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"s9_notesesefdkgaap__7__46-1": {
"value": "This 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 (ESG) 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 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 subto-tals. 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-2023-12-31-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 before special items is the adjusted operat-ing profit (NOPAT) before special items after tax for the last 12 months as a percentage of aver-age invested capital.ROIC before special itemsDKK million Note 2023 2022Adjusted operating profit (NOPAT) before special items 3,481 3,471DKK million Note 2023 2022Intangible assets 3.1 4,532 4,698Property, plant and equipment 3.2 12,325 12,074Investments in associates 205 223Net working capital* 4,710 4,244Financial assets, non-interest-bearing 40 80Provisions 3.4 (112) (129)Contingent consideration 3.6 (72) (382)Derivatives (48) (101)Tax, net (90) (4)Invested capital 21,490 20,703Average invested capital 21,097 19,411ROIC before special items 16.5% 17.9%* Net working capital includes Inventories, Trade receivables, Contract assets, Other receivables, Assets held for sale, Deferred income, Trade payables, Contract liabilities and Other liabilities.Novozymes 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 sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novozymes based on predetermined profit-sharing mechanisms. Revenue from these arrangements consists of the sale 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 recog-nized 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.The 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.Research 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.Other 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.Corporation 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.Novozymes is applying the temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.Earnings 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.\u201dIntangible 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.Property, 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.Lease 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.Provisions 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.On 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.Contingent 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.Inventories 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.Trade 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.Non-current assets are classified as assets held for sale when their carrying amounts are to be recovered principally through a sale transaction and a sale is considered highly probable. Such assets are stated at the lower of the carrying amount and fair value less costs to sell.Financial 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.Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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.The 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.Share 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.The 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.Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. The financial statements were authorised for issue by the board of directors on 8 February 2024 and the general assembly, who has the power to amend and reissue the financial statements. 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. 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 Ten Principles and a member to the UNGC, a voluntary initiative for businesses committed to aligning their opera-tions 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-related disclosures. Our reporting and materiality assessments were also inspired by the GRI framework.The 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. As for environmental, social and governance 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, initiatives, and related progress. Novozymes\u2019 materiality assessment is a system-atic and rigorous process that takes double materiality into account. It allows us both to eval-uate 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 compris-ing a comprehensive assessment every three years and a refresh (light-assessment) every year. The process integrates input from external stake-holders, trend analyses and internal engagement Selected material issues for NovozymesPartnerships & customer ComplianceInnovationengagementProfitableSolid capitalSupply chaingrowthstructuresecurityClimate changeWater Waste& EnergyLabor practicesEmployee Diversity & inclusionand human rightssafety & well-beingCorporateBusinessgovernanceethicsIssue categoryAll Economic Environmental Governance Socialwith relevant departments including Investor Relations, Risk Management & Controls, Quality, Sustainability and our commercial areas. This process results in a materiality matrix of financial and non-financial issues. The matrix reflects the importance of those issues to our key stakehold-ers versus their impact on Novozymes, and it is used to guide our strategy and reporting.In 2023, we conducted a light refresh of our materiality assessment. No new issues were added to our materiality matrix.Limited reporting scope The environmental data cover those activities that could have a significant impact on the envi-ronment. 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 environmental parame-ter is included in the reported numbers. Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2023:\u2022 Amendments to IAS 1 \u2013 Presentation of Financial Statements: Disclosure of Accounting Policies that requires an entity to disclose their material accounting policies rather than their significant accounting poli-cies. \u2022 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates clarifying the definition of accounting estimates and when changes in accounting estimates are a correction of an error and when it is a change in accounting estimate.\u2022 Amendment to IAS 12 \u2013 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction clarifying how to account for deferred tax on transactions such as leases and decommissioning obliga-tions. \u2022 Amendment to IAS 12 \u2013 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules implementing temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.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 2023 and is not anticipated to have a signifi-cant impact on future periods.",
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"s9_notesesefdkgaap__7__48": {
"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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"s9_notesesefdkgaap__7__50": {
"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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},
"s9_notesesefdkgaap__7__49": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__51-1": {
"value": "Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements and environmental, social and gov-ernance data requires Management to make esti-mates and assumptions that can have a signifi-cant 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 Noteestimates and judgmentsjudgmentestimates and judgments2.2 Revenue Revenue recognition EstimateClassification of 2.6 Special itemsspecial items Judgment Group tax charge and 2.7 Taxdeferred tax assets Estimate 3.1 Intangible assets and Impairment of intangible impairment test of goodwillassets and goodwill Estimate 3.5 Business acquisitions3.6 Contingent consideration Fair value measurement Estimate6.5 Non-controlling interestsCost of work in progress 4.1 Inventoriesand finished goods Estimate4.2 Trade receivables and Allowances for doubtful contract assetstrade receivables EstimateNovozymes 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.Special 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 judgment 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 combination of Novozymes and Chr. Hansen.As 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.Management 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.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.Fair 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 after the initial recogni-tion of the liability, such as budgets, sales fore-casts, 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 associ-ated with uncertainty and may be subject to subsequent adjustments.Work 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.The 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 dateFair 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.",
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},
"s9_notesesefdkgaap__7__54": {
"value": "Basis of reporting The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31. The financial statements were authorised for issue by the board of directors on 8 February 2024 and the general assembly, who has the power to amend and reissue the financial statements. 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. 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 Ten Principles and a member to the UNGC, a voluntary initiative for businesses committed to aligning their opera-tions 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-related disclosures. Our reporting and materiality assessments were also inspired by the GRI framework.The 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. As for environmental, social and governance 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, initiatives, and related progress. Novozymes\u2019 materiality assessment is a system-atic and rigorous process that takes double materiality into account. It allows us both to eval-uate 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 compris-ing a comprehensive assessment every three years and a refresh (light-assessment) every year. The process integrates input from external stake-holders, trend analyses and internal engagement Selected material issues for NovozymesPartnerships & customer ComplianceInnovationengagementProfitableSolid capitalSupply chaingrowthstructuresecurityClimate changeWater Waste& EnergyLabor practicesEmployee Diversity & inclusionand human rightssafety & well-beingCorporateBusinessgovernanceethicsIssue categoryAll Economic Environmental Governance Socialwith relevant departments including Investor Relations, Risk Management & Controls, Quality, Sustainability and our commercial areas. This process results in a materiality matrix of financial and non-financial issues. The matrix reflects the importance of those issues to our key stakehold-ers versus their impact on Novozymes, and it is used to guide our strategy and reporting.In 2023, we conducted a light refresh of our materiality assessment. No new issues were added to our materiality matrix.Limited reporting scope The environmental data cover those activities that could have a significant impact on the envi-ronment. 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 environmental parame-ter is included in the reported numbers.",
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},
"s9_notesesefdkgaap__7__55": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. The financial year for the Group is January 1 \u2013 December 31.",
"dimensions": {
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"s9_notesesefdkgaap__7__56": {
"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",
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},
"s9_notesesefdkgaap__7__58": {
"value": "Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2023:\u2022 Amendments to IAS 1 \u2013 Presentation of Financial Statements: Disclosure of Accounting Policies that requires an entity to disclose their material accounting policies rather than their significant accounting poli-cies. \u2022 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates clarifying the definition of accounting estimates and when changes in accounting estimates are a correction of an error and when it is a change in accounting estimate.\u2022 Amendment to IAS 12 \u2013 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction clarifying how to account for deferred tax on transactions such as leases and decommissioning obliga-tions. \u2022 Amendment to IAS 12 \u2013 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules implementing temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.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 2023 and is not anticipated to have a signifi-cant impact on future periods.",
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__57": {
"value": "Impact of new accounting standardsNovozymes has adopted the following new or amended standards and interpretations from January 1, 2023:\u2022 Amendments to IAS 1 \u2013 Presentation of Financial Statements: Disclosure of Accounting Policies that requires an entity to disclose their material accounting policies rather than their significant accounting poli-cies. \u2022 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates clarifying the definition of accounting estimates and when changes in accounting estimates are a correction of an error and when it is a change in accounting estimate.\u2022 Amendment to IAS 12 \u2013 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single transaction clarifying how to account for deferred tax on transactions such as leases and decommissioning obliga-tions. \u2022 Amendment to IAS 12 \u2013 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules implementing temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.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 2023 and is not anticipated to have a signifi-cant impact on future periods.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__59": {
"value": "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 2023. 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.The new EU Corporate Sustainability Reporting Directive (CSRD) including the European Sustainability Reporting Standards developed by the European Financial Reporting Advisory Group (EFRAG) has not yet become effective and has consequently not been implemented in the Annual Report for 2023. Novozymes expects to report on the ESRS standards as part of the adoption of the directive in 2024 as it becomes mandatory. For more information, refer to:www.novozymes.com/en/about-us/sustainability/materiality",
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"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__61-1": {
"value": "Revenue 2023 (2022)DKK millionDenmark 233 (211)Rest of Europe, Middle East & Africa6,003 (5,884)17,899North America (17,553)6,061 (5,829)Latin America 2,296 (2,063)Asia Pacific3,306 (3,566)2.2 Revenue DKK million 2023 2022Consumer BiosolutionsHousehold Care 5,106 4,988Food, Beverages & Human Health 3,950 4,134Agriculture & Industrial BiosolutionsBioenergy 4,445 3,748Grain & Tech Processing 2,294 2,607Agriculture, Animal Health & Nutrition 2,104 2,076Revenue I/S17,899 17,553Emerging markets 6,348 6,441Developed markets* 11,551 11,112Revenue I/S17,899 17,553Revenue to the five largest customers as a percentage of revenue 24% 23%* Developed markets comprise North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. Rest of the world is classified as emerging markets.Most of Novozymes\u2019 revenue is derived from the sale of goods to customers, with revenue being recognized when the goods are delivered. At January 1, 2023, contract liabilities amounted to DKK 223 million (2022: DKK 227 million), of which DKK 60 million was recognized as revenue in 2023 (2022: DKK 81 million).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 growth 2023DKK million5%0%(3%) 17,553 17,8992022Organic M&A Exchange 2023growthimpactratesSales by currency 2023 (2022)DKK millionDKK 6% (6%)EUR 32% (33%)USD 39% (38%)CNY 7% (8%)Other 16% (15%)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 sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novozymes based on predetermined profit-sharing mechanisms. Revenue from these arrangements consists of the sale 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 recog-nized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__14": {
"value": "global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__60": {
"value": "2.1 Segment Segment reporting The internal reporting framework used for reporting on revenue and expenses to the Executive Management 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 ~32% of the Group\u2019s revenue (2022: ~31%). The geographical distribution of revenue is based on 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.Intangible assets and property, plant and equipment, largest single countries: 2023 2022Denmark 41% 40%U.S. 36% 33%India 10% 11%China 6% 9%Revenue 2023 (2022)DKK millionDenmark 233 (211)Rest of Europe, Middle East & Africa6,003 (5,884)17,899North America (17,553)6,061 (5,829)Latin America 2,296 (2,063)Asia Pacific3,306 (3,566)Intangible assets and property, plant and equipment 2023 (2022)DKK millionDenmark 6,957 (6,747)Rest of Europe, Middle East & Africa745 (788) 16,857 North America (16,772)6,238 (5,804)Latin America 131 (121)Asia Pacific2,786 (3,312)2,862Net investments 2023 (2022)DKK millionDenmark 877 (754)Rest of Europe, Middle East & Africa11 (3)2,052North America (2,862)994 (1,941)Latin America 23 (26)Asia Pacific147 (138)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__63": {
"value": "2.2 Revenue DKK million 2023 2022Consumer BiosolutionsHousehold Care 5,106 4,988Food, Beverages & Human Health 3,950 4,134Agriculture & Industrial BiosolutionsBioenergy 4,445 3,748Grain & Tech Processing 2,294 2,607Agriculture, Animal Health & Nutrition 2,104 2,076Revenue I/S17,899 17,553Emerging markets 6,348 6,441Developed markets* 11,551 11,112Revenue I/S17,899 17,553Revenue to the five largest customers as a percentage of revenue 24% 23%* Developed markets comprise North America, Central Western Europe, Australia, New Zealand, Japan and South Korea. Rest of the world is classified as emerging markets.Most of Novozymes\u2019 revenue is derived from the sale of goods to customers, with revenue being recognized when the goods are delivered. At January 1, 2023, contract liabilities amounted to DKK 223 million (2022: DKK 227 million), of which DKK 60 million was recognized as revenue in 2023 (2022: DKK 81 million).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 growth 2023DKK million5%0%(3%) 17,553 17,8992022Organic M&A Exchange 2023growthimpactratesSales by currency 2023 (2022)DKK millionDKK 6% (6%)EUR 32% (33%)USD 39% (38%)CNY 7% (8%)Other 16% (15%)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 sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novozymes based on predetermined profit-sharing mechanisms. Revenue from these arrangements consists of the sale 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 recog-nized 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__64": {
"value": "Novozymes 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 sale to end customers. The profit on products sold to end customers is shared between the part-ner and Novozymes based on predetermined profit-sharing mechanisms. Revenue from these arrangements consists of the sale 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 recog-nized 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:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__65": {
"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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__66": {
"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",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__67": {
"value": "Number of employees at year-end 2023 (2022)No. of employeesDenmark 2,910 (2,883)Rest of Europe, Middle East & Africa 243 (238)6,756 North America (6,781)1,307 (1,303)Latin America 324 (319)Asia Pacific 1,972 (2,038)Employee costs 2023 (2022)DKK millionDenmark 2,582 (2,383)Rest of Europe, Middle East & Africa216 (205)4,856 North America (4,610)1,300 (1,244)Latin America 129 (123)Asia Pacific629 (655)DKK million 2023 2022Average number of employees in the Group 6,805 6,690Average number of employees who work with R&D 1,208 1,279Number of employees outside Denmark as a percentage of total number of employees 57% 57%Part-time employees 359 343Full-time employees 6,397 6,438Employees at December 31ESG6,756 6,781Senior management 215 214Management 1,432 1,388Professional 1,912 1,894Administrative 711 737Skilled workers, laboratory technicians and other technicians 1,165 1,178Process operators 1,321 1,370Employees by category at December 31ESG6,756 6,781Employee gender distribution 2023 (2022)Women40% (39%)Men60% (61%)Senior management gender distribution 2023 (2022)Women36% (33%)Men64% (67%)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": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__74-1": {
"value": "2.3 EmployeesDKK million 2023 2022Wages and salaries 3,897 3,721Pensions \u2013 defined contribution plans 364 348Other social security costs 301 263Other employee costs 143 151Stock-based payment 151 127Employee costs 4,856 4,610Recognized in the income statement under the following items:Cost of goods sold 1,773 1,654Sales and distribution costs 1,192 1,209Research and development costs 1,143 1,127Administrative costs 611 575Special items 76 -4,795 4,565Change in employee costs recognized in Inventories 61 45Employee costs 4,856 4,610Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)Recognition of depreciation and impairment losses by function 2023 (2022)DKK millionCost of goods sold 824 (787)Sales and distribution38 (37)Research and 1,089development (1,078)158 (164)Administration69 (90)4.1 InventoriesDKK million 2023 2022Raw materials and consumables 446 603Work in progress 1,312 1,333Finished goods 1,869 1,867Inventories at December 31 B/S3,627 3,803Cost of materials, included under Cost of goods sold 4,792 4,770Indirect production costs capitalized in inventories at December 31 1,114 1,053Write-downs expensed during the year 182 102Reversal of write-downs during the year* 58 44* Part of the reversal of write-downs is attributable to written-down inventory being reused in production.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__73": {
"value": "2.3 EmployeesDKK million 2023 2022Wages and salaries 3,897 3,721Pensions \u2013 defined contribution plans 364 348Other social security costs 301 263Other employee costs 143 151Stock-based payment 151 127Employee costs 4,856 4,610Recognized in the income statement under the following items:Cost of goods sold 1,773 1,654Sales and distribution costs 1,192 1,209Research and development costs 1,143 1,127Administrative costs 611 575Special items 76 -4,795 4,565Change in employee costs recognized in Inventories 61 45Employee costs 4,856 4,610Employee costs in 2023 included severance pay, retention bonuses and other employee costs of DKK 76 million related to the combination between Novozymes and Chr. Hansen, recog-nized in Special items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__72": {
"value": "2.3 EmployeesDKK million 2023 2022Wages and salaries 3,897 3,721Pensions \u2013 defined contribution plans 364 348Other social security costs 301 263Other employee costs 143 151Stock-based payment 151 127Employee costs 4,856 4,610Recognized in the income statement under the following items:Cost of goods sold 1,773 1,654Sales and distribution costs 1,192 1,209Research and development costs 1,143 1,127Administrative costs 611 575Special items 76 -4,795 4,565Change in employee costs recognized in Inventories 61 45Employee costs 4,856 4,610Employee costs in 2023 included severance pay, retention bonuses and other employee costs of DKK 76 million related to the combination between Novozymes and Chr. Hansen, recog-nized in Special items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__71": {
"value": "2.3 EmployeesDKK million 2023 2022Wages and salaries 3,897 3,721Pensions \u2013 defined contribution plans 364 348Other social security costs 301 263Other employee costs 143 151Stock-based payment 151 127Employee costs 4,856 4,610Recognized in the income statement under the following items:Cost of goods sold 1,773 1,654Sales and distribution costs 1,192 1,209Research and development costs 1,143 1,127Administrative costs 611 575Special items 76 -4,795 4,565Change in employee costs recognized in Inventories 61 45Employee costs 4,856 4,610Employee costs in 2023 included severance pay, retention bonuses and other employee costs of DKK 76 million related to the combination between Novozymes and Chr. Hansen, recog-nized in Special items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__68-1": {
"value": "2.3 EmployeesDKK million 2023 2022Wages and salaries 3,897 3,721Pensions \u2013 defined contribution plans 364 348Other social security costs 301 263Other employee costs 143 151Stock-based payment 151 127Employee costs 4,856 4,610Recognized in the income statement under the following items:Cost of goods sold 1,773 1,654Sales and distribution costs 1,192 1,209Research and development costs 1,143 1,127Administrative costs 611 575Special items 76 -4,795 4,565Change in employee costs recognized in Inventories 61 45Employee costs 4,856 4,610Employee costs in 2023 included severance pay, retention bonuses and other employee costs of DKK 76 million related to the combination between Novozymes and Chr. Hansen, recog-nized in Special items.Number of employees at year-end 2023 (2022)No. of employeesDenmark 2,910 (2,883)Rest of Europe, Middle East & Africa 243 (238)6,756 North America (6,781)1,307 (1,303)Latin America 324 (319)Asia Pacific 1,972 (2,038)Employee costs 2023 (2022)DKK millionDenmark 2,582 (2,383)Rest of Europe, Middle East & Africa216 (205)4,856 North America (4,610)1,300 (1,244)Latin America 129 (123)Asia Pacific629 (655)DKK million 2023 2022Average number of employees in the Group 6,805 6,690Average number of employees who work with R&D 1,208 1,279Number of employees outside Denmark as a percentage of total number of employees 57% 57%Part-time employees 359 343Full-time employees 6,397 6,438Employees at December 31ESG6,756 6,781Senior management 215 214Management 1,432 1,388Professional 1,912 1,894Administrative 711 737Skilled workers, laboratory technicians and other technicians 1,165 1,178Process operators 1,321 1,370Employees by category at December 31ESG6,756 6,781Employee gender distribution 2023 (2022)Women40% (39%)Men60% (61%)Senior management gender distribution 2023 (2022)Women36% (33%)Men64% (67%)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.6.1 Management remuneration2023 2022Board of Executive Board of Executive DKK million DirectorsManagement Total DirectorsManagement TotalSalaries and other short-term benefits 10 17 27 10 15 25Defined contribution plans - 2 2 - 2 2Cash bonus - 12 12 - 11 11Expensed stock-based incentive programs - 18 18 - 16 16Remuneration 10 49 59 10 44 54Compensation for lost incentives/Sign-on bonus 8 8 8 8Remuneration including additional payments 10 57 67 10 52 62No. of members at December 31 10 2 11 2General guidelines for the remuneration of the Board of Directors and the Executive Management of Novozymes A/S, as assessed by the Board of Directors in accordance with the recommendations 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 Management Members of the Executive Management receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant pro-portions 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 Management 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__69": {
"value": "The 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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__76": {
"value": "Research 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__75": {
"value": "2.4 Research and development costsDKK million Note 2023 2022Internal and external research and development costs 592 528Employee costs 2.3 1,143 1,127Amortization and impairment losses, intangible assets 3.1 124 182Depreciation and impairment losses, property, plant and equipment 3.2 158 164Total research and development costsI/S2,017 2,001As a percentage of revenue 11.3% 11.4%Due to significant uncertainty associated with the development of new products, none of the development projects met the critieria for capi-talization in 2023 and 2022. In 2023, Novozymes launched 18 new products (2022: 26 new products). New products comprise products with new or improved characteristics. In 2023, Novozymes had 917 active patent fami-lies (2022: 892). Active patent families comprise the number of inventions for which Novozymes had one or more active patent applications or active patents at December 31.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__81": {
"value": "Other 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",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__80": {
"value": "2.5 Other operating income, netDKK million 2023 2022Income and grants concerning research projects/collaborations 31 10stGain from 21.BIO transaction - 201Net gain from divestment of selected waste-water treatment solutions 88 -Other secondary income, net 52 65Other operating income, netI/S171 276",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__79": {
"value": "2.5 Other operating income, netDKK million 2023 2022Income and grants concerning research projects/collaborations 31 10stGain from 21.BIO transaction - 201Net gain from divestment of selected waste-water treatment solutions 88 -Other secondary income, net 52 65Other operating income, netI/S171 276In 2023, Other operating income was impacted by DKK 88 million from the divestment of selected waste-water treatment solutions.In 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.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:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__78": {
"value": "2.5 Other operating income, netDKK million 2023 2022Income and grants concerning research projects/collaborations 31 10stGain from 21.BIO transaction - 201Net gain from divestment of selected waste-water treatment solutions 88 -Other secondary income, net 52 65Other operating income, netI/S171 276In 2023, Other operating income was impacted by DKK 88 million from the divestment of selected waste-water treatment solutions.In 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__77": {
"value": "2.5 Other operating income, netDKK million 2023 2022Income and grants concerning research projects/collaborations 31 10stGain from 21.BIO transaction - 201Net gain from divestment of selected waste-water treatment solutions 88 -Other secondary income, net 52 65Other operating income, netI/S171 276In 2023, Other operating income was impacted by DKK 88 million from the divestment of selected waste-water treatment solutions.In 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__82": {
"value": "2.6 Special items DKK million 2023 2022Costs related to the combination of Novozymes and Chr. Hansen: Transaction costs (220) (68)Integration costs (326) -Costs related to divestment of the lactase enzymes business (30) -Special itemsI/S(576) (68)Special items reconcile to the income statement as specified below:2023 2022Reported Adjusted Reported Adjusted income Special income income Special income DKK millionstatementitemsstatementstatementitemsstatementRevenue 17,899 - 17,899 17,553 - 17,553Cost of goods sold (8,177) (56) (8,233) (7,976) - (7,976)Gross profit 9,722 (56) 9,666 9,577 - 9,577Sales and distribution costs (2,365) (381) (2,746) (2,271) (67) (2,338)Research and development costs (2,017) (10) (2,027) (2,001) - (2,001)Administrative costs (959) (129) (1,088) (952) (1) (953)Other operating income, net 171 - 171 276 - 276Operating profit (EBIT) before special items 4,552 (576) 3,976 4,629 (68) 4,561Special items (576) 576 - (68) 68 -Operating profit (EBIT) I/S3,976 - 3,976 4,561 - 4,561Critical 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 judgment 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 combination of Novozymes and Chr. Hansen.",
"dimensions": {
"concept": "NOV:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__83-1": {
"value": "2.7 TaxTax risks In many markets, Novozymes operates through sales companies and distributors, whereas produc-tion 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 complex 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 com-panies are jointly and individually liable for the joint taxation liability. Any subsequent adjust-ments to income taxes and withholding taxes may increase the liability. Tax for the individual companies is allocated in full on the basis of the expected taxable income.Tax in the income statement In 2023, the effective tax rate was negatively impacted by costs related to the combination, which are not deductible for tax purposes. There was a positive impact from the settlement of a long-standing tax case.The effective tax rate for 2022 was positively impacted by the accounting gain related to st21.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 was rec-ognized in Other adjustments. Global minimum top-up taxThe OECD has published Pillar Two model rules designed to implement a global minimum effec-tive tax rate. Pillar Two legislation has been enacted or substantively enacted in certain juris-dictions where the Group operates. Tax in the income statementDKK million 2023 2022Tax payable on net profit (753) (818)Change in deferred tax (87) (105)Prior-year adjustments - current tax (25) 76Prior-year adjustments - deferred tax (5) (23)Tax in the income statementI/S(870) (870)Calculation of effective tax rate:Corporate tax rate in Denmark (22.0)% (22.0)%Non-taxable income less non-deductible expenses (1.1)% (0.3)%Difference in foreign tax rates (1.2)% (0.3)%Other adjustments 2.0% 3.5%Effective tax rate (22.3)% (19.1)%The legislation will be effective for the Group\u2019s financial year beginning January 1, 2024. Novozymes is in scope of the enacted or substan-tively enacted legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, coutry-by-country reporting and financial statements for the constituent entities of the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. There are a lim-ited number of jurisdictions where the transi-tional safe harbor relief does not apply. Novozymes does not expect any material expo-sure to Pillar Two income taxes in those jurisdic-tions.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.Corporation 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.Novozymes is applying the temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__22": {
"value": "Novo Holdings A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__86-1": {
"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 2023 2022 2023 2022Intangible assets and property, plant and equipment 596 716 (1,397) (1,447)Inventories 226 295 (67) (93)Tax loss carry-forwards 16 85 - -Stock options 75 67 - -Other 408 406 (60) (59)1,321 1,569 (1,524) (1,599)Offsetting items 441 54 (441) (54)Deferred tax at December 31 B/S1,762 1,623 (1,965) (1,653)The tax value of the unrecognized share of tax loss carry-forwards, tax credits, etc. that do not expire amounted to DKK 55 million (2022: DKK 50 million).DKK million 2023 2022Deferred tax at January 1 (30) 300Currency translation adjustments (13) 3Effect of business acquisitions - (7)Tax related to the income statement (92) (128)Tax on equity items - (198)Transfer to/(from) other items (68) -Deferred tax at December 31 (203) (30)Deferred tax assetsB/S1,762 1,623Deferred tax liabilitiesB/S(1,965) (1,653)Deferred tax at December 31 (203) (30)Corporation 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.Novozymes is applying the temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__89": {
"value": "Tax receivables and payablesDKK million 2023 2022Tax payables, net, at January 1 26 (200)Currency translation adjustments (13) 46Tax related to the income statement (778) (742)Tax on equity items 20 12Tax paid for the current year, net 790 910Transfers to/(from) other items 68 -Tax payables, net, at December 31 113 26Tax receivablesB/S296 352Tax payablesB/S(183) (326)Tax payables, net, at December 31 113 26Of which due within 12 months 23 5Of which due after more than 12 months 90 21Tax payables, net, at December 31 113 26Corporate income taxes paid are specified as follows:Income taxes paid in Denmark 622 610Income taxes paid outside Denmark 168 300Total income taxes paid 790 910",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__90": {
"value": "2.8 Earnings per shareDKK million 2023 2022Net profit for the year 3,039 3,686Less net profit attributable to non-controlling interests (15) (10)Net profit attributable to the shareholders of Novozymes A/S 3,024 3,676Average number of sharesWeighted average number of shares in circulation 277,035,068 276,644,153Average dilutive effect of outstanding stock options and stock awards 839,903 2,089,765Average number of diluted shares 277,874,971 278,733,918Earnings per share, DKK 10.92 13.29Earnings per share, diluted, DKK 10.88 13.19Accounting 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__88": {
"value": "Corporation 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.Novozymes is applying the temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__85": {
"value": "Corporation 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.Novozymes is applying the temporary relief from accounting for deferred taxes arising from the implementation of the Pillar Two rules issued by the OECD.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__91": {
"value": "Earnings 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:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__96-1": {
"value": "Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)Recognition of depreciation and impairment losses by function 2023 (2022)DKK millionCost of goods sold 824 (787)Sales and distribution38 (37)Research and 1,089development (1,078)158 (164)Administration69 (90)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__95-1": {
"value": "3.1 Intangible assets and impairment test of goodwillAcquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2023 2,007 4,969 941 180 8,097Currency translation adjustments (32) (45) - (1) (78)Additions during the year - 4 59 136 199Disposals during the year - (154) (8) - (162)Transfers to/(from) other items - - 50 (50) -Cost at December 31, 2023 1,975 4,774 1,042 265 8,056Amortization and impairment losses at January 1, 2023 (2,662) (737) (3,399)Currency translation adjustments 13 - 13Amortization during the year (198) (102) (300)Disposals during the year 154 8 162Amortization and impairment losses at December 31, 2023 (2,693) (831) (3,524)Carrying amount at December 31, 2023 B/S1,975 2,081 211 265 4,532Impairment No impairment losses were recognized in 2023.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.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 (2022: no impairment).Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)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 4,698Critical 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.Impairment No impairment loss was recognized in 2023 or 2022.Property, 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:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__94": {
"value": "3.1 Intangible assets and impairment test of goodwillAcquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2023 2,007 4,969 941 180 8,097Currency translation adjustments (32) (45) - (1) (78)Additions during the year - 4 59 136 199Disposals during the year - (154) (8) - (162)Transfers to/(from) other items - - 50 (50) -Cost at December 31, 2023 1,975 4,774 1,042 265 8,056Amortization and impairment losses at January 1, 2023 (2,662) (737) (3,399)Currency translation adjustments 13 - 13Amortization during the year (198) (102) (300)Disposals during the year 154 8 162Amortization and impairment losses at December 31, 2023 (2,693) (831) (3,524)Carrying amount at December 31, 2023 B/S1,975 2,081 211 265 4,532Impairment No impairment losses were recognized in 2023.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.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 (2022: no impairment).Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)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 4,698Critical 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:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__93": {
"value": "3.1 Intangible assets and impairment test of goodwillAcquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2023 2,007 4,969 941 180 8,097Currency translation adjustments (32) (45) - (1) (78)Additions during the year - 4 59 136 199Disposals during the year - (154) (8) - (162)Transfers to/(from) other items - - 50 (50) -Cost at December 31, 2023 1,975 4,774 1,042 265 8,056Amortization and impairment losses at January 1, 2023 (2,662) (737) (3,399)Currency translation adjustments 13 - 13Amortization during the year (198) (102) (300)Disposals during the year 154 8 162Amortization and impairment losses at December 31, 2023 (2,693) (831) (3,524)Carrying amount at December 31, 2023 B/S1,975 2,081 211 265 4,532Impairment No impairment losses were recognized in 2023.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.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 (2022: no impairment).Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)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 4,698Critical 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:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__92": {
"value": "3.1 Intangible assets and impairment test of goodwillAcquired patents, trademarks, Completed IT IT development licenses and development projects in DKK million Goodwillknow-how, etc.projectsprogress TotalCost at January 1, 2023 2,007 4,969 941 180 8,097Currency translation adjustments (32) (45) - (1) (78)Additions during the year - 4 59 136 199Disposals during the year - (154) (8) - (162)Transfers to/(from) other items - - 50 (50) -Cost at December 31, 2023 1,975 4,774 1,042 265 8,056Amortization and impairment losses at January 1, 2023 (2,662) (737) (3,399)Currency translation adjustments 13 - 13Amortization during the year (198) (102) (300)Disposals during the year 154 8 162Amortization and impairment losses at December 31, 2023 (2,693) (831) (3,524)Carrying amount at December 31, 2023 B/S1,975 2,081 211 265 4,532Impairment No impairment losses were recognized in 2023.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.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 (2022: no impairment).Recognition of amortization and impairment losses by function 2023 (2022)DKK millionCost of goods sold 70 (117)Sales and distribution73 (71)Research and 300development (407)124 (182)Administration33 (37)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 4,698Critical 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__101-1": {
"value": "Intangible 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.Property, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__100": {
"value": "Intangible 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__99": {
"value": "Intangible 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__98": {
"value": "Intangible 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__103": {
"value": "Capitalized interest and pledges Interest of DKK 45 million (2022: DKK 9 million) was capitalized under Additions during the year and recognized as Investing activities in the statement of cash flows. Capitalization rate: 2.28% (2022: 0.82%). Land and buildings with a carrying amount of DKK 1,296 million (2022: DKK 1,366 million) were pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__102": {
"value": "3.2 Property, plant and equipmentLand and Plant and Other Assets under DKK millionbuildingsmachineryequipmentconstruction TotalCost at January 1, 2023 7,711 12,363 2,880 2,896 25,850Currency translation adjustments (167) (281) (62) (77) (587)Additions during the year 231 358 154 1,242 1,985Disposals during the year (53) (77) (156) - (286)Transfers to assets held for sale (323) (415) (5) - (743)Transfers to/(from) other items 950 1,260 85 (2,295) -Cost at December 31, 2023 8,349 13,208 2,896 1,766 26,219Depreciation and impairment losses at January 1, 2023 (3,712) (8,212) (1,852) (13,776)Currency translation adjustments 93 184 42 319Depreciation for the year (298) (555) (236) (1,089)Disposals during the year 37 67 137 241Transfer to assets held for sale 149 257 5 411Transfers to/(from) other items (4) 4 - -Depreciation and impairment losses at December 31, 2022 (3,735) (8,255) (1,904) (13,894)Carrying amount at December 31, 2023 B/S4,614 4,953 992 1,766 12,325During the period 2021-2023, Novozymes was committed to establishing the new production line in Blair, Nebraska, U.S. An accumulated capital investment of DKK 2,130 million has been incurred since the investment was initiatied (2022: DKK 1,661 million). The production line was ready for production at the end of 2023. Capitalized interest and pledges Interest of DKK 45 million (2022: DKK 9 million) was capitalized under Additions during the year and recognized as Investing activities in the statement of cash flows. Capitalization rate: 2.28% (2022: 0.82%). Land and buildings with a carrying amount of DKK 1,296 million (2022: DKK 1,366 million) were pledged as security to credit institutions in respect of mortgage loans expiring in 2029 and 2039. Recognition of depreciation and impairment losses by function 2023 (2022)DKK millionCost of goods sold 824 (787)Sales and distribution38 (37)Research and 1,089development (1,078)158 (164)Administration69 (90)Impairment No impairment loss was recognized in 2023 or 2022.Land and Plant and OtherAssets under DKK millionbuildingsmachinery equipmentconstruction 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 12,074Contractual obligationsContractual obligations to third parties relating to property, plant and equipment amounted to DKK 252 million (2022: DKK 712 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",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__111": {
"value": "Property, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__110": {
"value": "Property, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__109": {
"value": "Property, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__112-1": {
"value": "3.3 LeasesDKK million 2023 2022Land and buildings 239 254Plant and machinery 82 87Other equipment 68 79Carrying amount of lease assets 389 420Additions to the lease assets during 2023 amounted to DKK 128 million (2022: DKK 42 million).DKK million 2023 2022Lease liabilitiesLess than 1 year 140 128Between 1 and 5 years 188 222More than 5 years 88 119Undiscounted lease liabilities at December 31 416 469DKK million 2023 2022Amounts recognized in the income statement:Interest on lease liabilities 16 19Depreciation of lease assets per asset classLand and buildings 68 65Plant and machinery 5 5Other equipment 45 49Depreciation of lease assets 118 119Amounts recognized in the statement of cash flows:Total cash outflow for leases 139 139Accounting 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.5.3 BorrowingsDKK million 2023 2022Credit institutions 7,364 6,437Derivatives 48 101Borrowings at December 317,412 6,538Recognized in the balance sheet as follows:Non-current B/S4,329 3,619Current B/S3,083 2,919Borrowings at December 31 7,412 6,5382023 2022Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 6,437 411 6,848 5,706 482 6,188Financing cash flows 923 (123) 800 731 (120) 611Currency translation adjustments 4 (9) (5) - 10 10Other changes* - 90 90 - 39 39Total liabilities from financing activities at December 31 7,364 369 7,733 6,437 411 6,848* 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__113": {
"value": "Lease 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__115": {
"value": "Provisions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__114": {
"value": "3.4 Provisions2023 2022Dismantling Legal and other Dismantling Legal and other DKK millionand restorationobligations Totaland restorationobligations TotalProvisions at January 1 58 71 129 56 118 174Currency translation adjustments (2) - (2) 2 (2) -Additions from business acquisitions - - - - (35) (35)Additions during the year - 9 9 - 3 3Reversals during the year (5) (19) (24) - (13) (13)Utilization during the year - - - - - -Provisions at December 31 51 61 112 58 71 129Recognized in the balance sheet as follows:Non-current 46 54 110 52 67 119Current 5 7 12 6 4 10Provisions at December 31 51 61 112 58 71 129Dismantling 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 2024\u20132025. 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, 2023.Other obligations include other long-term employee benefits and other contractual obliga-tions.Other long-term employee benefits account for only a minor amount, as most of Novozymes\u2019 pension plans are defined contribution plans, covering almost all employees. These obligations are mainly expected to be incurred over a rela-tively long period of time. 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:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__116-1": {
"value": "3.5 Business acquisitionsAcquisition after December 31, 2023On January 29, 2024, the final regulatory approvals were obtained and the final registra-tion of the statutory merger between Novozymes A/S (\u201cNovozymes\u201d) and Chr. Hansen Holding A/S (\u201cChr. Hansen\u201d) successfully completed with the Danish Business Authority. The combination of Novozymes and Chr. Hansen will create a leading global biosolutions partner with a broad biological toolbox and a diversified portfolio in attractive markets. The combination is an important step towards unlocking addi-tional growth opportunities as the combined scale, know-how, commercial strengths, and innovation excellence will drive value for the shareholders, customers, and society at large.The statutory merger was effected through an exchange of all shares of Chr. Hansen (\u201cChr. Hansen Shares\u201d) with a total of 187,298,646 Merger Consideration Shares. The total consider-ation for Chr. Hansen Holding A/S amounts to DKK 67.7 billion based on a share price of DKK 361.4. The merger will be accounted for as a business combination using the acquisition method under IFRS 3 where Novozymes A/S was identifies as the acquirer and Chr. Hansen Holding A/S was identified as the acquiree.The combination of Novozymes and Chr. Hansen only just closed on January 29, 2024. Management has not had access to financial information in Chr. Hansen prior to closing and therefore a provisional purchase price allocation has not been prepared and no further disclo-sures are available.Critical accounting estimates and judgmentsFair 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 2023 2022Contingent consideration at January 1 382 543Currency translation adjustments (3) 19Interest on contingent consideration 16 43Fair value adjustment of contingent consideration (165) (223)Contingent consideration paid (158) -Contingent consideration at December 31 72 382Recognized in the balance sheet as follows:Non-current B/S- 224Current B/S72 158Contingent consideration at December 31 72 382PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 242 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 72 million (2022: DKK 224 million). Based on the lower- than-expected realized sales in 2023, Management reassessed the value of the earn-out and reduced the contingent consideration by DKK 165 million (2022: DKK 0 million).Management\u2019s long-term expectations for PrecisionBiotics Group remain intact. The fair value adjustment was recognized in Financial income.Fair value is assessed by using the earn-out from the realized sales in 2023 discounted at a rate of 7% (2022: 7%). An interest expense of DKK 12 million has been recognized in Financial costs (2022: DKK 14 million). The contingent liability related to PrecisionBiotics Group is denominated in EUR.Microbiome LabsThe contingent consideration related to Microbiome Labs of DKK 158 million was paid in 2023.In 2022, the consideration was contingent on the achievement of realized sales for 2022 and was recognized at the anticipated fair value of DKK 158 million. In 2022, Management reassessed the value of the earn-out due to lower-than-expected sales and reduced the contingent consideration by DKK 223 million. The fair value adjustment in 2022 was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations for Microbiome Labs remain intact. The fair value adjustment was recognized in Financial income. The fair value was assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2022: 8%). An interest expense of DKK 4 million (2022: DKK 29 million) was recog-nized in financial costs. The contingent liability related to Microbiome Labs was denominated in USD and decreased by DKK 4 million (2022: increased by DKK 20 million) due to currency translation 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 after the initial recogni-tion of the liability, such as budgets, sales fore-casts, 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 associ-ated with uncertainty and may be subject to subsequent adjustments.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__118-1": {
"value": "On 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.Contingent 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__117": {
"value": "On 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__121-1": {
"value": "3.6 Contingent considerationDKK million 2023 2022Contingent consideration at January 1 382 543Currency translation adjustments (3) 19Interest on contingent consideration 16 43Fair value adjustment of contingent consideration (165) (223)Contingent consideration paid (158) -Contingent consideration at December 31 72 382Recognized in the balance sheet as follows:Non-current B/S- 224Current B/S72 158Contingent consideration at December 31 72 382PrecisionBiotics Group The purchase agreement for PrecisionBiotics Group includes a contingent consideration of up to DKK 242 million.The consideration is contingent on the achieve-ment of sales targets for 2023 and recognized at the anticipated fair value of DKK 72 million (2022: DKK 224 million). Based on the lower- than-expected realized sales in 2023, Management reassessed the value of the earn-out and reduced the contingent consideration by DKK 165 million (2022: DKK 0 million).Management\u2019s long-term expectations for PrecisionBiotics Group remain intact. The fair value adjustment was recognized in Financial income.Fair value is assessed by using the earn-out from the realized sales in 2023 discounted at a rate of 7% (2022: 7%). An interest expense of DKK 12 million has been recognized in Financial costs (2022: DKK 14 million). The contingent liability related to PrecisionBiotics Group is denominated in EUR.Microbiome LabsThe contingent consideration related to Microbiome Labs of DKK 158 million was paid in 2023.In 2022, the consideration was contingent on the achievement of realized sales for 2022 and was recognized at the anticipated fair value of DKK 158 million. In 2022, Management reassessed the value of the earn-out due to lower-than-expected sales and reduced the contingent consideration by DKK 223 million. The fair value adjustment in 2022 was partly offset by interest and currency translation adjustments. Management\u2019s long-term expectations for Microbiome Labs remain intact. The fair value adjustment was recognized in Financial income. The fair value was assessed by using the earn-out from the realized sales in 2022 discounted at a rate of 8% (2022: 8%). An interest expense of DKK 4 million (2022: DKK 29 million) was recog-nized in financial costs. The contingent liability related to Microbiome Labs was denominated in USD and decreased by DKK 4 million (2022: increased by DKK 20 million) due to currency translation 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 after the initial recogni-tion of the liability, such as budgets, sales fore-casts, 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 associ-ated with uncertainty and may be subject to subsequent adjustments.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.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:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__122": {
"value": "Contingent 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__124": {
"value": "Inventories 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__123": {
"value": "4.1 InventoriesDKK million 2023 2022Raw materials and consumables 446 603Work in progress 1,312 1,333Finished goods 1,869 1,867Inventories at December 31 B/S3,627 3,803Cost of materials, included under Cost of goods sold 4,792 4,770Indirect production costs capitalized in inventories at December 31 1,114 1,053Write-downs expensed during the year 182 102Reversal of write-downs during the year* 58 44* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__127": {
"value": "Trade 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__128": {
"value": "4.2 Trade receivables and contract assetsDKK million 2023 2022Trade receivables, gross 3,850 3,590Allowances (148) (136)Trade receivables at December 31 B/S3,702 3,454Aging of trade receivables, gross:Up to 30 days 3,598 3,350Between 30 and 90 days 74 74More than 90 days 178 166Trade receivables, gross, at December 31 3,850 3,590Changes in allowances for trade receivables:At January 1 136 151Allowances during the year 43 51Write-offs during the year (22) (35)Reversed allowances (9) (31)Allowances at December 31 148 136Critical 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.Contract assets Contract assets amounted to DKK 70 million at December 31, 2023 (2022: DKK 151 million), and mainly related to goods delivered but not invoiced, and estimated profit splits arising from partner-ships that Novozymes has entered into.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. No allowance for expected credit losses had been made for contract assets at December 31, 2023 (2022: no allowance).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:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__126": {
"value": "4.2 Trade receivables and contract assetsDKK million 2023 2022Trade receivables, gross 3,850 3,590Allowances (148) (136)Trade receivables at December 31 B/S3,702 3,454Aging of trade receivables, gross:Up to 30 days 3,598 3,350Between 30 and 90 days 74 74More than 90 days 178 166Trade receivables, gross, at December 31 3,850 3,590Changes in allowances for trade receivables:At January 1 136 151Allowances during the year 43 51Write-offs during the year (22) (35)Reversed allowances (9) (31)Allowances at December 31 148 136Critical 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.Contract assets Contract assets amounted to DKK 70 million at December 31, 2023 (2022: DKK 151 million), and mainly related to goods delivered but not invoiced, and estimated profit splits arising from partner-ships that Novozymes has entered into.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. No allowance for expected credit losses had been made for contract assets at December 31, 2023 (2022: no allowance).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:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__129": {
"value": "4.3 Other receivablesDKK million 2023 2022Deposits 42 32Prepaid expenses 157 174Other 123 186Other receivables at December 31 322 392Recognized in the balance sheet as follows:Non-current B/S43 32Current B/S 279 360Other receivables at December 31 322 392",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__131": {
"value": "4.4 Other liabilitiesDKK million 2023 2022Employee costs payable 797 672Stock-based payment settled in cash 23 21Other payables 636 727Other liabilities at December 31 1,456 1,420Recognized in the balance sheet as follows:Current B/S1,456 1,420Other liabilities at December 31 1,456 1,420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__130": {
"value": "4.4 Other liabilitiesDKK million 2023 2022Employee costs payable 797 672Stock-based payment settled in cash 23 21Other payables 636 727Other liabilities at December 31 1,456 1,420Recognized in the balance sheet as follows:Current B/S1,456 1,420Other liabilities at December 31 1,456 1,420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__134": {
"value": "Non-current assets are classified as assets held for sale when their carrying amounts are to be recovered principally through a sale transaction and a sale is considered highly probable. Such assets are stated at the lower of the carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__133": {
"value": "4.5 Assets held for saleDKK million 2023 2022Carrying amount of non-current assets held for sale:Land and buildings 174 -Plant and machinery 158 -Total B/S332 -Assets held for sale comprise assets related to the divestment of part of the global lactase enzyme business and the relocation of the head-quarter from Bagsv\u00e6rd to Lyngby following the combination with Chr. Hansen. A definitive agree-ment to sell the lactase enzyme business has been entered into with Kerry Group plc. Assets held for sale are expected to be sold in 2024.Accounting policiesNon-current assets are classified as assets held for sale when their carrying amounts are to be recovered principally through a sale transaction and a sale is considered highly probable. Such assets are stated at the lower of the carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__132": {
"value": "4.5 Assets held for saleDKK million 2023 2022Carrying amount of non-current assets held for sale:Land and buildings 174 -Plant and machinery 158 -Total B/S332 -Assets held for sale comprise assets related to the divestment of part of the global lactase enzyme business and the relocation of the head-quarter from Bagsv\u00e6rd to Lyngby following the combination with Chr. Hansen. A definitive agree-ment to sell the lactase enzyme business has been entered into with Kerry Group plc. Assets held for sale are expected to be sold in 2024.Accounting policiesNon-current assets are classified as assets held for sale when their carrying amounts are to be recovered principally through a sale transaction and a sale is considered highly probable. Such assets are stated at the lower of the carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__137": {
"value": "Currency risk Currency risk arises due to imbalances between cash flows. Treasury will hedge expected net exposure (cash flow exposure), if it is determined that a move-ment in a foreign exchange rate will have a mate-rial impact on expected earnings/cash flow.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 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. Foreign exchange sensitivity \u2013 2023 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, 2023. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade paya-bles, loans, current and non-current financial investments, lease liabilities and derivatives. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.The sensitivity analysis assumes that exchange rates change on December 31, 2023, while all other variables remain constant. The table shows Foreign exchange sensitivity analysis2023 2022Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% (1) - 4 -CNY 5.0% (2) - (5) -USD 5.0% 1 (113) (3) (117)Other 5.0% (3) - 4 -Total (5) (113) - (117)the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect.Foreign exchange sensitivity \u2013 2024 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 2024 of around DKK 150-180 million (2023: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2024 of around DKK 200 million (2023: DKK 200 million).Of the expected USD cash flows for 2024, 88% has been hedged by forward contracts at an average rate of DKK 6.75. 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. At December 31, 2023, 53% (2022: 62%) of the loan portfolio carried fixed interest rates. 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 23 million (2022: negative effect of DKK 14 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__136": {
"value": "Currency risk Currency risk arises due to imbalances between cash flows. Treasury will hedge expected net exposure (cash flow exposure), if it is determined that a move-ment in a foreign exchange rate will have a mate-rial impact on expected earnings/cash flow.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 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. Foreign exchange sensitivity \u2013 2023 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, 2023. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade paya-bles, loans, current and non-current financial investments, lease liabilities and derivatives. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.The sensitivity analysis assumes that exchange rates change on December 31, 2023, while all other variables remain constant. The table shows Foreign exchange sensitivity analysis2023 2022Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% (1) - 4 -CNY 5.0% (2) - (5) -USD 5.0% 1 (113) (3) (117)Other 5.0% (3) - 4 -Total (5) (113) - (117)the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect.Foreign exchange sensitivity \u2013 2024 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 2024 of around DKK 150-180 million (2023: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2024 of around DKK 200 million (2023: DKK 200 million).Of the expected USD cash flows for 2024, 88% has been hedged by forward contracts at an average rate of DKK 6.75. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__135": {
"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 to hedge risk. The Treasury Policy is adjusted on an ongoing basis and adapted to the market situa-tion. It contains rules for 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 cash flows. Treasury will hedge expected net exposure (cash flow exposure), if it is determined that a move-ment in a foreign exchange rate will have a mate-rial impact on expected earnings/cash flow.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 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. Foreign exchange sensitivity \u2013 2023 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, 2023. The sensitivity analysis comprises effects from the Group\u2019s cash, trade receivables, trade paya-bles, loans, current and non-current financial investments, lease liabilities and derivatives. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.The sensitivity analysis assumes that exchange rates change on December 31, 2023, while all other variables remain constant. The table shows Foreign exchange sensitivity analysis2023 2022Change inChange inIncrease inother other exchangeChangecomprehensiveChangecomprehensiveDKK millionratesin net profitincomein net profitincomeINR 5.0% (1) - 4 -CNY 5.0% (2) - (5) -USD 5.0% 1 (113) (3) (117)Other 5.0% (3) - 4 -Total (5) (113) - (117)the effect of an increase in exchange rates. A decrease in the exchange rates would have the opposite effect.Foreign exchange sensitivity \u2013 2024 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 2024 of around DKK 150-180 million (2023: DKK 130-160 million). A 5% movement in the EUR/DKK exchange rate would result in a change in expected EBIT for 2024 of around DKK 200 million (2023: DKK 200 million).Of the expected USD cash flows for 2024, 88% has been hedged by forward contracts at an average rate of DKK 6.75. 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. At December 31, 2023, 53% (2022: 62%) of the loan portfolio carried fixed interest rates. 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 23 million (2022: negative effect of DKK 14 million). 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, 2023, the Group considered its maximum credit risk to be DKK 5,155 million (2022: DKK 5,036 million), which is the total of the Group\u2019s financial assets. At December 31, 2023, the maximum credit risk related to one counterparty was DKK 440 million (2022: DKK 386 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, 2023, Novozymes\u2019 financial resources amounted to DKK 6,372 million (2022: DKK 18,543 million), consisting of net cash, cash equivalents, and undrawn committed credit facil-ities of DKK 5,256 million, which expire in 2024\u20132027. The decrease in undrawn committed credit facilities compared to 2022 is related to the facil-ity obtained to refinance existing debt following completion of the combination of Novozymes and Chr. Hansen. The facility was reduced by DKK 12,000 million during 2023.With the exception of debt to credit institutions, the maturity dates are primarily within one year. Capital structure Novozymes favors having a conservative balance sheet, which is reflected by a target for net inter-est-bearing debt of around 1x EBITDA. The tar-get has been adjusted to 1.3-1.7x after the com-bination with Chr. Hansen in 2024. At December 31, 2023, the ratio was 1.2x and thus the target is considered as met in 2023. The capital struc-ture is mainly managed using two instruments: 1) Dividend payments, through which Novozymes aims for a payout ratio of around 50%. In October 2023, an interim dividend of DKK 4.20 per share was paid out for the period January 1 - August 31, 2023, and proposed dividend for the period September 1 - December 31, 2023 will be announced by the Board of Directors of Novonesis in connection with the notice of the Annual Shareholders\u2019 Meeting. The payout ratio for 2023 based on reported net profit adjusted for special items is expected to be in line with the communicated target. 2) Stock buybacks. No pro-gram were executed in 2023 due to the combina-tion with Chr. Hansen.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__138": {
"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, 2023, the Group considered its maximum credit risk to be DKK 5,155 million (2022: DKK 5,036 million), which is the total of the Group\u2019s financial assets. At December 31, 2023, the maximum credit risk related to one counterparty was DKK 440 million (2022: DKK 386 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__139": {
"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, 2023, Novozymes\u2019 financial resources amounted to DKK 6,372 million (2022: DKK 18,543 million), consisting of net cash, cash equivalents, and undrawn committed credit facil-ities of DKK 5,256 million, which expire in 2024\u20132027. The decrease in undrawn committed credit facilities compared to 2022 is related to the facil-ity obtained to refinance existing debt following completion of the combination of Novozymes and Chr. Hansen. The facility was reduced by DKK 12,000 million during 2023.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__140": {
"value": "Capital structure Novozymes favors having a conservative balance sheet, which is reflected by a target for net inter-est-bearing debt of around 1x EBITDA. The tar-get has been adjusted to 1.3-1.7x after the com-bination with Chr. Hansen in 2024. At December 31, 2023, the ratio was 1.2x and thus the target is considered as met in 2023. The capital struc-ture is mainly managed using two instruments: 1) Dividend payments, through which Novozymes aims for a payout ratio of around 50%. In October 2023, an interim dividend of DKK 4.20 per share was paid out for the period January 1 - August 31, 2023, and proposed dividend for the period September 1 - December 31, 2023 will be announced by the Board of Directors of Novonesis in connection with the notice of the Annual Shareholders\u2019 Meeting. The payout ratio for 2023 based on reported net profit adjusted for special items is expected to be in line with the communicated target. 2) Stock buybacks. No pro-gram were executed in 2023 due to the combina-tion with Chr. Hansen.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__149": {
"value": "Financial 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__145": {
"value": "Financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__144": {
"value": "Financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__148": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__147": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__146": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__143": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__142": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__141": {
"value": "5.2 Financial income and Financial costsDKK million 2023 2022Interest income 90 18Fair value adjustments of contingent consideration 165 223Gains on cash flow hedges 25 -Gains on minority ownership investments 2 267Fair value adjustments of cash-settled stock options - 25Financial income I/S282 533Interest costs (141) (40)Interest on lease liabilities (16) (19)Interest on contingent consideration (16) (43)Losses on cash flow hedges - (295)Losses on fair value hedges (60) (20)Losses on minority ownership investments (15) -Other financial costs (66) (99)Other foreign exchange losses, net (16) (15)Fair value adjustments of cash-settled stock options (1) -Financial costs I/S(331) (531)Financial income/(costs), net (49) 2In 2022, Novozymes divested its minority share in Albumedix, a company built using Novozymes\u2019 technology platform. The sale resulted in a finan-cial gain of DKK 267 million. 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:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__153-1": {
"value": "5.3 BorrowingsDKK million 2023 2022Credit institutions 7,364 6,437Derivatives 48 101Borrowings at December 317,412 6,538Recognized in the balance sheet as follows:Non-current B/S4,329 3,619Current B/S3,083 2,919Borrowings at December 31 7,412 6,5382023 2022Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 6,437 411 6,848 5,706 482 6,188Financing cash flows 923 (123) 800 731 (120) 611Currency translation adjustments 4 (9) (5) - 10 10Other changes* - 90 90 - 39 39Total liabilities from financing activities at December 31 7,364 369 7,733 6,437 411 6,848* 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.6.7 Cash flowDKK million Note 2023 2022Non-cash itemsAccrued interest income and interest costs 83 146(Gain)/loss on financial assets, etc., net (152) (248)Depreciation, amortization and impairment losses 3.1, 3.2 1,389 1,485Realized loss and allowances for doubtful trade receivables 36 15(Gain)/loss on sale and disposal of assets 2 (25)Unrealized foreign exchange (gain)/loss (139) 70Tax 2.7 870 870Stock-based payment 6.2 151 127Change in provisions (15) (44)Gain from divestment of selected waste-water treatment solutions (88) -Profit/loss in associates 18 7stGain from 21.BIO transaction - (201)Gain on divestment of minority ownership in Albumedix- (267)Non-cash items 2,155 1,935DKK million Note 2023 2022Business acquisitions, divestments and purchases of financial assetsDivestment of selected waste-water treatment solutions 88 -Purchase of financial assets (11) -Contingent consideration paid 3.6 (158) -Acquisition of Synergia Life Sciences - (77)Divestment of minority ownership in Albumedix 5.2 - 267Cash flow from acquisitions, net (81) 190Additions of intangible assets 3.1 199 130Purchase of intangible assets 199 130Additions of property, plant and equipment 3.2 1,985 2,802Less additions to lease assets 3.3 (128) (42)Purchase of property, plant and equipment 1,857 2,760Undrawn committed credit facilities amounted to DKK 5,256 million at December 31, 2023 (2022: DKK 17,502 million), all of which expire in 2024\u20132027. The decrease in undrawn committed credit facilities compared to 2022 is related to the facility obtained to refinance existing debt following completion of the combination of Novozymes and Chr. Hansen. The facility was reduced by DKK 12,000 million during 2023.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__151-1": {
"value": "5.3 BorrowingsDKK million 2023 2022Credit institutions 7,364 6,437Derivatives 48 101Borrowings at December 317,412 6,538Recognized in the balance sheet as follows:Non-current B/S4,329 3,619Current B/S3,083 2,919Borrowings at December 31 7,412 6,5382023 2022Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 6,437 411 6,848 5,706 482 6,188Financing cash flows 923 (123) 800 731 (120) 611Currency translation adjustments 4 (9) (5) - 10 10Other changes* - 90 90 - 39 39Total liabilities from financing activities at December 31 7,364 369 7,733 6,437 411 6,848* 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.5.4 Derivatives \u2013 hedge accounting2023 2022Contract amount based Contract amount based DKK millionon agreed rates* Fair valueon agreed rates* Fair value Forward exchange contractsCNH (655) (10) (618) (13)BRL 55 - 165 2USD 710 5 (228) (20)INR 278 5 374 23Other (purchase) (47) 1 (53) -Other (sale) 90 - 74 1Fair value hedges at December 31 431 1 (286) (7)* 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 2024 to July 2024 (2022: January 2023 to August 2023).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 60 million (2022: loss of DKK 20 million), com-pared with a gain on hedged items of DKK 60 mil-lion (2022: gain of DKK 20 million).2023 2022Contract amount based Contract amount based DKK millionon agreed rates Fair value on agreed rates Fair valueForward exchange contracts*USD 2,268 20 2,344 162,268 20 2,344 16Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 3.9% (2022: (2.42%)) 400 31 400 51DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 4.1233 % (2022: (2.45%)) 174 7 243 12574 38 643 63ForwardsElectricity price agreements \u2013 average payment of DKK 1,021 / MWh 72 (30) 85 (31)72 (30) 85 (31)Cash flow hedges at December 31 2,914 28 3,072 48* 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 2024 to December 2024 (2022: January 2023 to December 2023), the swaps mature in May 2026 and December 2026 (2022: May 2026 and December 2026) and the electricity price agreements mature in the period January 2024 to December 2024 (2022: January 2023 to June 2023).At the end of 2023, the Group had hedged 88% of expected future cash flows in USD for 2024 at an average rate of DKK 6.75 (2022: 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98).Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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.5.6 Financial assets and liabilities by categoryDKK million Note 2023 2022Trade receivables 4.2 3,702 3,454Contract assets 4.2 70 151Other receivables, excl. prepaid expenses 4.3 165 218Cash and cash equivalents 1,116 1,041Financial assets at amortized cost5,053 4,864Derivatives 14 28Other financial assets 25 30Fair value through profit and loss 39 58Derivatives 63 114Fair value through other comprehensive income 63 114Financial assets 5,155 5,036Fair 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.DKK million Note 2023 2022Lease liabilities 5.3 (369) (411)Credit institutions 5.3 (7,364) (6,437)Trade payables (1,616) (1,869)Other payables 4.4 (636) (727)Financial liabilities at amortized cost(9,985) (9,444)Derivatives 5.3 (13) (35)Contingent consideration 3.6 (72) (382)Fair value through profit and loss (85) (417)Derivatives 5.3 (35) (66)Fair value through other comprehensive income (35) (66)Share purchase liability 6.5 (584) (760)Fair value through equity (584) (760)Financial liabilities (10,689) (10,687)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__150": {
"value": "5.3 BorrowingsDKK million 2023 2022Credit institutions 7,364 6,437Derivatives 48 101Borrowings at December 317,412 6,538Recognized in the balance sheet as follows:Non-current B/S4,329 3,619Current B/S3,083 2,919Borrowings at December 31 7,412 6,5382023 2022Credit Lease Credit Lease DKK million institutionsliabilities Total institutionsliabilities TotalLiabilities from financing activities at January 1 6,437 411 6,848 5,706 482 6,188Financing cash flows 923 (123) 800 731 (120) 611Currency translation adjustments 4 (9) (5) - 10 10Other changes* - 90 90 - 39 39Total liabilities from financing activities at December 31 7,364 369 7,733 6,437 411 6,848* 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. Credit institutions - currency 2023 (2022)DKK millionEUR2,329 (2,147)DKK5,035 (4,290)7,364(6,437)Credit institutions - time to maturity 2023 (2022)DKK millionLess than 1 year3,036 (2,818)Between 1 and 5 years2,496 (2,301)More than 5 years7,3641,832 (1,318)(6,437)Loan portfolio - fixed or \ufb02oating interest rate 2023 (2022)DKK millionFixed interest rate3,884 (3,979)Floating interest rate3,480 (2,458)7,364(6,437)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__157": {
"value": "5.4 Derivatives \u2013 hedge accounting2023 2022Contract amount based Contract amount based DKK millionon agreed rates* Fair valueon agreed rates* Fair value Forward exchange contractsCNH (655) (10) (618) (13)BRL 55 - 165 2USD 710 5 (228) (20)INR 278 5 374 23Other (purchase) (47) 1 (53) -Other (sale) 90 - 74 1Fair value hedges at December 31 431 1 (286) (7)* 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 2024 to July 2024 (2022: January 2023 to August 2023).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 60 million (2022: loss of DKK 20 million), com-pared with a gain on hedged items of DKK 60 mil-lion (2022: gain of DKK 20 million).2023 2022Contract amount based Contract amount based DKK millionon agreed rates Fair value on agreed rates Fair valueForward exchange contracts*USD 2,268 20 2,344 162,268 20 2,344 16Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 3.9% (2022: (2.42%)) 400 31 400 51DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 4.1233 % (2022: (2.45%)) 174 7 243 12574 38 643 63ForwardsElectricity price agreements \u2013 average payment of DKK 1,021 / MWh 72 (30) 85 (31)72 (30) 85 (31)Cash flow hedges at December 31 2,914 28 3,072 48* 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 2024 to December 2024 (2022: January 2023 to December 2023), the swaps mature in May 2026 and December 2026 (2022: May 2026 and December 2026) and the electricity price agreements mature in the period January 2024 to December 2024 (2022: January 2023 to June 2023).At the end of 2023, the Group had hedged 88% of expected future cash flows in USD for 2024 at an average rate of DKK 6.75 (2022: 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98).Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__156-1": {
"value": "5.4 Derivatives \u2013 hedge accounting2023 2022Contract amount based Contract amount based DKK millionon agreed rates* Fair valueon agreed rates* Fair value Forward exchange contractsCNH (655) (10) (618) (13)BRL 55 - 165 2USD 710 5 (228) (20)INR 278 5 374 23Other (purchase) (47) 1 (53) -Other (sale) 90 - 74 1Fair value hedges at December 31 431 1 (286) (7)* 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 2024 to July 2024 (2022: January 2023 to August 2023).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 60 million (2022: loss of DKK 20 million), com-pared with a gain on hedged items of DKK 60 mil-lion (2022: gain of DKK 20 million).2023 2022Contract amount based Contract amount based DKK millionon agreed rates Fair value on agreed rates Fair valueForward exchange contracts*USD 2,268 20 2,344 162,268 20 2,344 16Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 3.9% (2022: (2.42%)) 400 31 400 51DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 4.1233 % (2022: (2.45%)) 174 7 243 12574 38 643 63ForwardsElectricity price agreements \u2013 average payment of DKK 1,021 / MWh 72 (30) 85 (31)72 (30) 85 (31)Cash flow hedges at December 31 2,914 28 3,072 48* 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 2024 to December 2024 (2022: January 2023 to December 2023), the swaps mature in May 2026 and December 2026 (2022: May 2026 and December 2026) and the electricity price agreements mature in the period January 2024 to December 2024 (2022: January 2023 to June 2023).At the end of 2023, the Group had hedged 88% of expected future cash flows in USD for 2024 at an average rate of DKK 6.75 (2022: 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98).Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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.5.6 Financial assets and liabilities by categoryDKK million Note 2023 2022Trade receivables 4.2 3,702 3,454Contract assets 4.2 70 151Other receivables, excl. prepaid expenses 4.3 165 218Cash and cash equivalents 1,116 1,041Financial assets at amortized cost5,053 4,864Derivatives 14 28Other financial assets 25 30Fair value through profit and loss 39 58Derivatives 63 114Fair value through other comprehensive income 63 114Financial assets 5,155 5,036Fair 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.DKK million Note 2023 2022Lease liabilities 5.3 (369) (411)Credit institutions 5.3 (7,364) (6,437)Trade payables (1,616) (1,869)Other payables 4.4 (636) (727)Financial liabilities at amortized cost(9,985) (9,444)Derivatives 5.3 (13) (35)Contingent consideration 3.6 (72) (382)Fair value through profit and loss (85) (417)Derivatives 5.3 (35) (66)Fair value through other comprehensive income (35) (66)Share purchase liability 6.5 (584) (760)Fair value through equity (584) (760)Financial liabilities (10,689) (10,687)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__154-1": {
"value": "5.4 Derivatives \u2013 hedge accounting2023 2022Contract amount based Contract amount based DKK millionon agreed rates* Fair valueon agreed rates* Fair value Forward exchange contractsCNH (655) (10) (618) (13)BRL 55 - 165 2USD 710 5 (228) (20)INR 278 5 374 23Other (purchase) (47) 1 (53) -Other (sale) 90 - 74 1Fair value hedges at December 31 431 1 (286) (7)* 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 2024 to July 2024 (2022: January 2023 to August 2023).The fair value hedges were 100% effective, as the loss on forward exchange contracts was DKK 60 million (2022: loss of DKK 20 million), com-pared with a gain on hedged items of DKK 60 mil-lion (2022: gain of DKK 20 million).2023 2022Contract amount based Contract amount based DKK millionon agreed rates Fair value on agreed rates Fair valueForward exchange contracts*USD 2,268 20 2,344 162,268 20 2,344 16Interest rate swapsDKK/DKK \u2013 pays fixed rate of (0.1075%) / earns variable rate of 3.9% (2022: (2.42%)) 400 31 400 51DKK/DKK \u2013 pays fixed rate of 0.595% / earns variable rate of 4.1233 % (2022: (2.45%)) 174 7 243 12574 38 643 63ForwardsElectricity price agreements \u2013 average payment of DKK 1,021 / MWh 72 (30) 85 (31)72 (30) 85 (31)Cash flow hedges at December 31 2,914 28 3,072 48* 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 2024 to December 2024 (2022: January 2023 to December 2023), the swaps mature in May 2026 and December 2026 (2022: May 2026 and December 2026) and the electricity price agreements mature in the period January 2024 to December 2024 (2022: January 2023 to June 2023).At the end of 2023, the Group had hedged 88% of expected future cash flows in USD for 2024 at an average rate of DKK 6.75 (2022: 88% of expected future cash flows in USD for 2023 at an average rate of DKK 6.98).Accounting policiesHedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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.5.6 Financial assets and liabilities by categoryDKK million Note 2023 2022Trade receivables 4.2 3,702 3,454Contract assets 4.2 70 151Other receivables, excl. prepaid expenses 4.3 165 218Cash and cash equivalents 1,116 1,041Financial assets at amortized cost5,053 4,864Derivatives 14 28Other financial assets 25 30Fair value through profit and loss 39 58Derivatives 63 114Fair value through other comprehensive income 63 114Financial assets 5,155 5,036Fair 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.DKK million Note 2023 2022Lease liabilities 5.3 (369) (411)Credit institutions 5.3 (7,364) (6,437)Trade payables (1,616) (1,869)Other payables 4.4 (636) (727)Financial liabilities at amortized cost(9,985) (9,444)Derivatives 5.3 (13) (35)Contingent consideration 3.6 (72) (382)Fair value through profit and loss (85) (417)Derivatives 5.3 (35) (66)Fair value through other comprehensive income (35) (66)Share purchase liability 6.5 (584) (760)Fair value through equity (584) (760)Financial liabilities (10,689) (10,687)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__160": {
"value": "Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__159": {
"value": "Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__158": {
"value": "Hedge accounting consists of positive and negative fair values of derivatives, which are recognized in the balance sheet under Other financial assets and Borrowings 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__162": {
"value": "5.5 Common stock and treasury stock2023 2022Nominal 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) 227,256,400 455 227,256,400 455Common stock at December 31 281,000,000 562 281,000,000 562Treasury stock - B stockTreasury stock at January 1 4,401,011 9 4,894,362 10Additions during the year - - 1,134,982 2Disposals during the year (718,457) (2) (628,333) (1)Cancellation of common stock - - (1,000,000) (2)Treasury stock at December 31 3,682,554 7 4,401,011 9No. 2023 2022Shares of common stock in circulationShares of stock at January 1 276,598,989 277,105,638Purchase of treasury stock - (1,134,982)Sale of treasury stock 718,457 628,333Shares of common stock in circulation at December 31 277,317,446 276,598,989Each 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 2024, Novozymes has issued 187,298,646 B shares, increasing the common stock to 468,298,646 million shares. The share issue relates to the combination with Chr. Hansen and is further described in Note 3.5.Treasury stock 2023% of common stock1.6(0.3)1.3Treasury DisposalsTreasurystock atduringstock atJan. 1,the yearDec. 31,20232023Treasury stock 2022% of common stock0.4(0.2)(0.3)1.71.6Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,20222022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__161": {
"value": "5.5 Common stock and treasury stock2023 2022Nominal 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) 227,256,400 455 227,256,400 455Common stock at December 31 281,000,000 562 281,000,000 562Treasury stock - B stockTreasury stock at January 1 4,401,011 9 4,894,362 10Additions during the year - - 1,134,982 2Disposals during the year (718,457) (2) (628,333) (1)Cancellation of common stock - - (1,000,000) (2)Treasury stock at December 31 3,682,554 7 4,401,011 9No. 2023 2022Shares of common stock in circulationShares of stock at January 1 276,598,989 277,105,638Purchase of treasury stock - (1,134,982)Sale of treasury stock 718,457 628,333Shares of common stock in circulation at December 31 277,317,446 276,598,989Each 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 2024, Novozymes has issued 187,298,646 B shares, increasing the common stock to 468,298,646 million shares. The share issue relates to the combination with Chr. Hansen and is further described in Note 3.5.Treasury stock 2023% of common stock1.6(0.3)1.3Treasury DisposalsTreasurystock atduringstock atJan. 1,the yearDec. 31,20232023Treasury stock 2022% of common stock0.4(0.2)(0.3)1.71.6Treasury AdditionsDisposalsCancellation Treasurystock atduringduringof commonstock atJan. 1,the yearthe yearstockDec. 31,20222022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__168-1": {
"value": "5.6 Financial assets and liabilities by categoryDKK million Note 2023 2022Lease liabilities 5.3 (369) (411)Credit institutions 5.3 (7,364) (6,437)Trade payables (1,616) (1,869)Other payables 4.4 (636) (727)Financial liabilities at amortized cost(9,985) (9,444)Derivatives 5.3 (13) (35)Contingent consideration 3.6 (72) (382)Fair value through profit and loss (85) (417)Derivatives 5.3 (35) (66)Fair value through other comprehensive income (35) (66)Share purchase liability 6.5 (584) (760)Fair value through equity (584) (760)Financial liabilities (10,689) (10,687)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__166": {
"value": "5.6 Financial assets and liabilities by categoryDKK million Note 2023 2022Trade receivables 4.2 3,702 3,454Contract assets 4.2 70 151Other receivables, excl. prepaid expenses 4.3 165 218Cash and cash equivalents 1,116 1,041Financial assets at amortized cost5,053 4,864Derivatives 14 28Other financial assets 25 30Fair value through profit and loss 39 58Derivatives 63 114Fair value through other comprehensive income 63 114Financial assets 5,155 5,036",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__171-1": {
"value": "6.1 Management remuneration2023 2022Board of Executive Board of Executive DKK million DirectorsManagement Total DirectorsManagement TotalSalaries and other short-term benefits 10 17 27 10 15 25Defined contribution plans - 2 2 - 2 2Cash bonus - 12 12 - 11 11Expensed stock-based incentive programs - 18 18 - 16 16Remuneration 10 49 59 10 44 54Compensation for lost incentives/Sign-on bonus 8 8 8 8Remuneration including additional payments 10 57 67 10 52 62No. of members at December 31 10 2 11 2General guidelines for the remuneration of the Board of Directors and the Executive Management of Novozymes A/S, as assessed by the Board of Directors in accordance with the recommendations 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 Management Members of the Executive Management receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant pro-portions 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 Management 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.Changes to the Executive ManagementIn November 2023, Rainer Lehmann, joined Novozymes as new Chief Financial Officer. Rainer Lehmann replaced CFO Lars Green, who left Novozymes at the end of 2023 to pursue a non-executive career.6.4 Related party transactionsTransactionsDKK million 2023 2022Novo Holdings A/SDividend payment to Novo Holdings A/S 803 396The Novo Nordisk GroupSale of services 112 92Sale of assets - 21Purchase of goods and materials (14) (29)Purchase of services (35) (49)The NNIT GroupPurchase of services (14) (34)The Chr. Hansen GroupSale of goods and materials 158 123Synergia Life Sciences Pvt. Ltd*Purchases (80) (36)Royalty income 8 6Royalty expense (12) (10)Dividend payment to non-controlling interests 30 -Microbiogen Pty. Ltd.**Purchase of services (71) (38)st21. BIO A/S**Sale of services 7 14* Novozymes A/S holds a 60% ownership interest in Synergia Life Sciences Pvt. Ltd. ** Associate of Novozymes A/SOutstanding balancesDKK million 2023 2022The Novo Nordisk GroupReceivables 22 10Payables (73) (79)The NNIT GroupPayables (1) (7)The Chr. Hansen GroupReceivables 34 22Synergia Life Sciences Pvt. Ltd.*Receivables 1 6Payables (2) (13)Microbiogen Pty. Ltd.**Payables (31) (12)st21. BIO A/S**Receivables - 2* Novozymes A/S holds a 60% ownership interest in Synergia Life Sciences Pvt. Ltd. ** Associate of Novozymes A/SNovozymes A/S is controlled by Novo Holdings A/S, domiciled in Hellerup, Denmark, which holds 74.0% of the votes in Novozymes A/S. The remaining stock is widely held. The ultimate par-ent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). 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 Management of Novozymes A/S together with their immediate families. Related parties also include companies in which the above persons 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.There were no transactions with related parties other than the transactions described and nor-mal remuneration of the Board of Directors and Executive Management, which is presented in Note 6.1. Guarantees, rental and other purchase commit-ments to related parties at December 31, 2023 amounted to DKK 27 million, compared with DKK 22 million at December 31, 2022.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__170": {
"value": "6.1 Management remuneration2023 2022Board of Executive Board of Executive DKK million DirectorsManagement Total DirectorsManagement TotalSalaries and other short-term benefits 10 17 27 10 15 25Defined contribution plans - 2 2 - 2 2Cash bonus - 12 12 - 11 11Expensed stock-based incentive programs - 18 18 - 16 16Remuneration 10 49 59 10 44 54Compensation for lost incentives/Sign-on bonus 8 8 8 8Remuneration including additional payments 10 57 67 10 52 62No. of members at December 31 10 2 11 2General guidelines for the remuneration of the Board of Directors and the Executive Management of Novozymes A/S, as assessed by the Board of Directors in accordance with the recommendations 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 Management Members of the Executive Management receive fixed remuneration comprising a base salary, pension, and benefits. Further, significant pro-portions 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 Management 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.Changes to the Executive ManagementIn November 2023, Rainer Lehmann, joined Novozymes as new Chief Financial Officer. Rainer Lehmann replaced CFO Lars Green, who left Novozymes at the end of 2023 to pursue a non-executive career.",
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__173": {
"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 most cases, sustain-ability targets being achieved, and are made based on individual base salaries. 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. The 2023 program for the Executive Leadership Team covering the performance period 2023-2025 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 target stock options, and target stock corre-spond 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 before special items, 20% weight on ROIC, and 20% weight on non-financial targets. The non-financial targets are measured in relation to Climate, Water stewardship, Workspace and Diversity. Each of the targets has a weight of 5%. The performance tar-gets 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 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 2023\u20132025 or if Novozymes is significantly below the targets on one or more of the tar-gets, 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 42 mil-lion. The value of the stock will be expensed over the three-year qualifying period (2023\u20132025) and will be released in 2026. 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 2023 for vice presidents and directors covering the perfor-mance period 2023\u20132025 (207 vice presidents and directors). The total target level fair value at grant date was approximately DKK 55 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 2026.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.Finally awarded programsAwards in the programs covering the perfor-mance period 2021\u20132023 were finalized in 2023. Average organic sales growth during the three-year period was 6.7%, resulting in 100% of the sales growth pool (40% of the total program) being awarded. The accumulated economic profit generated in the three-year period (2021\u20132023) was DKK 7.1 billion, resulting in 100% of the eco-nomic profit pool (40% of the total program) being awarded. 82% of the sustainability targets were reached (20% of the total program). In total, 96% of the maximum of the program is being awarded. For the Executive Leadership Team, this means that a total of 57,324 shares will be released in February 2024. The number of stock options granted over the three-year period is 326,398 reflecting the realized target achievement. The program contains a maximum-value clause, allowing the Board of Directors to choose to limit the total allocation of stock and stock options if the intrinsic value exceeds twice the annual con-ditional grant at the end of the program. There will be no limitation on the total allocation, as the intrinsic value is DKK 26 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 is 92,816, which was released in February 2024. The number of stock options granted over the three-year period is 528,062, reflecting the realized target achievement of 96%.Awards in the program for other employees cover-ing the performance period 2021\u20132023 were also finalized in 2023. The number of stock options granted over the three-year period is 776,535, reflecting the realized target achievement of 96%.Number of options DKK DKK millionStock options Executive Vice presidents Other Avg. exercise Grant date fair Grant date fair The number of outstanding options (excl. stock awards) has developed as follows: Leadership Teamand directors employees Totalprice per optionvalue per optionvalue totalOutstanding at January 1, 2023 1,154,235 3,577,131 2,544,891 7,276,257 331Change in Management (170,285) 170,285 - -Granted\ue61f 189,134 318,128 - 507,262 355 98 50Allocation adjustment\ue61e 105,399 170,568 252,676 528,643 382 67 35Exercised\ue61d (14,382) (404,669) (230,309) (649,360) 271Forfeited - (26,553) (113,148) (139,701) 383Expired - (2,326) (37,945) (40,271) 244Outstanding at December 31, 2023 1,264,101 3,802,564 2,416,165 7,482,830 341Outstanding at January 1, 2022 899,295 3,761,733 2,349,300 7,010,328 312Granted\ue61c 235,877 318,779 557,898 1,112,554 416 82 92Allocation adjustment\ue61e 19,063 19,439 32,382 70,884 351 48 3Exercised\ue61d - (414,669) (222,654) (637,323) 264Forfeited - (98,188) (165,200) (263,388) 366Expired - (9,963) (6,835) (16,798) 275Outstanding at December 31, 2022 1,154,235 3,577,131 2,544,891 7,276,257 331Number of exercisable options at December 31, 2023 2,775,168 279Number of exercisable options at December 31, 2022 2,534,562 2781. The allocation of stock options for 2023\u20132025 will be adjusted in January 2026 based on the cumulative level of target achievement for the period.2. The allocation of stock options for 2021\u20132023 has been adjusted based on the realized level of target achievement for the period (96%).3. The weighted average share price for stock options exercised during 2023 was DKK 352 (2022: DKK 433).4. 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.For stock options outstanding at December 31, 2023, the range of exercise prices is DKK 249-486 per option (2022: DKK 233-486 per option), and the weighted average remaining term to maturity is five years (2022: five years).During 2023, DKK 151 million arising from stock-based payment was recognized in the income statement (2022: DKK 127 million), DKK 147 mil-lion of which was from equity-settled programs (2022: DKK 123 million) and DKK 4 million was from cash-settled programs (2022: DKK 4 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 23 million was recognized for this in 2023 (2022: DKK 21 million). The intrinsic value of exercisable cash-settled programs in 2023 was DKK 9 million (2022: DKK 9 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 2023 2022Expected future dividends per share DKK 39.6 38.9Volatility % 32.0 25.9Annual risk-free interest rate % 2.3 0.3Weighted average share price at grant date DKK 355 416Furthermore, 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 2023, 137,305 stock awards with an aggregate fair value of DKK 49 million were granted (2022: DKK 45 million) which will be expensed over the three-year period (2023\u20132025). The total number of outstanding stock awards at December 31, 2023 was 389,590 (2022: 314,029).The fair value of these at December 31, 2023 was DKK 145 million (2022: 111 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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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__174": {
"value": "The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__177": {
"value": "6.3 Contingent liabilities and pending litigationPending 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. Contingent liabilitiesAt December 31, 2023 Novozymes had a contin-gent liability in the form of a break-up fee of up to DKK 2,348 million (EUR 315 million) in the unlikely event that the combination of Novozymes and Chr. Hansen did not obtain regu-latory approval. As the combination was completed on January 29, 2024, the liability did not materialize. At December 31, 2023, Novozymes had entered into consultancy agreements with fees contin-gent on the completion of the combination with Chr. Hansen. The expected fees amount to approximately DKK 250 million.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__176": {
"value": "6.3 Contingent liabilities and pending litigationPending 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. Contingent liabilitiesAt December 31, 2023 Novozymes had a contin-gent liability in the form of a break-up fee of up to DKK 2,348 million (EUR 315 million) in the unlikely event that the combination of Novozymes and Chr. Hansen did not obtain regu-latory approval. As the combination was completed on January 29, 2024, the liability did not materialize. At December 31, 2023, Novozymes had entered into consultancy agreements with fees contin-gent on the completion of the combination with Chr. Hansen. The expected fees amount to approximately DKK 250 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__175": {
"value": "6.3 Contingent liabilities and pending litigationPending 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. Contingent liabilitiesAt December 31, 2023 Novozymes had a contin-gent liability in the form of a break-up fee of up to DKK 2,348 million (EUR 315 million) in the unlikely event that the combination of Novozymes and Chr. Hansen did not obtain regu-latory approval. As the combination was completed on January 29, 2024, the liability did not materialize. At December 31, 2023, Novozymes had entered into consultancy agreements with fees contin-gent on the completion of the combination with Chr. Hansen. The expected fees amount to approximately DKK 250 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__23": {
"value": "Novo Nordisk Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__180": {
"value": "Share 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__179": {
"value": "6.5 Non-controlling interestsDKK million 2023 2022Share purchase liability at January 1 760 717Currency translation adjustments (29) (32)Interest 80 75Fair value adjustment (197) -Paid as dividend (30) -Share purchase liability at December 31 584 760Share purchase liabilityOn 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. The remaining 40% of the shares in Synergia Life Sciences are expected to be acquired in 2024 and a liability of DKK 584 million (2022: DKK 760 million) is recognized.The redemption amount is contingent on the achievement of realized sales for Synergia Life Sciences for the period January 1, 2023 to December 31, 2023 within the range of DKK 575 million to DKK 1,035 million.In 2023, Management reassessed the value of the redemption amount due to lower-than-expected realized sales and reduced the liability by DKK 197 million. The fair value adjustment is recognized in Equity and was partly offset by interest and currency translation adjustments.Fair value of the share purchase liability is assessed by using the most probable redemption amount, discounted at a rate of 11% (2022: 11%).Currency translation adjustments and interest of net DKK 51 million (2022: DKK 43 million) have been recognized in Equity. The share purchase liability is denominated in INR. The liability is reduced by DKK 30 million from dividend payment of the non-controlling inter-ests\u2019 stake of the net working capital and cash balances at the acquisition 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.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.Transactions with non-controlling interestsDividend of DKK 30 million (2022: DKK 0 million) is paid to the non-controlling interests in Synergia Life Sciences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__181": {
"value": "6.6 Fees to statutory auditorsDKK million 2023 2022Statutory audit 11 9Other assurance engagements 2 -Tax assurance services 1 3Other services 6 10Fees to statutory auditors 20 22Group audit fee ratio 0.8 1.4Audit 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. No such approval was given in 2023.In 2022, approval was given for advisory services and mandatory statements of DKK 9.6 million related to the combination of Novozymes and Chr. Hansen.Certain restrictions apply regarding the nonaudit services that the auditors elected at the Annual Shareholders\u2019 Meeting may perform, including a 70% cap. The fee for nonaudit services per-formed for Novozymes by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was DKK 5 million (2022: DKK 4 million) and did not exceed the 70% cap. The services comprise tax advisory ser-vices concerning transfer pricing, advisory ser-vices related to the combination of Novozymes and Chr. Hansen and other general financial reporting and tax consultancy. The fee paid for the mandatory statements related to the combi-nation of Novozymes and Chr. Hansen are by definition not a nonaudit service in relation to the 70% cap.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__183": {
"value": "The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__185": {
"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 ownedParent CompanyNovozymes A/S, DenmarkPercentage of Activityshares ownedSubsidiariesNovozymes BioAg S.A., Argentina100Novozymes Australia Pty. Ltd.*, Australia100Novozymes Belgium BV*, Belgium100Novozymes Latin America Ltda.*, Brazil100Novozymes BioAg Productos Para Agricultura Ltda., Brazil100Novozymes BioAg Limited, Canada100Novozymes Canada Limited, Canada100Nuocheng Trillion Food (Tianjin) Co., Ltd., China100Novozymes (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 EG SSC*, Egypt100Novozymes France S.A.S.*, France100Novozymes Deutschland GmbH*, Germany100Novozymes Berlin GmbH, Germany100Novozymes Greece Single Member SA*, Greece100Novozymes Hong Kong Ltd., Hong Kong100Percentage of Activityshares ownedNovozymes 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.*, Malaysia100Novozymes Mexicana, S.A. de C.V.*, Mexico100Novozymes Mexico, S.A. de C.V., Mexico100Novozymes Nederland B.V.*, Netherlands100, Novozymes RUS LLC***, Russia 100Novozymes Singapore Pte. Ltd.*, Singapore100Novozymes South Africa (Pty) Ltd.*, South Africa100Novozymes Korea Limited*, South Korea100Novozymes Spain S.A.*, Spain100Novozymes Switzerland AG, Switzerland100Novozymes (Thailand) Ltd.*, Thailand100Novozymes Enzim Dis Ticaret Ltd. Sirketi*, T\u00fcrkiye100Novozymes UK Ltd.*, U.K.100Novozymes BioAg, Inc., U.S.100Novozymes Biologicals, Inc., U.S.100Novozymes Blair, Inc., U.S.100Percentage of Activityshares ownedNovozymes, Inc., U.S.100Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S.100Novozymes North America, Inc., U.S.100Novozymes US, Inc.*, U.S.100Joint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 40.60Microbiogen 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.** Sales to Russia have been discontinued and the sales office in Russia has been closed.",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__184": {
"value": "6.8 Events after the reporting dateOn January 29, 2024, the final regulatory On January 26, 2024, the European approvals were obtained and the final registra-Commission\u2019s approved Kerry as the purchaser tion of the statutory merger with the Danish of the global lactase enzyme business.Business Authority was successfully completed.Reference is made to Note 4.5, Note 5.5 and The combination of Novozymes and Chr. Hansen Note 6.3 for further details. will create a leading global biosolutions partner with a broad biological toolbox and a diversified portfolio in attractive markets.Further information on the combination are described in Note 3.5.",
"dimensions": {
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"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__187": {
"value": "Percentage of Activityshares ownedNovozymes, Inc., U.S.100Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S.100Novozymes North America, Inc., U.S.100Novozymes US, Inc.*, U.S.100Joint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 40.60Microbiogen 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.** Sales to Russia have been discontinued and the sales office in Russia has been closed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notesesefdkgaap__7__186": {
"value": "Percentage of Activityshares ownedNovozymes, Inc., U.S.100Physicians Exclusive LLC (d.b.a) Microbiome Labs, U.S.100Novozymes North America, Inc., U.S.100Novozymes US, Inc.*, U.S.100Joint operations/associatesGrundejerforeningen Sm\u00f8rmosen*, DenmarkGrundejerforeningen Hallas Park*, Denmarkst21.BIO A/S*, Denmark 40.60Microbiogen 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.** Sales to Russia have been discontinued and the sales office in Russia has been closed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900T6WNZXD2R3JW38",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}
}