 253Forfeited - (78,117) (75,869) (153,986) 335Expired - - (4,588) (4,588) 272Outstanding\ue61fat\ue61fDecember\ue61f31, 2021 899,295 3,761,733 2,349,300 7,010,328 312Number of exercisable options at December 31, 2022 2,534,562 278Number of exercisable options at December 31, 2021 2,493,268 2681. The allocation of stock options for 2022\u20132024 will be adjusted in January 2025 based on the cumulative level of target achievement for the period.2. The allocation of stock options for 2020\u20132022 has been adjusted based on the realized level of target achievement for the period (69%).3. The weighted average share price for stock options exercised during 2022 was DKK\ue614433 (2021: DKK 448). 4. The allocation of stock options for 2021\u20132023 will be adjusted in January 2024 based on the cumulative level of target achievement for the period.For stock options outstanding at December 31, 2022, the range of exercise prices is DKK 233-486 per option (2021: DKK 178-486 per option), and the weighted average remaining term to maturity is five years (2021: five years).During 2022, DKK 127 million arising from stock-based payment was recognized in the income statement (2021: DKK 78 million), DKK 123 mil-lion of which was from equity-settled programs (2021: DKK 75 million) and DKK 4 million was from cash-settled programs (2021: DKK 3 mil-lion). Most programs are equity settled, and no liability is recognized for these. If allocations under the programs are made in countries where ownership of foreign stock is not permitted, the value of stock options is settled in cash instead, and a lia-bility of DKK 21 million was recognized for this in 2022 (2021: DKK 44 million). The intrinsic value of exercisable cash-settled programs in 2022 wasDKK 9 million (2021: DKK 61 million). The fair value of employee services received is measured with reference to the fair value of the equity instruments granted. Fair value at grant date is measured in accordance with the Black\u2013Scholes model, using the average exercise price, the option term and the following significant assumptions:DKK million Note 2022 2021Expected future dividends per share DKK 38.9 38.1Volatility % 25.9 25.3Annual risk-free interest rate % 0.3 (0.5)Weighted average share price at grant date DKK 416 385Furthermore, the options are assumed to be exercised two years after expiry of the vesting period, on average, or at the option\u2019s expiry date if within one year. Volatility is estimated using the historical volatility over the last three years. The risk-free interest rate is based on Danish government bonds with a maturity equivalent to the option\u2019s term to maturity. Stock awards The stock allocated under the programs is used for stock awards. In 2022, 107,510 stock awards with a fair value of DKK 45 million were granted (2021: DKK 41 million) which will be expensed over the three-year period (2022\u20132024). The total number of outstanding stock awards at December 31, 2022 was 314,029 (2021: 209,193).The fair value of these at December 31, 2022 was DKK 111 million (2021: 112 million).Accounting policiesThe Group has established stock-based incentive programs comprising equity-settled and cash-settled programs. The fair value of the employee services received in exchange for the grant of stock options and stock awards is measured with reference to the fair value of the stock options and stock awards granted. The fair value is measured using the Black\u2013Scholes option-pricing model. The fair value of stock-based payment at the grant date is recognized as an employee cost over the period in which the stock options vest. In measuring the fair value, account is taken of the number of employees expected to gain entitlement to the options as well as the number of options the employees are expected to gain. This estimate is adjusted at the end of each reporting period such that only the number of options to which employ-ees are entitled or expected to be entitled is recognized. The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other lia-bilities, is adjusted to fair value at the end of each reporting period, and the subsequent adjustment is recognized in the income state-ment under Financial income or Financial costs.6.4 Related party transactionsTransactionsDKK million 2022 2021Novo Holdings A/SSale of services - 1Dividend payment to Novo Holdings A/S 396 382The Novo Nordisk GroupSale of services 92 78Sale of assets 21 6Purchase of goods and materials (29) (80)Purchase of services (49) (36)The NNIT GroupPurchase of services (34) (39)The Chr. Hansen GroupSale of goods and materials 123 89Purchase of goods and materials - (3)Microbiogen Pty. Ltd.*Purchase of services (38) (25)st21. BIO A/S*Sale of services 14 -MagnaBioAnalytics LLC*Purchase of goods and materials (1) -Purchase of services (1) -* Associate of Novozymes A/SOutstanding balances DKK million 2022 2021The Novo Nordisk GroupReceivables 10 10Payables (79) (88)The NNIT GroupPayables (7) (9)The Chr. Hansen GroupReceivables 22 5Microbiogen Pty. Ltd.*Payables (12) (7)st21. BIO A/S*Receivables 2 -MagnaBioAnalytics LLC*Receivables 5 -* Associate of Novozymes A/SNovozymes A/S is controlled by Novo Holdings A/S, domiciled in Hellerup, Denmark, which holds 72.7% of the votes in Novozymes A/S. The remaining stock is widely held. The ultimate par-ent of the Group is the(incorporated in Denmark). Novo Nordisk Foundation Rental commitments to related parties at December 31, 2022 amounted to DKK 12 million, compared with DKK 12 million at December 31, 2021.Related parties are considered to be Novo Holdings A/S and the Novo Nordisk Foundation, as well as the Board of Directors and Executive Management of these entities together with their immediate families. Other related parties are considered to be the Novo Nordisk Foundation\u2019s subsidiaries and associates, such as the Novo Nordisk Group, the NNIT Group and the Chr. Hansen Group, associates of Novozymes A/S, as well as the Board of Directors and Executive Leadership Team of Novozymes A/S together with their immediate families. Related parties also include companies in which the above per-sons have control or joint control. All agreements relating to these transactions are based on market price (arm\u2019s length). The major-ity of the agreements are renegotiated regularly.In 2022, Novozymes has not sold or purchased any of its own B shares from Novo Holdings A/S.In 2021, Novozymes purchased from Novo Holdings A/S 765,000 of its own B shares with the approval of the Board of Directors, at a price of DKK 338 million. The transaction was based on the market price.There were no transactions with related parties other than the transactions described and nor-mal remuneration of the Board of Directors and Executive Leadership Team, which is presented in Note 6.1. In 2022, Novozymes Biotechnology ApS merged stwith 21.BIO. As part of the merger, Novozymes streceived 40% of the shares in 21.BIO, corre-sponding to the value of the intellectual property rights from Novozymes Biotechnology ApS of DKK 201 million.",
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"pp-value-234-3": {
"value": "6.2 Stock-based paymentNew programsNovozymes has established stock-based incen-tive programs for the Executive Leadership Team, vice presidents, directors, and other employees. The purpose of these programs is to ensure an alignment of interests of the Management, employees and shareholders. Allocation of pro-grams has been, and remains, dependent on profit, value creation and, in some cases, sustain-ability targets being achieved, and are made based on individual base salary. The exercise price and the share price of a stock option are identical at the date of grant. In order to exercise the options, the employees must still be employed at the exercise date. This does not apply to persons who have retired, taken volun-tary early retirement or been given notice. In 2020, Novozymes introduced annual long-term incentive-based program grants with overlapping three-year performance periods, and so in 2022 a new incentive program for the Executive Leadership Team was established, covering the performance period 2022\u20132024. The program is a combination of stock options and stock, with half of the incentive program allocated in stock options and half in stock. The total number of stock options and stock achievable is divided into two categories: \u2018target stock options and target stock\u2019 and \u2018extra stock options and extra stock\u2019. The tar-get stock options, and target stock correspond to 65% of the maximum stock options and stock, and extra stock options and extra stock correspond to 35% of the maximum stock options and stock. The targets have 40% weight on organic sales growth, 20% weight on EBIT margin, 20% weight on ROIC, and 20% weight on nonfinancial targets. The non-financial targets are measured in relation to Climate, water & waste, workplace and diversity. Each of the nonfinancial targets carries a weight of 5%. The performance targets are as protocolled in the minutes of the board meeting approving the annual group financial statement for the year prior to the performance period. \u2022 If Novozymes reaches the targets for 2022\u2013 2024 for organic sales growth, EBIT margin and ROIC in line with business plans and long-term aspiration and on all four measures for the nonfinancial targets, then the target stock options and the target stock will be granted. \u2022 If Novozymes manages to outperform the tar-gets, some or all of the extra stock options and extra stock may be granted. \u2022 If Novozymes does not meet the targets for 2022\u20132024 or if Novozymes is significantly below the targets on one or more of the four nonfinancial targets, then none or only part of the target stock options and the target stock will be granted. The program contains a maximum-value clause, allowing the Board of Directors to choose to limit the total allocation of stock options and stock if the intrinsic value of the program exceeds twice the annual conditional grant. The total target-level fair value of the program at the date of grant was approximately DKK 40 mil-lion. The value of the stock will be expensed over the three-year qualifying period (2022\u20132024) andwill be released in 2025. The stock options have a vesting period of four years, followed by an exercise period of five years. The fair value of the stock options will be expensed over the four-year vesting period. A new program was also established in 2022 for vice presidents and directors covering the perfor-mance period 2022\u20132024 (206 vice presidents and directors). The total target level fair value at grant date was approximately DKK 50 million and based on the same requirements and targets as for the Executive Leadership Team. The program is a combination of stock options and stock, with half of the incentive program allocated in stock and half in stock options. The stock options have a four-year vesting period, while the stock will be released in 2025.The program contains a maximum-value clause, allowing the Executive Leadership Team to choose to limit the total allocation of stock and stock options if the intrinsic value of the program exceeds twice the annual conditional grant.For other employees, a new stock option-based incentive program was also established in 2022 covering the performance period 2022\u20132024. The employee program follows the same require-ments and targets as the program for the Executive Leadership Team and the program for vice presidents and directors.The Executive Leadership Team and other senior management, who are already included in an exist-ing incentive program, are excluded from this new program. The awarded stock options have a vest-ing period of four years, followed by an exercise period of five years. The target level value of the program is approximately DKK 40 million. Finally awarded programsAwards in the programs covering the performance period 2020\u20132022 were finalized in 2022. The tar-gets for sales growth and economic profit was adjusted in 2021 to exclude 2020 performance due to the extraordinary impact from COVID-19, and the allocations related to these targets were reduced by one third. For more information, see the description in the Novozymes Remuneration Report 2021. The accumulated economic profit generated in the two-year period (2021\u20132022) was DKK 4.6 billion, resulting in 100% of the economic profit pool (26.5% of the total program) being awarded. Average organic sales growth during the two-year period was 7.5%, resulting in 100% of the sales growth pool (26.5% of the total program). 80% of the sustainability targets were reached (20% of the total program). In total, 69% of the original maximum of the program is being awarded.For the Executive Leadership Team, this means that a total of 45,085 shares will be released in January 2023. The number of stock options granted over the three-year period is 328,763 reflecting the realized target achievement. The program contains a maximum-value clause, allow-ing the Board of Directors to choose to limit the total allocation of stock and stock options if the intrinsic value exceeds twice the annual condi-tional grant at the end of the program. There will be no limitation on the total allocation, as the intrinsic value is DKK 16 million.The program for vice presidents and directors fol-lows the same requirements and targets as the program for the Executive Leadership Team. The final number of shares allocated under this pro-gram to be released in January 2023 is 60,768. The number of stock options granted over the three-year period is 442,539, reflecting the real-ized target achievement of 69%.Awards in the program for other employees cover-ing the performance period 2020\u20132022 were also finalized in 2022. The number of stock options granted over the three-year period is 785,811, reflecting the realized target achievement of 69%.Stock options Number of options DKK DKK millionThe number of outstanding options (excl. stock awards) has developed as follows: Executive Vice presidents Other Avg. exercise Grant date fair Grant date fair Leadership Teamand directors employees Totalprice per optionvalue per optionvalue totalOutstanding\ue614at\ue614January\ue6141, 2022 899,295 3,761,733 2,349,300 7,010,328 312Granted\ue613 235,877 318,779 557,898 1,112,554 416 82 92Allocation adjustment\ue612 19,063 19,439 32,382 70,884 351 48 3Exercised\ue611 - (414,669) (222,654) (637,323) 264Forfeited - (98,188) (165,200) (263,388) 366Expired - (9,963) (6,835) (16,798) 275Outstanding\ue61fat\ue61fDecember\ue61f31, 2022 1,154,235 3,577,131 2,544,891 7,276,257 331Outstanding\ue614at\ue614January\ue6141, 2021 997,511 4,091,106 2,054,654 7,143,271 289Change in Management (188,638) 188,638 - -Granted\ue610 266,279 371,321 617,963 1,255,563 385 68 85Exercised\ue612 (175,857) (811,215) (242,860) (1,229,932) 253Forfeited - (78,117) (75,869) (153,986) 335Expired - - (4,588) (4,588) 272Outstanding\ue61fat\ue61fDecember\ue61f31, 2021 899,295 3,761,733 2,349,300 7,010,328 312Number of exercisable options at December 31, 2022 2,534,562 278Number of exercisable options at December 31, 2021 2,493,268 2681. The allocation of stock options for 2022\u20132024 will be adjusted in January 2025 based on the cumulative level of target achievement for the period.2. The allocation of stock options for 2020\u20132022 has been adjusted based on the realized level of target achievement for the period (69%).3. The weighted average share price for stock options exercised during 2022 was DKK\ue614433 (2021: DKK 448). 4. The allocation of stock options for 2021\u20132023 will be adjusted in January 2024 based on the cumulative level of target achievement for the period.For stock options outstanding at December 31, 2022, the range of exercise prices is DKK 233-486 per option (2021: DKK 178-486 per option), and the weighted average remaining term to maturity is five years (2021: five years).During 2022, DKK 127 million arising from stock-based payment was recognized in the income statement (2021: DKK 78 million), DKK 123 mil-lion of which was from equity-settled programs (2021: DKK 75 million) and DKK 4 million was from cash-settled programs (2021: DKK 3 mil-lion). Most programs are equity settled, and no liability is recognized for these. If allocations under the programs are made in countries where ownership of foreign stock is not permitted, the value of stock options is settled in cash instead, and a lia-bility of DKK 21 million was recognized for this in 2022 (2021: DKK 44 million). The intrinsic value of exercisable cash-settled programs in 2022 wasDKK 9 million (2021: DKK 61 million). The fair value of employee services received is measured with reference to the fair value of the equity instruments granted. Fair value at grant date is measured in accordance with the Black\u2013Scholes model, using the average exercise price, the option term and the following significant assumptions:DKK million Note 2022 2021Expected future dividends per share DKK 38.9 38.1Volatility % 25.9 25.3Annual risk-free interest rate % 0.3 (0.5)Weighted average share price at grant date DKK 416 385Furthermore, the options are assumed to be exercised two years after expiry of the vesting period, on average, or at the option\u2019s expiry date if within one year. Volatility is estimated using the historical volatility over the last three years. The risk-free interest rate is based on Danish government bonds with a maturity equivalent to the option\u2019s term to maturity. Stock awards The stock allocated under the programs is used for stock awards. In 2022, 107,510 stock awards with a fair value of DKK 45 million were granted (2021: DKK 41 million) which will be expensed over the three-year period (2022\u20132024). The total number of outstanding stock awards at December 31, 2022 was 314,029 (2021: 209,193).The fair value of these at December 31, 2022 was DKK 111 million (2021: 112 million).Accounting policiesThe Group has established stock-based incentive programs comprising equity-settled and cash-settled programs. The fair value of the employee services received in exchange for the grant of stock options and stock awards is measured with reference to the fair value of the stock options and stock awards granted. The fair value is measured using the Black\u2013Scholes option-pricing model. The fair value of stock-based payment at the grant date is recognized as an employee cost over the period in which the stock options vest. In measuring the fair value, account is taken of the number of employees expected to gain entitlement to the options as well as the number of options the employees are expected to gain. This estimate is adjusted at the end of each reporting period such that only the number of options to which employ-ees are entitled or expected to be entitled is recognized. The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other lia-bilities, is adjusted to fair value at the end of each reporting period, and the subsequent adjustment is recognized in the income state-ment under Financial income or Financial costs.",
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"pp-value-249-5": {
"value": "Accounting policiesThe Group has established stock-based incentive programs comprising equity-settled and cash-settled programs. The fair value of the employee services received in exchange for the grant of stock options and stock awards is measured with reference to the fair value of the stock options and stock awards granted. The fair value is measured using the Black\u2013Scholes option-pricing model. The fair value of stock-based payment at the grant date is recognized as an employee cost over the period in which the stock options vest. In measuring the fair value, account is taken of the number of employees expected to gain entitlement to the options as well as the number of options the employees are expected to gain. This estimate is adjusted at the end of each reporting period such that only the number of options to which employ-ees are entitled or expected to be entitled is recognized. The value of equity-settled programs is rec-ognized in equity. The value of cash-settled programs, which are recognized as Other lia-bilities, is adjusted to fair value at the end of each reporting period, and the subsequent adjustment is recognized in the income state-ment under Financial income or Financial costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-2": {
"value": "6.3 Commitments and contingenciesDKK million 2022 2021Other guaranteesOther guarantees and commitments to related companies 22 29Other guarantees and commitments 606 332Pending litigation and arbitration Novozymes is engaged in certain legal cases. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not. Contractual commitmentsThe increase in contractual commitments is related to the proposed combination of Novozymes and Chr. Hansen.Contractual commitments to third parties relat-ing to Property, plant and equipment are described in Note 3.2.Contingent liabilitiesIn the unlikely event that the proposed combina-tion of Novozymes and Chr. Hansen does not obtain regulatory approval, Novozymes may have to pay a break-up fee of up to DKK 2,342 million (EUR 315 million).Contract conditions Several of the partnership contracts to which Novozymes is a party may be terminated by the other party in the event of significant changes in ownership or control of Novozymes. Furthermore, a few contracts contain provisions that restrict Novozymes\u2019 licenses from using specific forms of technology in such situations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-3": {
"value": "6.3 Commitments and contingenciesDKK million 2022 2021Other guaranteesOther guarantees and commitments to related companies 22 29Other guarantees and commitments 606 332Pending litigation and arbitration Novozymes is engaged in certain legal cases. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not. Contractual commitmentsThe increase in contractual commitments is related to the proposed combination of Novozymes and Chr. Hansen.Contractual commitments to third parties relat-ing to Property, plant and equipment are described in Note 3.2.Contingent liabilitiesIn the unlikely event that the proposed combina-tion of Novozymes and Chr. Hansen does not obtain regulatory approval, Novozymes may have to pay a break-up fee of up to DKK 2,342 million (EUR 315 million).Contract conditions Several of the partnership contracts to which Novozymes is a party may be terminated by the other party in the event of significant changes in ownership or control of Novozymes. Furthermore, a few contracts contain provisions that restrict Novozymes\u2019 licenses from using specific forms of technology in such situations. Rental commitments to related parties at December 31, 2022 amounted to DKK 12 million, compared with DKK 12 million at December 31, 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-4": {
"value": "6.3 Commitments and contingenciesDKK million 2022 2021Other guaranteesOther guarantees and commitments to related companies 22 29Other guarantees and commitments 606 332Pending litigation and arbitration Novozymes is engaged in certain legal cases. The Board of Directors and Management believe that settlement or continuation of these cases will not have a significant effect on the Group\u2019s financial position. A liability is recognized under Provisions when the risk of a loss on a legal case is considered more likely than not. Contractual commitmentsThe increase in contractual commitments is related to the proposed combination of Novozymes and Chr. Hansen.Contractual commitments to third parties relat-ing to Property, plant and equipment are described in Note 3.2.Contingent liabilitiesIn the unlikely event that the proposed combina-tion of Novozymes and Chr. Hansen does not obtain regulatory approval, Novozymes may have to pay a break-up fee of up to DKK 2,342 million (EUR 315 million).Contract conditions Several of the partnership contracts to which Novozymes is a party may be terminated by the other party in the event of significant changes in ownership or control of Novozymes. Furthermore, a few contracts contain provisions that restrict Novozymes\u2019 licenses from using specific forms of technology in such situations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-254-3": {
"value": "6.4 Related party transactionsTransactionsDKK million 2022 2021Novo Holdings A/SSale of services - 1Dividend payment to Novo Holdings A/S 396 382The Novo Nordisk GroupSale of services 92 78Sale of assets 21 6Purchase of goods and materials (29) (80)Purchase of services (49) (36)The NNIT GroupPurchase of services (34) (39)The Chr. Hansen GroupSale of goods and materials 123 89Purchase of goods and materials - (3)Microbiogen Pty. Ltd.*Purchase of services (38) (25)st21. BIO A/S*Sale of services 14 -MagnaBioAnalytics LLC*Purchase of goods and materials (1) -Purchase of services (1) -* Associate of Novozymes A/SOutstanding balances DKK million 2022 2021The Novo Nordisk GroupReceivables 10 10Payables (79) (88)The NNIT GroupPayables (7) (9)The Chr. Hansen GroupReceivables 22 5Microbiogen Pty. Ltd.*Payables (12) (7)st21. BIO A/S*Receivables 2 -MagnaBioAnalytics LLC*Receivables 5 -* Associate of Novozymes A/SNovozymes A/S is controlled by Novo Holdings A/S, domiciled in Hellerup, Denmark, which holds 72.7% of the votes in Novozymes A/S. The remaining stock is widely held. The ultimate par-ent of the Group is the(incorporated in Denmark). Novo Nordisk Foundation Rental commitments to related parties at December 31, 2022 amounted to DKK 12 million, compared with DKK 12 million at December 31, 2021.Related parties are considered to be Novo Holdings A/S and the Novo Nordisk Foundation, as well as the Board of Directors and Executive Management of these entities together with their immediate families. Other related parties are considered to be the Novo Nordisk Foundation\u2019s subsidiaries and associates, such as the Novo Nordisk Group, the NNIT Group and the Chr. Hansen Group, associates of Novozymes A/S, as well as the Board of Directors and Executive Leadership Team of Novozymes A/S together with their immediate families. Related parties also include companies in which the above per-sons have control or joint control. All agreements relating to these transactions are based on market price (arm\u2019s length). The major-ity of the agreements are renegotiated regularly.In 2022, Novozymes has not sold or purchased any of its own B shares from Novo Holdings A/S.In 2021, Novozymes purchased from Novo Holdings A/S 765,000 of its own B shares with the approval of the Board of Directors, at a price of DKK 338 million. The transaction was based on the market price.There were no transactions with related parties other than the transactions described and nor-mal remuneration of the Board of Directors and Executive Leadership Team, which is presented in Note 6.1. In 2022, Novozymes Biotechnology ApS merged stwith 21.BIO. As part of the merger, Novozymes streceived 40% of the shares in 21.BIO, corre-sponding to the value of the intellectual property rights from Novozymes Biotechnology ApS of DKK 201 million.6.9 Group companies ISO 14001-certified sites. All major companies are ISO 9001 certified. Production Sales and marketing Research and development Holding companies, etc.Percentage of Activityshares ownedJoint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 42.70Microbiogen PTY Ltd.*, Australia 23.10Tecnol s.r.l. in liqudiazione (formerly Beta Renewables S.p.A.)*, Italy 9.95MagnaBioAnalytics LLC, U.S. 19.35* Owned directly by Novozymes A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-258-4": {
"value": " Novo Holdings A/S,",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f51781": {
"value": " Novo Nordisk Foundation ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-272-5": {
"value": "Accounting policiesShare purchase liability is Novozymes\u2019s obli-gation to purchase non-controlling interests in subsidiaries and is remeasured at fair value at each reporting date. The fair value of the most likely redemption amount is initially recognized within liabilities with a corre-sponding charge directly to Equity. Interest and fair value adjustments resulting from events after the initial recognition are recog-nized in Equity under Retained earnings.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-270-4": {
"value": "Transactions with non-controlling interestsOn December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences, located in India.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests and are recognized in the final opening balance at the proportionate share of the acquired net identifiable assets, which amounts to DKK 371 million. See details in Note 3.5.Share purchase liabilityThe remaining 40% of the shares in Synergia Life Sciences are to be acquired in 2025 and a liabil-ity of DKK 760 million (2021: DKK 717 million) is recognized. The redemption amount is contingent on the achievement of sales targets for Synergia Life Sciences for the period April 1, 2024 to March 31, 2025. The consideration will be within the range of DKK623 million to DKK 1,121 million and includes payment of the non-controlling interests\u2019 stake of the net working capital and cash balances at the acquisition date of Synergia Life Sciences. Fair value of the Share purchase liability is assessed by using the most probable redemption amount, discounted at a rate of 11% (2021: 11%). Currency translation adjustments and interest of net DKK 43 million (2021: DKK 0 million) have been recognized in Equity. The share purchase liability is denominated in INR.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-269-2": {
"value": "6.5 Non-controlling interestsTransactions with non-controlling interestsOn December 10, 2021, Novozymes acquired 60% of the shares in Synergia Life Sciences, located in India.The remaining 40% of the shares in Synergia Life Sciences are held by non-controlling interests and are recognized in the final opening balance at the proportionate share of the acquired net identifiable assets, which amounts to DKK 371 million. See details in Note 3.5.Share purchase liabilityThe remaining 40% of the shares in Synergia Life Sciences are to be acquired in 2025 and a liabil-ity of DKK 760 million (2021: DKK 717 million) is recognized. The redemption amount is contingent on the achievement of sales targets for Synergia Life Sciences for the period April 1, 2024 to March 31, 2025. The consideration will be within the range of DKK623 million to DKK 1,121 million and includes payment of the non-controlling interests\u2019 stake of the net working capital and cash balances at the acquisition date of Synergia Life Sciences. Fair value of the Share purchase liability is assessed by using the most probable redemption amount, discounted at a rate of 11% (2021: 11%). Currency translation adjustments and interest of net DKK 43 million (2021: DKK 0 million) have been recognized in Equity. The share purchase liability is denominated in INR.Accounting policiesShare purchase liability is Novozymes\u2019s obli-gation to purchase non-controlling interests in subsidiaries and is remeasured at fair value at each reporting date. The fair value of the most likely redemption amount is initially recognized within liabilities with a corre-sponding charge directly to Equity. Interest and fair value adjustments resulting from events after the initial recognition are recog-nized in Equity under Retained earnings.Critical accounting estimates and judgmentsFair value of the share purchase liability is based on non-observable data (level 3 input) that requires Management to make estimates and use assumptions. Estimates are based on updated information since the initial recognition of the liability, such as budgets, sales forecasts, discount rates etc. The fair value of the share purchase liability is calculated as the present value of the most probable redemption amount using the discounted cash flow method. The deter-mined fair value is associated with uncer-tainty and may be subject to subsequent adjustments.DKK million 2022 2021Share purchase liability at January 1 717 -Additions from business acquisitions - 717Currency translation adjustments (32) -Interest 75 -Share purchase liability at December 31 760 717",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-277-2": {
"value": "6.6 Fees to statutory auditorsDKK million 2022 2021Statutory audit 9 9Other assurance engagements - -Tax assurance services 3 3Other services 10 1Fees to statutory auditors 22 13Group audit fee ratio 1.4 0.4Audit fee policy It is Novozymes\u2019 policy that the annual fee for nonaudit services provided by the statutory audi-tors should not exceed the annual fee for statu-tory audit services measured at Group level. The Group audit fee ratio may only exceed 1 with the approval of the Audit Committee. In 2022, approval was given for advisory services and mandatory statements of DKK 9.6 million related to the proposed combination of Novozymes and Chr. Hansen.In 2021 the group audit fee ratio was 0.4.Implementation of the EU audit reform has led to restrictions on the nonaudit services that the auditors elected at the Annual Shareholders\u2019 Meeting may perform, including a 70% cap. The fee for nonaudit services performed for Novozymes by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was DKK 4 million (2021: DKK 1 million) and does not exceed the 70% cap. The services comprise tax advisory services concerning transfer pricing, advisory services related to the proposed combi-nation of Novozymes and Chr. Hansen and other general financial reporting and tax consultancy. The fee for the mandatory statements related to the proposed combination of Novozymes and Chr. Hansen are by definition not a nonaudit ser-vice in relation to 70% cap calculation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-285-5": {
"value": "Cash and cash equivalents comprises cash at bank and in hand less current bank loans due on demand. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-283-4": {
"value": "Accounting policiesThe consolidated statement of cash flows, which is compiled using the indirect method, shows cash flows from operating, investing and financing activities, and the Group\u2019s cash and cash equivalents at the beginning and end of the year. Cash flow from operating activities comprises net profit adjusted for non-cash items, paid financial items, corporate income tax paid and change in working capital. Cash flow from investing activities comprises payments relating to the acquisition and sale of companies and non-controlling interests, intangible assets, and property, plant and equipment. Cash flow from financing activities comprises proceeds from borrowings, repayment of principal on interest-bearing debt, repayment of lease liabilities, payment of dividends, pro-ceeds from stock issues, and the sale of treasury stock and other securities. Cash and cash equivalents comprises cash at bank and in hand less current bank loans due on demand. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-287-3": {
"value": "6.9 Group companies ISO 14001-certified sites. All major companies are ISO 9001 certified. Production Sales and marketing Research and development Holding companies, etc.SubsidiariesNovozymes BioAg S.A., Argentina100Novozymes Australia Pty. Ltd.*, Australia100Novozymes Belgium BV*, Belgium100Novozymes Latin America Ltda.*, Brazil100Novozymes BioAg Productos Para Agricultura Ltda., Brazil100Novozymes BioAg Limited, Canada100Percentage of Activityshares ownedNovozymes Canada Limited, Canada100Novozymes (China) Biotechnology Co. Ltd., China100Novozymes (China) Investment Co. Ltd., China100Novozymes (Shenyang) Biologicals Co. Ltd., China100Suzhou Hongda Enzyme Co. Ltd., China96Novozymes OneHealth Biotechnology (Shanghai) Co. Ltd., China100Novozymes Bioindustrial A/S*, Denmark100Novozymes Bioindustrial China A/S*, Denmark100Novozymes Biopharma DK A/S*, Denmark100Novozymes BioAg A/S*, Denmark100Novozymes France S.A.S.*, France100Novozymes Deutschland GmbH*, Germany100Novozymes Berlin GmbH, Germany100Novozymes Greece Single Member SA*, Greece100Novozymes Hong Kong Ltd., Hong Kong100Novozymes South Asia Pvt. Ltd., India100Riata Life Sciences Pvt. Ltd., India60Synergia Life Sciences Pvt. Ltd.*, India60PT Novozymes Indonesia Biotechnology*, Indonesia100PrecisionBiotics Group Ltd.*, Ireland100Novozymes Italia S.r.l.*, Italy100Novozymes Japan Ltd.*, Japan100Novozymes Kenya Ltd.*, Kenya100Novozymes Malaysia Sdn. Bhd.*, Malaysia100Percentage of Activityshares ownedParent CompanyNovozymesDenmarkA/S, Percentage of Activityshares ownedNovozymes Mexicana, S.A. de C.V.*, Mexico100Novozymes Mexico, S.A. de C.V., Mexico100Novozymes Nederland B.V.*, Netherlands100Novozymes RUS LLC*, Russia100Novozymes Singapore Pte. Ltd.*, Singapore100Novozymes South Africa (Pty) Ltd.*, South Africa100Novozymes Korea Limited*, South Korea100Novozymes Spain S.A.*, Spain100Novozymes Sweden AB*, Sweden100Novozymes Switzerland AG, Switzerland100Novozymes Switzerland Holding AG*, Switzerland100Novozymes (Thailand) Ltd.*, Thailand100Novozymes Enzim Dis Ticaret Ltd. Sirketi*, Turkey100Novozymes UK Ltd.*, U.K.100Novozymes BioAg, Inc., U.S.100Novozymes Biologicals, Inc., U.S.100Novozymes Blair, Inc., U.S.100Novozymes, Inc., U.S.100Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S.100Novozymes North America, Inc., U.S.100Novozymes US, Inc.*, U.S.100",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-287-4": {
"value": "6.9 Group companies ISO 14001-certified sites. All major companies are ISO 9001 certified. Production Sales and marketing Research and development Holding companies, etc.Percentage of Activityshares ownedJoint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 42.70Microbiogen PTY Ltd.*, Australia 23.10Tecnol s.r.l. in liqudiazione (formerly Beta Renewables S.p.A.)*, Italy 9.95MagnaBioAnalytics LLC, U.S. 19.35* Owned directly by Novozymes A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f54077": {
"value": "A/S,",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f54080": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f54081": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f54082": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-286-2": {
"value": "6.8 Events after the reporting dateNo events of importance to the consolidated financial statements have occurred after the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}