{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"NOV": "http://xbrl.novonordisk.com/2022-12-31",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://xbrl.novonordisk.com/2022-12-31/NOVO-2022-12-31.xsd"
]
},
"facts": {
"pp-value-8-1": {
"value": "Our business is built around our clear purpose: position within Rare Disease, and establish a driving change to defeat diabetes and other serious strong presence in other serious chronic diseases, chronic diseases. Our key contribution is to discover such as cardiovascular disease (CVD), non-alcoholic and develop innovative medicines and make them steatohepatitis (NASH), chronic kidney disease accessible to patients throughout the world. We (CKD) and Alzheimer\u2019s disease (AD), and provide aim to strengthen our leadership and treatment curative therapies based on our cell therapy options in diabetes and obesity, secure a leading platform.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f687": {
"value": "Novo Nordisk is a global healthcare company, ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f691": {
"value": "headquartered in Denmark.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8050": {
"value": "Novo Nordisk A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8103": {
"value": " Novo Nordisk Foundation.",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10572": {
"value": "176954000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10575": {
"value": "140800000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10578": {
"value": "126946000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10583": {
"value": "28448000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10586": {
"value": "23658000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10589": {
"value": "20932000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10594": {
"value": "148506000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10597": {
"value": "117142000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10600": {
"value": "106014000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10605": {
"value": "46217000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:SellingExpenseAndDistributionCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10608": {
"value": "37008000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:SellingExpenseAndDistributionCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10611": {
"value": "32928000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:SellingExpenseAndDistributionCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10617": {
"value": "24047000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10620": {
"value": "17772000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10623": {
"value": "15462000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10628": {
"value": "4467000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10631": {
"value": "4050000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10634": {
"value": "3958000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10640": {
"value": "1034000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10643": {
"value": "332000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10646": {
"value": "460000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10651": {
"value": "74809000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10654": {
"value": "58644000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10657": {
"value": "54126000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10662": {
"value": "239000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10665": {
"value": "2887000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10668": {
"value": "1628000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10673": {
"value": "5986000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10676": {
"value": "2451000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10679": {
"value": "2624000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10684": {
"value": "69062000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10687": {
"value": "59080000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10690": {
"value": "53130000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10695": {
"value": "13537000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10698": {
"value": "11323000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10701": {
"value": "10992000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10705": {
"value": "55525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10708": {
"value": "47757000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10711": {
"value": "42138000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10717": {
"value": "24.51",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10720": {
"value": "20.79",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10723": {
"value": "18.05",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10728": {
"value": "24.44",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10731": {
"value": "20.74",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10734": {
"value": "18.01",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"f10744": {
"value": "55525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10747": {
"value": "47757000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10750": {
"value": "42138000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10757": {
"value": "615000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10760": {
"value": "146000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10763": {
"value": "-67000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10769": {
"value": "2289000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10772": {
"value": "1624000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10775": {
"value": "-1689000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10782": {
"value": "-1740000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10785": {
"value": "1802000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10788": {
"value": "-329000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10794": {
"value": "1026000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10797": {
"value": "-1755000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10800": {
"value": "1384000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10804": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10807": {
"value": "112000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10810": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeBeforeTax",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10816": {
"value": "889000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10819": {
"value": "-1005000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10822": {
"value": "577000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10826": {
"value": "4778000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10829": {
"value": "-670000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10832": {
"value": "-610000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10837": {
"value": "60303000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10840": {
"value": "47087000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10843": {
"value": "41528000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10905": {
"value": "55525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10908": {
"value": "47757000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10911": {
"value": "42138000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10917": {
"value": "13537000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10920": {
"value": "11323000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10923": {
"value": "10992000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10928": {
"value": "7362000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10931": {
"value": "6025000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10934": {
"value": "5753000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10939": {
"value": "22310000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10942": {
"value": "13009000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10945": {
"value": "7849000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10950": {
"value": "5336000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10953": {
"value": "8656000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10956": {
"value": "4353000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10961": {
"value": "276000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10964": {
"value": "241000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10967": {
"value": "100000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10971": {
"value": "272000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10974": {
"value": "261000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10977": {
"value": "422000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10982": {
"value": "14515000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10985": {
"value": "14438000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10988": {
"value": "10106000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10993": {
"value": "78887000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10996": {
"value": "55000000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f10999": {
"value": "51951000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11004": {
"value": "2607000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11007": {
"value": "1050000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11010": {
"value": "16256000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11015": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11018": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11021": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11027": {
"value": "12146000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11030": {
"value": "6335000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11033": {
"value": "5825000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11038": {
"value": "7075000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11041": {
"value": "18283000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11044": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11049": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "NOV:ProceedsFromSalesOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11052": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "NOV:ProceedsFromSalesOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11055": {
"value": "12000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:ProceedsFromSalesOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11059": {
"value": "169000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:PurchaseOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11062": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:PurchaseOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11065": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "NOV:PurchaseOfOtherNonCurrentFinancialAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11069": {
"value": "9566000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11072": {
"value": "7109000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11075": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11079": {
"value": "6645000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11082": {
"value": "1172000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11085": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11090": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11093": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11096": {
"value": "392000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11102": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11105": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11108": {
"value": "18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11112": {
"value": "-24918000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11115": {
"value": "-31605000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11118": {
"value": "-22436000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11129": {
"value": "24086000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11132": {
"value": "19447000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11135": {
"value": "16855000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11140": {
"value": "25303000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11143": {
"value": "21517000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11146": {
"value": "20121000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11152": {
"value": "11215000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11155": {
"value": "22160000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11158": {
"value": "5682000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11164": {
"value": "13623000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11167": {
"value": "6689000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11170": {
"value": "950000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11174": {
"value": "-51797000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11177": {
"value": "-25493000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11180": {
"value": "-32244000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11185": {
"value": "2172000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11188": {
"value": "-2098000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11191": {
"value": "-2729000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11195": {
"value": "10719000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11198": {
"value": "12226000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11201": {
"value": "15411000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11205": {
"value": "-238000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11208": {
"value": "591000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11211": {
"value": "-456000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11217": {
"value": "12653000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11220": {
"value": "10719000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11223": {
"value": "12226000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11281": {
"value": "51416000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11284": {
"value": "43171000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11290": {
"value": "66671000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11293": {
"value": "55362000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11297": {
"value": "327000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11300": {
"value": "525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11305": {
"value": "13427000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11308": {
"value": "8672000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11313": {
"value": "206000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:NonCurrentPrepaymentsAndOtherNonCurrentReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11316": {
"value": "267000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:NonCurrentPrepaymentsAndOtherNonCurrentReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11320": {
"value": "1016000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11323": {
"value": "916000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11329": {
"value": "133063000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11332": {
"value": "108913000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11337": {
"value": "24388000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11340": {
"value": "19621000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11346": {
"value": "50560000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11349": {
"value": "40643000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11354": {
"value": "940000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11357": {
"value": "1119000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11362": {
"value": "6005000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:CurrentPrepaymentsAndOtherCurrentReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11365": {
"value": "5037000000",
"decimals": -6,
"dimensions": {
"concept": "NOV:CurrentPrepaymentsAndOtherCurrentReceivables",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11370": {
"value": "10921000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11373": {
"value": "6765000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11378": {
"value": "2727000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11381": {
"value": "1690000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11386": {
"value": "12653000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Cash",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11389": {
"value": "10720000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Cash",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11394": {
"value": "108194000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11397": {
"value": "85595000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11402": {
"value": "241257000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11405": {
"value": "194508000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11415": {
"value": "456000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11418": {
"value": "462000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11424": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11427": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11431": {
"value": "80587000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11434": {
"value": "72004000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11439": {
"value": "2449000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11442": {
"value": "-1714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11447": {
"value": "83486000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11450": {
"value": "70746000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11456": {
"value": "24318000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11459": {
"value": "12961000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11464": {
"value": "7061000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11467": {
"value": "5271000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11471": {
"value": "762000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11474": {
"value": "1280000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11478": {
"value": "100000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11481": {
"value": "360000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11487": {
"value": "4590000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11490": {
"value": "4374000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11496": {
"value": "36831000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11499": {
"value": "24246000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11505": {
"value": "1466000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11508": {
"value": "13684000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11513": {
"value": "15587000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11516": {
"value": "8870000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11521": {
"value": "7091000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11524": {
"value": "3658000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11528": {
"value": "23606000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11531": {
"value": "19600000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11536": {
"value": "2903000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11539": {
"value": "2184000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11545": {
"value": "70287000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11548": {
"value": "51520000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11553": {
"value": "120940000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11556": {
"value": "99516000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11561": {
"value": "157771000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11564": {
"value": "123762000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11569": {
"value": "241257000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11572": {
"value": "194508000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11663": {
"value": "462000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11666": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11669": {
"value": "72004000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11672": {
"value": "-1714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11675": {
"value": "70746000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11678": {
"value": "470000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11681": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11684": {
"value": "63774000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11687": {
"value": "-911000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11690": {
"value": "63325000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11693": {
"value": "480000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11696": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11699": {
"value": "57817000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11702": {
"value": "-694000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11705": {
"value": "57593000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11709": {
"value": "55525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11712": {
"value": "55525000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11715": {
"value": "47757000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11718": {
"value": "47757000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11721": {
"value": "42138000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11724": {
"value": "42138000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11728": {
"value": "615000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11731": {
"value": "4163000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11734": {
"value": "4778000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11737": {
"value": "146000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11740": {
"value": "-816000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11743": {
"value": "-670000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11746": {
"value": "-67000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11749": {
"value": "-543000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11752": {
"value": "-610000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11757": {
"value": "56140000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11760": {
"value": "4163000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11763": {
"value": "60303000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11766": {
"value": "47903000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11769": {
"value": "-816000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11772": {
"value": "47087000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11775": {
"value": "42071000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11778": {
"value": "-543000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11781": {
"value": "41528000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11787": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11790": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11793": {
"value": "-13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11796": {
"value": "-13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11799": {
"value": "-326000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11802": {
"value": "-326000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11808": {
"value": "25303000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11811": {
"value": "25303000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11814": {
"value": "21517000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11817": {
"value": "21517000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11820": {
"value": "20121000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11823": {
"value": "20121000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11827": {
"value": "1539000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11830": {
"value": "1539000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11833": {
"value": "1040000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11836": {
"value": "1040000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11839": {
"value": "823000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11842": {
"value": "823000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11848": {
"value": "-287000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11851": {
"value": "-287000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11854": {
"value": "-245000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11857": {
"value": "-245000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11860": {
"value": "-31000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11863": {
"value": "-31000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11868": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11871": {
"value": "24080000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11874": {
"value": "24086000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11877": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11880": {
"value": "19441000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11883": {
"value": "19447000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11886": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11889": {
"value": "16847000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11892": {
"value": "16855000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11896": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11899": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11902": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11905": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11908": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11911": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11914": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11917": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11920": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11925": {
"value": "456000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11928": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11931": {
"value": "80587000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11934": {
"value": "2449000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11937": {
"value": "83486000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11941": {
"value": "462000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11944": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11947": {
"value": "72004000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11950": {
"value": "-1714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11953": {
"value": "70746000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"f11957": {
"value": "470000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:DKK"
}
},
"f11960": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:DKK"
}
},
"f11963": {
"value": "63774000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:DKK"
}
},
"f11966": {
"value": "-911000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:DKK"
}
},
"f11969": {
"value": "63325000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"pp-value-39-2": {
"value": "Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements. Given the uncertainties inherent in Novo Nordisk\u2019s business activities, Management must make certain estimates regarding valuation and make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures.The key accounting estimates identified are those that have a significant risk of resulting in a material adjustment to the measurement of assets and liabilities in the following reporting period. An example being the estimation of US sales deductions and provisions for sales rebates. When determining estimates and assumptions, Management has assessed the qualitative and quantitative impact of climate related risks. It is Management\u2019s assessment that the effect of climate related risks do not significantly impact estimates and assumptions.Management bases its estimates on historical experience and various other assumptions that are held to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information. The actual amounts may differ from the amounts estimated as more detailed information becomes available. In addition, Management makes judgements in the process of applying the entity\u2019s accounting policies, for example the classification of a transaction as an asset acquisition or a business combination.Management regards those listed below as the key accounting estimates and judgements used in the preparation of the consolidated financial statements. Please refer to the specific notes for further information on the key accounting estimates and judgements as well as assumptions applied. Key accounting estimates and judgements Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining the fair value of intangible assets and assessment of impairment of intangible assets Medium 3.1, 5.3Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5Judgement of whether a transaction is an asset acquisition or a business combination Low 5.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "1.2 Changes in accounting policies and disclosuresManagement has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after 1 January 2022. Management assessed that application of these has not had a material impact on the consolidated financial statements for 2022. Furthermore, Management has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB that has not yet become effective. Management does not anticipate any significant impact on future periods from the adoption of these amendments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-1": {
"value": "Section 1 Basis of preparation1.1 Principal accounting policies and key accounting estimatesThe consolidated financial statements included in this Annual Report have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further requirements in the Danish Financial Statements Act. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-1": {
"value": "Measurement basisThe consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments, equity investments, marketable securities and trade receivables in a factoring portfolio, which are measured at fair value. The principal accounting policies set out below have been applied consistently in the preparation of the consolidated financial statements for all the years presented. The general accounting policies are described in note 5.6.Principal accounting policiesNovo Nordisk\u2019s accounting policies are described in each of the individual notes to the consolidated financial statements. Accounting policies listed below are regarded as the principal accounting policies applied by Management:\u2013 Net sales and rebates (Note 2.1)\u2013 Research and development costs (Note 2.3) \u2013 Income taxes and deferred income taxes (Note 2.6)\u2013 Intangible assets (Note 3.1)\u2013 Provisions and contingent liabilities (Note 3.5)\u2013 Derivative financial instruments (Note 4.4)\u2013 Acquisition of businesses (Note 5.3)Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements. Given the uncertainties inherent in Novo Nordisk\u2019s business activities, Management must make certain estimates regarding valuation and make judgements on the reported amounts of assets, liabilities, net sales, expenses and related disclosures.The key accounting estimates identified are those that have a significant risk of resulting in a material adjustment to the measurement of assets and liabilities in the following reporting period. An example being the estimation of US sales deductions and provisions for sales rebates. When determining estimates and assumptions, Management has assessed the qualitative and quantitative impact of climate related risks. It is Management\u2019s assessment that the effect of climate related risks do not significantly impact estimates and assumptions.Management bases its estimates on historical experience and various other assumptions that are held to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information. The actual amounts may differ from the amounts estimated as more detailed information becomes available. In addition, Management makes judgements in the process of applying the entity\u2019s accounting policies, for example the classification of a transaction as an asset acquisition or a business combination.Management regards those listed below as the key accounting estimates and judgements used in the preparation of the consolidated financial statements. Please refer to the specific notes for further information on the key accounting estimates and judgements as well as assumptions applied. Key accounting estimates and judgements Risk Note(s)Estimate of US sales deductions and provisions for sales rebates High 2.1, 3.5Estimate in determining the fair value of intangible assets and assessment of impairment of intangible assets Medium 3.1, 5.3Estimate regarding deferred income tax assets and provision for uncertain tax positions Medium 2.6Estimate of ongoing legal disputes, litigation and investigations Medium 3.5Judgement of whether a transaction is an asset acquisition or a business combination Low 5.3Applying materialityThe consolidated financial statements are a result of processing large numbers of transactions and aggregating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the consolidated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. Management provides the specific disclosures required by IFRS unless the information is not applicable or is considered immaterial to the decision-making of the primary users of these financial statements.1.2 Changes in accounting policies and disclosuresManagement has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB and IFRSs endorsed by the European Union effective on or after 1 January 2022. Management assessed that application of these has not had a material impact on the consolidated financial statements for 2022. Furthermore, Management has assessed the impact of new or amended accounting standards and interpretations (IFRSs) issued by the IASB that has not yet become effective. Management does not anticipate any significant impact on future periods from the adoption of these amendments. Section 2 Results for the year2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million2022 2021 2020Gross sales 455,692 340,180 298,187US Managed Care and Medicare(161,123) (112,929) (96,716)US wholesaler charge-backs(56,443) (40,354) (37,036)US Medicaid rebates(24,667) (19,810) (17,307)Other US discounts and sales returns(18,300) (14,119) (10,867)Non-US rebates, discounts and sales returns (18,205) (12,168) (9,315)Total gross-to-net sales adjustments(278,738) (199,380) (171,241)Net sales176,954 140,800 126,946Provisions for sales rebatesDKK million 2022 2021 2020At the beginning of the year 50,822 34,052 30,878Additional provisions, including increases to existing provisions 206,354 155,602 111,921Amount paid during the year (189,580) (141,370) (106,116)Adjustments, including unused amounts reversed during the year (1,141) (284) 166Effect of exchange rate adjustment 3,044 2,822 (2,797)At the end of the year 69,499 50,822 34,052Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 75% of gross sales in the US (75% in 2021 and 74% in 2020). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B drug pricing program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebates are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargebacks are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk has changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Please refer to note 3.5 Provisions and contingent liabilities for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes, and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2022, Novo Nordisk had three major wholesalers distributing products in the US, representing 19%, 14% and 13% respectively of global net sales (18%, 13% and 13% in 2021 and 19%, 13% and 12% in 2020). Sales to these three wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 1,835 million within 12 months (DKK 1,012 million in 2021) and DKK 798 million thereafter (DKK 962 million in 2021).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.3 for development in key exchange rates.Accounting policiesRevenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, Key accounting estimates of sales deductions and provisions for sales rebatesSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations require use of significant judgement, as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to 340B drug pricing program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Determining the amount of revenue to recognise requires significant estimation. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the historical claims experience. Please refer to note 3.5 Provisions and contingent liabilities for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on currently available information. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available. 2.2 Segment informationBusiness segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2022 2021 2020 2022 2021 2020 2022 2021 2020Total net sales 156,412 121,597 108,020 20,542 19,203 18,926 176,954 140,800 126,946Cost of goods sold (23,405) (19,363) (17,715) (5,043) (4,295) (3,217) (28,448) (23,658) (20,932)Sales and distribution costs (42,392) (33,791) (29,903) (3,825) (3,217) (3,025) (46,217) (37,008) (32,928)Research and development costs (20,157) (15,600) (13,535) (3,890) (2,172) (1,927) (24,047) (17,772) (15,462)Administrative costs (3,955) (3,504) (3,387) (512) (546) (571) (4,467) (4,050) (3,958)Other operating income and expenses 892 199 264 142 133 196 1,034 332 460Segment operating profit 67,395 49,538 43,744 7,414 9,106 10,382 74,809 58,644 54,126Operating margin 43.1% 40.7% 40.5% 36.1% 47.4% 54.9% 42.3% 41.7% 42.6%Depreciation, amortisation and impairment losses expensed (5,701) (4,895) (4,624) (1,661) (1,130) (1,129) (7,362) (6,025) (5,753)Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease (formerly known as Biopharm), representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2013 Diabetes and Obesity care: diabetes, obesity and other serious chronic diseases\u2013 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. Accounting policiesOperating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.Geographical areasIn 2022, Novo Nordisk operated in two main commercial units:\u2013 International Operations \u2013 EMEA: Europe, the Middle East and Africa. \u2013 China: Mainland China, Hong Kong and Taiwan. \u2013 Rest of World: All other countries except for North America.\u2013 North America Operations (the US and Canada).In 2022, the US contributed with 10% or more of total net sales. In 2021 and2020 Mainland China also contributed with 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.8% of total sales are realised outside Denmark. Sales are attributed to geographical areas according to the location of the customer. Out of total property, plant and equipment and intangible assets of DKK 118,087 million (DKK 98,533 million in 2021), DKK 54,492 million is located in Denmark (DKK 46,705 million in 2021) and DKK 44,744 million is located in the US (DKK 41,035 million in 2021) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging is recognised in the income statement in financial items. Please refer to notes 4.3, 4.4 and 4.10 for more details on hedging.Net sales \u2013 Business segments and geographical areasTotal International Operations Total North America Operations Total Novo Nordisk net salesTotal IO EMEA China Rest of World Total NAO Of which the USDKK million 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020Diabetes and Obesity care segment:\u00aeRybelsus3,155 524 36 1,714 289 36 63 \u2014 \u2014 1,378 235 \u2014 8,144 4,314 1,837 8,011 4,243 1,826 11,299 4,838 1,873\u00aeOzempic17,369 8,856 3,634 10,417 6,393 3,112 2,196 303 10 4,756 2,160 512 42,381 24,849 17,577 38,750 23,168 16,650 59,750 33,705 21,211\u00aeVictoza5,672 6,726 7,095 2,724 3,527 4,251 1,478 1,544 1,033 1,470 1,655 1,811 6,650 8,328 11,652 6,406 8,031 11,292 12,322 15,054 18,747Total GLP-1 26,196 16,106 10,765 14,855 10,209 7,399 3,737 1,847 1,043 7,604 4,050 2,323 57,175 37,491 31,066 53,167 35,442 29,768 83,371 53,597 41,831Long-acting insulin 11,403 11,074 9,959 7,157 6,729 6,451 1,636 2,080 1,471 2,610 2,265 2,037 5,338 6,990 8,480 4,685 6,412 7,962 16,741 18,064 18,439\u00ae \u2013 of which Tresiba6,092 5,486 4,407 3,485 2,979 2,574 1,050 1,095 418 1,557 1,412 1,415 3,261 4,243 4,561 2,723 3,793 4,191 9,353 9,729 8,968\u00ae \u2013 of which Xultophy2,400 2,135 1,789 1,716 1,693 1,605 45 3 1 639 439 183 409 522 655 399 512 642 2,809 2,657 2,444\u00ae \u2013 of which Levemir2,911 3,453 3,763 1,956 2,057 2,272 541 982 1,052 414 414 439 1,668 2,225 3,264 1,563 2,107 3,129 4,579 5,678 7,027Premix insulin 10,023 10,512 10,246 2,622 2,879 2,959 4,912 5,224 4,852 2,489 2,409 2,435 539 691 679 517 665 652 10,562 11,203 10,925\u00ae \u2013 of which Ryzodeg2,889 1,711 1,291 495 392 321 1,218 283 39 1,176 1,036 931 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,889 1,711 1,291\u00ae \u2013 of which NovoMix7,134 8,801 8,955 2,127 2,487 2,638 3,694 4,941 4,813 1,313 1,373 1,504 539 691 679 517 665 652 7,673 9,492 9,634Fast-acting insulin 10,826 10,903 10,808 6,456 6,454 6,584 1,942 2,288 2,075 2,428 2,161 2,149 6,637 6,784 7,505 6,247 6,357 7,101 17,463 17,687 18,313\u00ae \u2013 of which Fiasp1,354 1,106 832 1,138 965 764 \u2014 \u2014 \u2014 216 141 68 649 642 553 606 605 519 2,003 1,748 1,385\u00ae \u2013 of which NovoRapid9,472 9,797 9,976 5,318 5,489 5,820 1,942 2,288 2,075 2,212 2,020 2,081 5,988 6,142 6,952 5,641 5,752 6,582 15,460 15,939 16,928Human insulin 6,508 7,453 7,339 1,983 2,152 2,370 1,812 2,692 2,655 2,713 2,609 2,314 1,678 1,599 1,534 1,605 1,515 1,431 8,186 9,052 8,873Total insulin 38,760 39,942 38,352 18,218 18,214 18,364 10,302 12,284 11,053 10,240 9,444 8,935 14,192 16,064 18,198 13,054 14,949 17,146 52,952 56,006 56,550Other Diabetes care 2,428 2,6442,946 717 713 725 1,181 1,432 1,546 530 499 675 797 950 1,085 660 806 943 3,225 3,594 4,031Total Diabetes care 67,384 58,692 52,063 33,790 29,136 26,488 15,220 15,563 13,642 18,374 13,993 11,933 72,164 54,505 50,349 66,881 51,197 47,857 139,548 113,197 102,412\u00aeWegovy54 \u2014 \u2014 54 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 6,134 1,386 \u2014 6,134 1,386 \u2014 6,188 1,386 \u2014\u00aeSaxenda5,832 3,117 2,118 3,561 1,809 1,124 133 61 10 2,138 1,247 984 4,844 3,897 3,490 4,368 3,526 3,230 10,676 7,014 5,608Total Obesity care 5,886 3,117 2,118 3,615 1,809 1,124 133 61 10 2,138 1,247 984 10,978 5,283 3,490 10,502 4,912 3,230 16,864 8,400 5,608Diabetes and Obesity care total 73,270 61,809 54,181 37,405 30,945 27,612 15,353 15,624 13,652 20,512 15,240 12,917 83,142 59,788 53,839 77,383 56,109 51,087 156,412 121,597 108,020Rare disease segment: Rare blood disorders 6,671 5,784 5,708 3,795 3,712 3,579 604 222 361 2,272 1,850 1,768 5,035 4,433 3,954 4,710 4,170 3,675 11,706 10,217 9,662 \u2013 of which Haemophilia A 1,769 1,625 1,332 1,137 1,162 983 81 24 16 551 439 333 569 487 381 543 460 358 2,338 2,112 1,713 \u2013 of which Haemophilia B 479 400 306 294 268 199 13 4 \u2014 172 128 107 280 237 212 152 102 86 759 637 518\u00ae \u2013 of which NovoSeven4,335 3,673 3,996 2,311 2,225 2,352 510 194 345 1,514 1,254 1,299 3,973 3,548 3,207 3,811 3,461 3,089 8,308 7,221 7,203Rare endocrine disorders 4,904 4,880 4,832 2,232 2,212 2,220 246 167 66 2,426 2,501 2,546 2,234 2,423 2,875 2,205 2,400 2,857 7,138 7,303 7,707Other Rare disease 1,002 1,064 1,108 804 837 886 6 6 5 192 221 217 696 619 449 358 330 205 1,698 1,683 1,557Rare disease total 12,577 11,728 11,648 6,831 6,761 6,685 856 395 432 4,890 4,572 4,531 7,965 7,475 7,278 7,273 6,900 6,737 20,542 19,203 18,926Total sales by geographical area 85,847 73,537 65,829 44,236 37,706 34,297 16,209 16,019 14,084 25,402 19,812 17,448 91,107 67,263 61,117 84,656 63,009 57,824 176,954 140,800 126,946Total sales growth as reported 16.7% 11.7% 6.9% 17.3% 9.9% 6.5% 1.2% 13.7% 9.7% 28.2% 13.5% 5.7% 35.4% 10.1% 1.1% 34.4% 9.0% 0.6% 25.7% 10.9% 4.0%2.3 Research and development costsDKK million 2022 2021 2020Employee costs (note 2.4) 9,952 7,328 6,269Amortisation and impairment losses, intangible assets (note 3.1) 1,364 744 1,025Depreciation and impairment losses, property, plant and equipment (note 3.2) 922 736 724Other research and development costs 11,809 8,964 7,444Total research and development costs 24,047 17,772 15,462As percentage of net sales 13.6% 12.6% 12.2%Novo Nordisk's research and development is mainly focused on: \u2013 insulins, GLP-1s and other therapeutic compounds for diabetes treatment\u2013 GLP-1s, combinations and new modes of action for Obesity care\u2013 blood-clotting factors and new modes of action for treatment of haemophilia and other rare blood disorders\u2013 human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders\u2013 new indications with existing assets within NASH, Alzheimer\u2019s and chronic kidney disease\u2013 Research technology platforms including cell therapy and RNAi for treatment of NASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among othersThe research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise new technology platforms including stem cells, gene therapy and RNAi therapies.Research and development activities are carried out by Novo Nordisk's research and development centres, mainly in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships and licence agreements.Accounting policiesNovo Nordisk expenses all research costs. In line with industry practice, internal and subcontracted development costs are also expensed as they are incurred, due to significant regulatory uncertainties and other uncertainties inherent in the development of new products. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internal and external costs related to execution of studies, includingmanufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. The largest individual type of cost included in Other research and development costs are clinical trial cost.Certain research and development activities are recognised outside research and development costs:\u2013 Royalty expenses paid to partners after regulatory approval are expensed as cost of goods sold\u2013 Royalty income received from partners is recognised as part of other operating income and expenses\u2013 Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.2.4 Employee costsDKK million 2022 2021 2020Wages and salaries 34,575 28,939 26,778Share-based payment costs (note 5.1) 1,539 1,040 823Pensions \u2013 defined contribution plans 2,472 2,022 1,961Pensions \u2013 defined benefit plans 185 139 138Other social security contributions 2,713 2,203 1,862Other employee costs 3,105 2,189 2,044Total employee costs for the year 44,589 36,532 33,606Employee costs capitalised as intangible assets and property, plant and equipment (1,451) (1,240) (1,279)Change in employee costs capitalised as inventories (70) (56) (60)Total employee costsin the income statement 43,068 35,236 32,267Included in the income statement:Cost of goods sold 11,766 9,611 8,896Sales and distribution costs 17,700 15,003 14,146Research and development costs 9,952 7,328 6,269Administrative costs 3,517 3,098 2,848Other operating income and expenses 133 196 108Total employee costs in theincome statement 43,068 35,236 32,267Number of employees 2022 2021 2020Year-end number of full-time employees 54,393 47,792 44,723Year-end employees (total) 55,185 48,478 45,323Remuneration to Executive Management and Board of Directors DKK million 2022 2021 2020Salary and short-term incentive 141 126 119Pension 13 12 26Benefits 9 10 101Long-term incentive97 100 52Severance payments \u2014 29 \u20142Executive Management in total260 277 2073Fee to Board of Directors20 17 17Total 280 294 2241. Please refer to note 5.1 for further information. 2. Total remuneration for registered members of Executive Management amounts to DKK 175 million (DKK 202 million in 2021 and DKK 141 million in 2020). 3. All members of the Board of Directors are registered. Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.2.5 Other operating income and expensesAccounting policiesOther operating income and expenses, comprises licence income and other income of a secondary nature in relation to the main activities of Novo Nordisk. Licence income from royalties on net sales is recognised as the underlying customers' sale occurs and from sales milestones once the contingent sale milestone is achieved in accordance with the terms of the relevant agreement. Operating profit from the wholly owned subsidiary NNE A/S, not related to Novo Nordisk's main activities, is recognised as other operating income and expenses. Other operating income and expenses, also includes income from the sale of intellectual property rights as well as costs associated with secondary income and transaction costs incurred in connection with acquisition of businesses.2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2022 2021 2020Current tax on profit for the year 17,829 13,871 11,557Deferred tax on profit for the year (3,806) (1,528) 1,105Tax on profit for the year 14,023 12,343 12,662Current tax adjustments recognised for prior years 339 (603) (563)Deferred tax adjustments recognised for prior years (825) (417) (1,107)Income taxes in the income statement 13,537 11,323 10,992Tax on other comprehensive income for the year, (income)/expense 889 (1,005) 577Computation of effective tax rateDKK million 2022 2021 2020Statutory corporate income tax rate in Denmark 22.0% 22.0% 22.0%Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net) (1.1%) (1.5%) (2.5%)Non-taxable income less non-tax-deductible expenses (net) (0.5%) (0.3%) (0.2%)Other adjustments (net) (0.8%) (1.0%) 1.4%Effective tax rate 19.6% 19.2% 20.7%Income taxes paidDKK million 2022 2021 2020Income taxes paid in Denmark for current year 9,181 9,703 4,262Income taxes paid outside Denmark for current year 5,647 3,439 4,508Income taxes paid/(repayments) relating to prior years (313) 1,296 1,336Income taxes paid 14,515 14,438 10,106The deviation in foreign subsidiaries' tax rates from the Danish tax rate is mainly driven by Swiss and US business activities. Other adjustments consist of tax related to acquisitions and adjustments to prior years.In 2020, income taxes paid in Denmark and paid outside Denmark were impacted by transfers of intellectual property rights related to acquisitions. In 2022, paid taxes related to prior years are impacted by a refund of overpaid tax from 2021.Accounting policiesThe tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 567 million (DKK 444 million in 2021). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.Key accounting estimate regarding deferred income tax assets and provisions for uncertain tax positionsManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 456 million in 2022 (DKK 166 million in 2021).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most probable outcome\u2019-method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.Development in deferred income tax assets and liabilitiesProperty,Offset plant and Intangible within DKK millionequipmentassets InventoriesLiabilities Othercountries Total2022Net deferred tax asset/(liability) at 1 January (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Income/(charge) to the income statement (413) 674 (465) 3,999 836 4,631Income/(charge) to other comprehensive income \u2014 \u2014 (130) (141) (608) (879)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 234 234Additions from acquisitions (5.3) \u2014 (1,475) \u2014 \u2014 242 (1,233)Effect of exchange rate adjustment (9) (103) (5) 217 112 212Net deferred tax asset/(liability) at 31 December (2,402) (8,279) 2,595 11,007 3,445 \u2014 6,366Classified as follows:Deferred tax asset at 31 December 579 195 2,627 11,027 4,169 (5,170) 13,427Deferred tax liability at 31 December (2,981) (8,474) (32) (20) (724) 5,170 (7,061)2021Net deferred tax asset/(liability) at 1 January (1,614) (3,600) 2,556 4,617 1,404 \u2014 3,363Income/(charge) to the income statement (330) 632 387 2,037 (781) 1,945Income/(charge) to other comprehensive income \u2014 2 251 (41) 793 1,005Income/(charge) to equity \u2014 (2) \u2014 \u2014 194 192Additions from acquisitions (5.3) \u2014 (4,456) \u2014 \u2014 976 (3,480)Effect of exchange rate adjustment (36) 49 1 319 43 376Net deferred tax asset/(liability) at 31 December (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Classified as follows:Deferred tax asset at 31 December 719 109 3,210 7,223 3,541 (6,130) 8,672Deferred tax liability at 31 December (2,699) (7,484) (15) (291) (912) 6,130 (5,271)2.7 Earnings per share2022 2021 2020Net profit 55,525 47,757 42,138Average number of shares in million 1outstandingshares 2,265.3 2,296.6 2,333.9Dilutive effect of average in million 2outstanding share poolshares 7.0 6.5 6.1Average number of shares outstanding, including dilutive effect of outstanding in million share poolshares 2,272.3 2,303.1 2,340.0Basic earnings per share DKK 24.51 20.79 18.05Diluted earnings per share DKK 24.44 20.74 18.011. For further information on the development in treasury shares, please refer to note 4.22. For further information on the outstanding share pool, please refer to note 5.1.Accounting policiesEarnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Please refer to 'Financial definitions' for a description of calculation of the dilutive effect.Section 3 Operating assets and liabilitiesAmortisation and impairment lossesDKK million 2022 2021 2020Cost of goods sold 846 844 369Sales and distribution costs 34 39 40Research and development costs 1,364 744 1,025Administrative costs 19 11 10Other operating income and expenses 96 1 2Total amortisation and impairment loss 2,359 1,639 1,446Total amortisation 1,599 1,066 1,096Total impairment losses 760 573 3502022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights and goodwill; please refer to note 5.3. Of the total addition of intangible assets in 2022 DKK 544 million is related to software projects and internally generated intangible assets (DKK 492 million in 2021).Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2022Cost at the beginning of the year 4,346 41,802 3,434 49,582Additions from acquisition of businesses (note 5.3) 524 5,766 492 6,782Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)Effect of exchange rate adjustment 222 1,004 (38) 1,188Cost at the end of the year 5,092 49,731 5,281 60,104Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,688Carrying amount at the end of the year 5,092 42,994 3,330 51,4162021Cost at the beginning of the year \u2014 22,404 2,936 25,340Additions from acquisition of businesses (note 5.3) 4,346 18,687 24 23,057Additions during the year \u2014 583 492 1,075Disposals during the year \u2014 \u2014 (45) (45)Effect of exchange rate adjustment \u2014 128 27 155Cost at the end of the year 4,346 41,802 3,434 49,582Amortisation and impairment losses at the beginning of the year \u2014 3,135 1,548 4,683Amortisation for the year \u2014 866 200 1,066Impairment losses for the year \u2014 573 \u2014 573Amortisation and impairment losses reversed on disposals during the year \u2014 \u2014 (1) (1)Effect of exchange rate adjustment \u2014 78 12 90Amortisation and impairment losses at the end of the year \u2014 4,652 1,759 6,411Carrying amount at the end of the year 4,346 37,150 1,675 43,1713.1 Intangible assets2021 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Dicerna Pharmaceuticals, Inc., which primarily includes the RNAi research technology platform and pipeline assets, which are recognised within intellectual property rights and goodwill; please refer to note 5.3. In 2021, Novo Nordisk acquired Prothena\u2019s wholly-owned subsidiary Neotope Neuroscience Ltd. and thereby gained full worldwide rights to the intellectual property rights of Prothena\u2019s ATTR amyloidosis business and pipeline cover. The acquisition included the clinical stage antibody PRX004. PRX004 is an antibody that uses a depleter mechanism that has the potential to improve heart failure symptoms and reverse the disease progression within the ATTR-CM diseases. The transaction has been accounted for as an asset acquisition recognised in intellectual property rights, all related to PRX004.Intangible assets other than goodwillIn 2022, an impairment loss of DKK 760 million (DKK 573 million in 2021) was recognised, all related to intellectual property rights. DKK 250 million (DKK 436 million in 2021) of the impairment was related to the Diabetes and Obesity care segment and DKK 510 million (DKK 137 million in 2021) was related to Rare disease. The entire impairment loss in 2022 was recognised in research and development costs (DKK 573 million in research and development costs in 2021). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2022 or in 2021. Goodwill As of 31 December 2022, goodwill is allocated to the segments Diabetes and Obesity care (DKK 4,154 million) and Rare diseases (DKK 938 million). At 31 December 2021, goodwill from the acquisition of Dicerna Pharmaceuticals, Inc was unallocated as the purchase price allocation for the acquisition was provisional. As of 31 December 2022, goodwill from the acquisition of Forma Therapeutics Holdings, Inc. is allocated to Rare disease based on a provisional purchase price allocation. No impairment of goodwill was recognised in 2022 or 2021 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. Fair value less costs of disposal is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flows from the forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market- and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 28,013 million (DKK 22,690 million in 2021), primarily intellectual property rights and goodwill.Intellectual property rights include DKK 5,546 million provisionally allocated to Etavopivat (please refer to note 5.3), DKK 4,648 million related to Ziltivekimab (DKK 4,612 million in 2021) and DKK 3,704 million related to Nedosiran (DKK 3,854 million in 2021), all of which are intangible assets under development. In addition, intellectual property rights contain DKK 6,584 million related to Rybelsus (DKK 7,150 million in 2021), which has a remaining useful life of 12 years (13 years in 2021); and DKK 10,251 million (DKK 10,135 million in 2021) related to the RNAi technology platform, with a remaining useful life of 22 years (23 years in 2021). For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Goodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are not subject to amortisation. They are tested annually for impairment, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event is probable of being achieved. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Accounting policiesResearch and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed untilregulatory approval is obtained or is probable; please refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the servicesare received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. They are tested annually, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2013 Development of a competing drug\u2013 Realised sales trending below predicted sales\u2013 Changes or anticipated changes in participation rates or reimbursement policies\u2013 Inconsistent or unfavourable clinical readouts\u2013 Changes in the legal framework covering patents, rights and licences\u2013 Advances in medicine and/or technology that affect the medical treatments\u2013 Adverse impact on reputation and/or brand names\u2013 Changes in the economic lives of similar assets\u2013 Relationship to other intangible assets or property, plant and equipment.If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. Key accounting estimates and judgements on intangible assets Impairment tests are based on management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively. 3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,6712021Cost at the beginning of the year 37,509 31,503 6,876 10,798 86,686Additions from acquisition of businesses (note 5.3) 522 \u2014 57 3 582Additions during the year 827 890 516 4,858 7,091Disposals during the year (359) (148) (305) (41) (853)Transfer and reclassifications 1,529 3,078 468 (5,075) \u2014Effect of exchange rate adjustment 1,048 621 164 548 2,381Cost at the end of the year 41,076 35,944 7,776 11,091 95,887Depreciation and impairment losses at the beginning of the year 12,936 19,444 4,037 \u2014 36,417Depreciation for the year 1,892 1,529 824 \u2014 4,245Impairment losses for the year 14 32 54 41 141Depreciation and impairment losses reversed on disposals during the year (365) (140) (305) (41) (851)Effect of exchange rate adjustment 192 273 108 \u2014 573Depreciation and impairment losses at the end of the year 14,669 21,138 4,718 \u2014 40,525Carrying amount at the end of the year 26,407 14,806 3,058 11,091 55,362Depreciation and impairment lossesDKK million 2022 2021 2020Cost of goods sold 3,229 2,836 2,729Sales and distribution costs 424 409 403Research and development costs 922 736 724Administrative costs 408 386 433Other operating income and expenses 20 19 18Total depreciation and impairment losses 5,003 4,386 4,307Of which related to leased assets 1,052 899 964Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for diabetes products, mainly the new facilities in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the vast majority being invested in API capacity. These expansions will provide capacity for the production of Novo Nordisk\u2019s current and future oral and injectable products.Leased property, plant and equipmentDKK million 2022 2021Land and buildings 3,544 3,340Other equipment 587 499Total 4,131 3,839Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2022, the total amount recognised in the income statement related to leases was DKK 1,491 million (DKK 1,303 million in 2021). The total cash outflow for leases amounted to DKK 1,438 million (DKK 1,275 million in 2021). As of 31 December 2022, the lease liability excludes potential lease payments of DKK 3,723 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 2,209 million in 2021). Please refer to note 4.5 for a maturity analysis of lease payments.Accounting policiesProperty, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful lives of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated).The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and development costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases),the Group estimates the leasing period to be equal to the termination period if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, please refer to note 4.9. 3.3 InventoriesDKK million 2022 2021Raw materials 6,392 4,310Work in progress 13,673 12,285Finished goods 6,038 5,282Total inventories (gross) 26,103 21,877Write-downs at year-end (1,715) (2,256)Total inventories (net) 24,388 19,621Indirect production costs included in work in progress and finished goods 10,640 8,929Share of total inventories (net) 44% 46%Movements in inventory write-downs:Write-downs at the beginning of the year 2,256 2,153Write-downs during the year 1,110 883Utilisation of write-downs (1,482) (661)Reversal of write-downs (169) (119)Write-downs at the end of the year 1,715 2,256All write-downs in both 2022 and 2021 relate to fully impaired inventory.Accounting policiesInventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2022Not yet due 50,649 (920) 49,7291-90 days 729 (113) 61691-180 days 194 (77) 117181-270 days 149 (51) 98271-360 days 57 (57) \u2014More than 360 days past due 302 (302) \u2014Trade receivables 52,080 (1,520) 50,560EMEA 9,486 (859) 8,627China 1,138 \u2014 1,138Rest of World 5,297 (632) 4,665North America Operations 36,159 (29) 36,130Trade receivables 52,080 (1,520) 50,5602021Not yet due 40,274 (844) 39,4301-90 days 1,132 (93) 1,03991-180 days 212 (74) 138181-270 days 87 (51) 36271-360 days 63 (63) \u2014More than 360 days past due 305 (305) \u2014Trade receivables 42,073 (1,430) 40,643EMEA 7,827 (852) 6,975China 2,564 \u2014 2,564Rest of World 4,227 (558) 3,669North America Operations 27,455 (20) 27,435Trade receivables 42,073 (1,430) 40,643Movements in allowance for doubtful trade receivablesDKK million 2022 2021Carrying amount at the beginning of the year 1,430 1,380Reversal of allowance on realised losses (15) (62)Net movement recognised in income statement 212 102Effect of exchange rate adjustment (107) 10Allowance at the end of the year 1,520 1,430Novo Nordisk\u2019s customer base is comprised of government agencies, wholesalers, retail pharmacies and other customers. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2022 have overall remained unchanged from 2021.No loss allowance has been recognised on trade receivables in factoring portfolios in 2022 and 2021. Please refer to note 4.3 for more info on the trade receivable programmes.Accounting policiesTrade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Please refer to note 4.3 for a general description of credit risk.3.5 Provisions and contingent liabilitiesProvisionsProvisions ProvisionsOtherfor salesfor legal for product provi-2022 202112DKK millionrebatesdisputesreturnssionsTotalTotalAt the beginning of the year 50,822 2,157 858 2,057 55,894 39,340Additional provisions, including increases to existing provisions 206,354 437 591 333 207,715 157,164Amount used during the year (189,580) (103) (437) (158) (190,278) (142,691)Adjustments, including unused amounts reversed during the year (1,141) (245) 10 (292) (1,668) (970)Effect of exchange rate adjustment 3,044 130 8 32 3,214 3,051At the end of the year 69,499 2,376 1,030 1,972 74,877 55,8943Non-current liabilities322 2,028 412 1,828 4,590 4,374Current liabilities 69,177 348 618 144 70,287 51,5201. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B drug pricing program and other types of US rebates, as well as rebates in a number of European countries and Canada.2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits, company-owned life insurance, etc. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2023 and 2024. In the case of provisions for legal disputes, the timing of settlement cannot be determined.Pending litigation against Novo NordiskIn January 2021, Novo Nordisk made changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk is currently engaged in litigation against the government seeking a declaration that its 340B policy is consistent with relevant US laws. On 30 January 2023, the U.S. Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy meets the requirements of the 340B statute. This ruling, as well as other expected rulings in related matters pending before the U.S. Courts of Appeals for the Seventh and DC Circuits, may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent appeals in this and related matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in NY Federal Court against Novo Nordisk US, Eli Lilly, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs through contract pharmacy arrangements. The lawsuit was subsequently dismissed by the Court on 2 September 2022, and the plaintiffs have sought leave to file an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending fourteen lawsuits, including three putative class actions, relating to the pricing of diabetes medicines. Four of these cases are pending in New Jersey federal court; four are pending in federal courts in Mississippi, Arkansas, Montana and New York and the remaining six are pending in state courts in Kansas, Illinois, Kentucky, California, Missouri and Puerto Rico. All pending matters also name as defendants Eli Lilly and Company and Sanofi, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk US received a Civil Investigative Demand from the US Department of Justice (\u201cDOJ CID\u201d) relating to potential off-label marketing of \u00aeNovoSeven (including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk US employee (the \u201cRelator\u201d) in the Western District of Oklahoma. Relator alleges Novo Nordisk US caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In 2019, the DOJ and 28 state AGs declined to intervene in the Relator\u2019s lawsuit. The State of Washington chose to intervene, and a consolidated complaint was filed and unsealed by the court on 28 May 2020. Novo Nordisk moved to dismiss the complaint, which resulted in certain claims being dismissed and certain claims remaining at this stage of the case. This matter is in the early stages of discovery and Novo Nordisk does not expect the lawsuit to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo\ue662NordiskNovo Nordisk US has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Washington, New Mexico, New York, Colorado, Vermont, Illinois, Texas, Ohio and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1 products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk US received a CID from the United States Department of Justice relating to the company\u2019s financial relationships with \u00ae\u00aehealthcare professional and prescriptions for Ozempic and Rybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with Department of Justice in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is one of several pharmaceutical companies that received requests for information involving pricing practices for its diabetes products from several committees of the Unites States House of Representatives and/or United States Senate. Novo Nordisk has responded to the various committees in response to their requests. Novo Nordisk does not expect the inquiries to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Other contingent liabilitiesIn addition to the above, the Novo Nordisk Group is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.Accounting policiesProvisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Please refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.Key accounting estimates regarding ongoing legal disputes, litigation and investigationsProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.Section 4 Capital structure and financial items4.1 Distribution to shareholders DKK million 2022 2021 2020Interim dividend for the year 9,613 8,021 7,570Dividend for prior year 15,690 13,496 12,551Share repurchases for the year 24,086 19,447 16,855Total 49,389 40,964 36,976Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returned to investors. The net cash distribution to shareholders in the form of dividends and share repurchases amounts to DKK 49,389 million, compared with a free cash flow of DKK 57,362 million. The total dividend for 2022 amounts to DKK 27,950 million (DKK 12.40 per share). The 2022 final dividend of DKK 18,337 million (DKK 8.15 per share) is expected to be distributed pending approval at the Annual General Meeting. The interim dividend of DKK 9,613 million (DKK 4.25 per share) was paid in August 2022. The total dividend for 2021 was DKK 23,711 million (DKK 10.40 per share), of which the final dividend of DKK 15,690 million (DKK 6.90 per share) was paid in March 2022. No dividend is declared on treasury shares.Novo Nordisk's dividend pay-outs are complemented by share repurchase programmes.4.2 Share capital, Treasury shares and Other reservesDevelopment in number of sharesMillion shares A shares B shares TotalShares beginning of 2021 537 1,813 2,350Shares cancelled in 2021 \u2014 (40) (40)Outstanding shares end of 2021 537 1,773 2,310Shares cancelled in 2022 \u2014 (30) (30)Outstanding shares end of 2022 537 1,743 2,280Each A share of DKK 0.2 per share carries 200 votes and each B share of DKK 0.2 per share carries 20 votes. At the end of 2022, the share capital amounted to DKK 107 million in A share capital (DKK 107 million in 2021 and 2020) and DKK 349 million in B share capital (DKK 355 million in 2021 and DKK 363 million in 2020).Treasury shares 2022 2021Market Number of Number of value,B shares B shares DKK million(million)(million)Holding at the beginning of the year 22,858 31.1 37.5Cancellation of treasury shares (22,050) (30.0) (40.0)Released allocated shares to employees (1,350) (1.8) (1.1)Purchase during the year 24,086 30.8 34.7Value adjustment 4,698 \u2014 \u2014Holding at the end of the year 28,242 30.1 31.1At the end of 2022, the holding of treasury shares amounted to 1.3% of the total outstanding shares (1.3% of the outstanding shares in 2021). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.2 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings.The purchase of treasury shares during the year relates to the remaining part of the 2021 share repurchase programme, totalling DKK 1.6 billion and the DKK 24 billion Novo Nordisk B share repurchase programme for 2022, of which DKK 1.5 billion was outstanding at year-end. The programme ended on 30 January 2023. Specification of Other reservesExchange Tax and rate ad-Cash flow other DKK millionjustmentshedgesitems Total2020Reserve at the beginning of the year (839) (329) 474 (694)Other comprehensive income, net (1,689) 1,713 (567) (543)Transferred to intangible assets \u2014 418 (92) 326Reserve at the end of the year (2,528) 1,802 (185) (911)2021Other comprehensive income, net 1,624 (3,557) 1,117 (816)Transferred to intangible assets \u2014 15 (2) 13Reserve at the end of the year (904) (1,740) 930 (1,714)2022Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at the end of the year 1,385 1,026 38 2,449According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are paid from distributable reserves. As of 31 December 2022, distributable reserves total DKK 63,136 million (DKK 51,114 million in 2021), corresponding to the parent company's retained earnings and reserve for cash flow hedges and exchange rate adjustments.4.3 Financial risksManagement has assessed the following key financial risks:Type Financial riskForeign exchange risk HighCredit risk LowInterest rate risk LowLiquidity risk LowNovo Nordisk has a centralised management of the Group's financial risks. The overall objectives and policies for the company's financial risk management are outlined in the internal Treasury Policy, which is approved by the Board of Directors. The Treasury Policy consists of the Foreign Exchange Policy, the Investment Policy, the Financing Policy and the Policy regarding Credit Risk on Financial Counterparts, and includes a description of permitted use of financial instruments and risk limits.Novo Nordisk only hedges commercial exposures and consequently does not enter into derivative transactions for trading or speculative purposes. Novo Nordisk uses a fully integrated treasury management system to manage all financial positions, and all positions are marked-to-market. Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, JPY, CAD and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results.Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY JPY CAD GBPAverage exchange rate applied (DKK per 100)2022 708 105 5.40 543 8732021 629 97 5.73 502 8652020 654 95 6.13 488 839Year-end exchange rate applied (DKK per 100)2022 697 101 5.29 515 8382021 657 103 5.70 517 8852020 606 93 5.88 474 824Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.Sensitivity on operating profit of an immediate 5% decrease 1in key currenciesDKK million USD CNY JPY CAD GBP2023 (3,180) (500) (240) (320) (160)2022 (2,350) (360) (230) (200) (120)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2022, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,026 million has been deferred for recognition in 2023 (In 2021 a negative market value of DKK 1,740 million was deferred for recognition in 2022). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKK and EURDKK million 2022 2021Sensitivity of all currenciesIncome statement (37) (113)Other comprehensive income 3,431 2,677Total 3,394 2,564Hereof sensitivity of USDIncome statement 150 87Other comprehensive income 2,923 2,218Total 3,073 2,3052. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYJPY CAD GBP2022 12 0 12 9 112021 12 0 12 9 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2022, the hedging horizon varied between 9 and 12 months for USD, JPY, CAD and GBP. Average hedge rate for USD cash flow hedges is 696 at the end of 2022 (628 at the end of 2021).Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit risk exposure to financial counterpartiesCredit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2022AAA range 6 10,797 \u2014 10,803AA range 5,507 \u2014 963 6,470A range 6,550 124 1,764 8,438BBB range 124 \u2014 \u2014 124Not rated or below BBB range 466 \u2014 \u2014 466Total 12,653 10,921 2,727 26,3012021AAA range 477 6,765 \u2014 7,242AA range 3,726 \u2014 585 4,311A range 5,637 \u2014 1,105 6,742BBB range 23 \u2014 \u2014 23Not rated or below BBB range 857 \u2014 \u2014 857Total 10,720 6,765 1,690 19,175Novo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 26,301 million (DKK 19,175 million in 2021). In addition, Novo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 52,714 million (DKK 43,425 million in 2021). Please refer to note 4.9 for details of the Group's total financial assets. To manage credit risk regarding financial counterparties, Novo Nordisk only enters into derivative financial contracts and money market deposits with financial counterparties possessing a satisfactory long-term credit rating from at least two out of the three selected rating agencies: Standard and Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for each counterparty diversify the overall counterparty risk. The credit risk on marketable securities is low, as investments are made in highly liquid bonds with predominantly AAA credit ratings. Credit risk exposure to non-financial counterpartiesOutside the US, Novo Nordisk has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, as the exposure in general is spread over a large number of counterparties and customers. In the US, the three major wholesalers account for a large proportion of total net sales, see note 2.1. However, US wholesaler credit ratings are monitored, and part of the trade receivables are sold on full non-recourse terms; see below for details. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2022 have overall remained unchanged from 2021 to 2022. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2022 amounting to:DKK million 2022 2021 2020US 1,394 1,313 1,817Japan 2,273 2,453 2,351Novo Nordisk's subsidiaries in the US and Japan employ trade receivable programmes in which trade receivables are sold on full non-recourse terms to optimise working capital.Please refer to note 3.4 for the split of allowance for trade receivables by geographical segment. Interest rate riskNovo Nordisk\u2019s exposure to interest rate risk is considered to be low due to the capital structure. Non-current debt consists of fixed rate instruments. Interest rate risk on marketable securities of DKK 10,921 million is considered low due to a low portfolio duration. Liquidity riskThe liquidity risk is considered to be low. Novo Nordisk ensures the availability of the required liquidity through a combination of cash management, highly liquid investment portfolios and both uncommitted and committed credit facilities. Novo Nordisk uses cash pools for optimisation and centralisation of cash management.Financial reserves comprise the sum of cash and cash equivalents at the end of the year, marketable securities with original term to maturity exceeding three months and undrawn committed credit and loan facilities, with a maturity of more than 12 months, less loans and bank overdrafts classified as liabilities arising from financing activities contractually obliged for repayment within 12 months of the balance sheet date. Financial reservesDKK million 2022 2021 2020Cash and cash equivalents (note 4.6) 12,653 10,719 12,226Marketable securities 10,921 6,765 \u20144Undrawn committed credit facility11,527 11,526 11,5315Undrawn bridge facility\u2014 \u2014 5,577Borrowings (Note 4.5) (480) (12,861) (576)Financial reserves 34,621 16,149 28,7584. The undrawn committed credit facility comprises a EUR 1,550 million facility (EUR 1,550 million in 2021 and EUR 1,550 million in 2020) committed by a portfolio of international banks. The facility matures in 2025. 5. For 2020, the undrawn bridge facility comprises the EUR 750 million (DKK 5,577 million) undrawn portion of EUR 1,500 million bridge facility. 4.4 Derivative financial instrumentsDerivative financial instruments 2022 2021ContractPositive Negative Contract Positive Negative amount fair value fair value amount fair value fair value DKK millionat year-endat year-endat year-endat year-endat year-endat year-end1Forward contracts USD59,292 1,591 907 42,351 17 1,667Forward contracts JPY, GBP and CAD 10,677 373 31 9,032 32 122Forward contracts, cash flow hedges 69,969 1,964 938 51,383 49 1,7891Forward contracts USD38,432 639 1,942 30,909 1,607 284Forward contracts CNH, CAD, EUR, GBP and JPY 4,111 124 23 7,361 34 111Forward contracts, fair value hedges 42,543 763 1,965 38,270 1,641 395Total derivative financial instruments 112,512 2,727 2,903 89,653 1,690 2,184Recognised in the income statement 763 1,965 1,641 395Recognised in other comprehensive income 1,964 938 49 1,7891. Average hedge rate for USD cash flow hedges is 696 at the end of 2022 (628 at the end of 2021) and average hedge rate for USD fair value hedges is 714 at the end of 2022 (628 at the end of 2021).The fair value of cash flow hedges at year-end 2022, a gain of DKK 1,026 million, has been recognised in other comprehensive income. The financial contracts are expected to impact the income statement withinthe next 12 months, with deferred gains and losses on cash flow hedgesthen being transferred to financial income or financial expenses. There is no expected ineffectiveness at 31 December 2022, primarily because hedging instruments match currencies of hedged cash flows. Use of derivative financial instrumentsThe derivative financial instruments are used to manage the exposure to foreign exchange risk. None of the derivatives are held for trading. Novo Nordisk uses forward exchange contracts to hedge forecast transactions, assets and liabilities. Net investments in foreign subsidiaries are currently not hedged.Accounting policiesOn initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2013 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2013 hedges of the fair value of a forecast financial transaction (cash flow hedge).All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments please refer to note 4.9.4.5 BorrowingsContractual undiscounted cash flows Issued Bank Euro-over-1DKK million Leasesbonds LoansdraftsTotal2022Within 1 year 1,088 \u2014 \u2014 480 1,5681-3 years 1,566 8,556 \u2014 \u2014 10,1223-5 years 923 3,707 \u2014 \u2014 4,630More than 5 years 1,416 8,512 \u2014 \u2014 9,928Total 4,993 20,775 \u2014 480 26,248Carrying amount end of the year 4,529 20,775 \u2014 480 25,784Non-current liabilities 3,543 20,775 \u2014 \u2014 24,318Current liabilities 986 \u2014 \u2014 480 1,4662021Within 1 year 946 \u2014 12,503 359 13,8081-3 years 1,475 4,854 \u2014 \u2014 6,3293-5 years 942 \u2014 \u2014 \u2014 942More than 5 years 1,266 4,800 \u2014 \u2014 6,066Total 4,629 9,654 12,503 359 27,145Carrying amount end of the year 4,129 9,654 12,503 359 26,645Non-current liabilities 3,307 9,654 \u2014 \u2014 12,961Current liabilities 822 \u2014 12,503 359 13,684Issuance of Eurobonds Nominal value in millionsInterest Maturity EUR DKK0.000% Fixed Jun 2024 650 4,8340.750% Fixed Mar 2025 500 3,7181.125% Fixed Sep 2027 500 3,7180.125% Fixed Jun 2028 650 4,8341.375% Fixed Mar 2030 500 3,718Reconciliation of liabilities arising from financing activitiesNon-cash movementsBeginning of Re-Exchange End of 2DKK millionthe yearpayments Proceeds AdditionsDisposalsrates Otherthe year2022Lease liabilities 4,129 (998) \u2014 1,358 (1) 43 (2) 4,529Issued Eurobonds 9,654 \u2014 11,120 \u2014 \u2014 (2) 3 20,775Loans 12,503 (12,623) \u2014 \u2014 \u2014 120 \u2014 \u20141Bank overdrafts358 (2) 95 \u2014 \u2014 27 2 480Liabilities arising from financing activities 26,644 (13,623) 11,215 1,358 (1) 188 3 25,7841Bank overdrafts1 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total borrowings 26,645 (13,624) 11,215 1,358 (1) 188 3 25,7842021Lease liabilities 3,672 (874) \u2014 1,183 \u2014 146 2 4,129Issued Eurobonds \u2014 \u2014 9,657 \u2014 \u2014 \u2014 (3) 9,654Loans 5,577 (5,577) 12,503 \u2014 \u2014 \u2014 \u2014 12,5031Bank overdrafts576 (238) \u2014 \u2014 \u2014 17 3 358Liabilities arising from financing activities 9,825 (6,689) 22,160 1,183 \u2014 163 2 26,6441Bank overdrafts531 (527) \u2014 \u2014 \u2014 \u2014 (3) 1Total borrowings 10,356 (7,216) 22,160 1,183 \u2014 163 (1) 26,6451. Bank overdrafts includes DKK 480 million classified as financing activities (DKK 358 million in 2021) and none classified as cash and cash equivalents (DKK 1 million in 2021). 2. Includes additions from acquisitions of businesses.EurobondsIn 2022, three tranches with aggregate principal amount of EUR 1.5 billion corresponding to DKK 11.1 billion were launched under the programme. Net proceeds of the issuances have been used for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk\u2019s acquisition of Dicerna Pharmaceuticals, Inc. in 2021. In 2021, two tranches with an aggregate principal amount of EUR 1.3 billion corresponding to DKK 9.7 billion were launched. Net proceeds of the issuances have been used by Novo Nordisk for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk\u2019s acquisition of Emisphere Technologies Inc. in 2020. Issued Eurobonds are listed on Euronext Dublin. The total fair value of issued Eurobonds amounts to DKK 18.7 billion (DKK 9.6 billion in 2021).Sale and repurchase agreementIn 2021, as part of bridge funding the acquisition of Dicerna Pharmaceuticals, Inc., Novo Nordisk entered into a sale and repurchase agreement of marketable securities (REPO). On 31 December 2021, the carrying amount of the assets transferred was DKK 5,937 million, and the associated liabilities amounted to DKK 5,937 million. The repurchase was fixed, and Novo Nordisk therefore retained full exposure from fair value changes of the marketable securities. Therefore, the transaction was treated as a collateralised lending arrangement. The marketable securities were repurchased in 2022. Accounting policies The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination please refer to note 4.9.4.6 Cash and cash equivalents DKK million 2022 2021 2020Cash at bank (note 4.3) 12,653 10,720 12,7571Borrowings (note 4.5) \u2014 (1) (531)Cash and cash equivalents 12,653 10,719 12,2261. Bank overdrafts includes DKK 480 million classified as financing activities (DKK 358 million in 2021) and none classified as cash and cash equivalents (DKK 1 million in 2021).Cash and cash equivalents at 31 December 2022 includes DKK 458 million that is restricted (DKK 1,123 million in 2021). The restricted cash balance relates to subsidiaries in which availability of currency for remittance of funds is temporarily scarce.Accounting policiesCash and cash equivalents consists of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement. 4.7 Other non-cash itemsDKK million 2022 2021 2020Reversals of non-cash income statement itemsInterest income and interest expenses, net (note 4.10) 139 58 53Capital gain/(loss) on investments, net, etc. (note 4.10) 124 (340) 195Result of associated companies (note 4.10) 189 24 (149)Share-based payment costs (note 5.1) 1,539 1,040 823Increase/(decrease) in provisions (note 3.5) and retirement benefit obligations 19,080 16,581 3,605Other 1,239 (4,354) 3,322Total other non-cash items 22,310 13,009 7,8494.8 Change in working capitalDKK million 2022 2021 2020Inventories (4,767) (1,085) (895)Trade receivables (9,917) (12,909) (2,822)Other receivables and prepayments (968) (469) (419)Trade payables 6,717 3,153 (641)Other liabilities 4,006 2,595 1,274Adjustment for payables related to non-current assets (1,567) (15) 879Adjustment related to acquisition of businesses (143) (1,409) \u2014Change in working capital including exchange rate adjustments (6,639) (10,139) (2,624)Exchange rate adjustments 1,303 1,483 (1,729)Cash flow change in working capital (5,336) (8,656) (4,353)4.9 Financial assets and liabilitiesFinancial assets by categoryDKK million 2022 2021Other financial assets 559 553Marketable securities 10,921 6,765Financial assets at fair value through the income statement 11,480 7,318Derivative financial instruments (note 4.4) 2,727 1,690Derivatives used as hedging instruments (assets) 2,727 1,690Other financial assets 457 363Trade receivables (note 3.4) 16,593 15,036Other receivables and prepayments(current and non-current) 6,211 5,304\u2013 less prepayments and VAT receivables (5,073) (3,438)Cash at bank (note 4.6) 12,653 10,720Financial assets at amortised cost 30,841 27,985Trade receivables in a factoring portfolio 33,967 25,607Financial assets at fair value through other comprehensive income 33,967 25,607Total financial assets at the end of the year by category 79,015 62,600Financial liabilities by categoryDerivative financial instruments (note 4.4) 2,903 2,184Derivatives used as hedging instruments (liability) 2,903 2,184Borrowings (non-current) (note 4.5) 24,318 12,961Borrowings (current) (note 4.5) 1,466 13,684Trade payables 15,587 8,870Other liabilities (non-current) 100 360Other liabilities (current) 23,606 19,600\u2013 less VAT and duties payable (875) (590)Financial liabilities measured at amortised cost 64,202 54,885Total financial liabilities at the end of the 1year by category67,105 57,0691. Please refer to note 4.5 for a maturity analysis for non-current and current borrowings.Financial assets with the exception of other financial assets and the non-current part of other receivables and prepayments (DKK 206 million in 2022, DKK 267 million in 2021) are all due within one year. Other financial assets at amortised cost include DKK 433 million which are due in more than five years (DKK 335 million in 2021). Other financial assets measured at fair value through the income statement are minor shareholdings.Fair value measurement hierarchyDKK million 2022 2021Active market data 11,288 7,169Directly or indirectly observable market data 2,727 1,690Not based on observable market data 34,159 25,756Total financial assets at fair value 48,174 34,615Active market data \u2014 \u2014Directly or indirectly observable market data 2,903 2,184Not based on observable market data \u2014 \u2014Total financial liabilities at fair value 2,903 2,184Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2022 or 2021. Disclosed fair value of issued Eurobonds are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, please refer to notes 4.3 and 4.4.Accounting policiesDepending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2013 Financial assets at fair value through the income statement\u2013 Financial assets used as hedging instruments\u2013 Financial assets at amortised cost\u2013 Financial assets at fair value through other comprehensive income\u2013 Financial liabilities used as hedging instruments\u2013 Financial liabilities at amortised costManagement determines the classification of its financial instruments on initial recognition and re-evaluates this at the end of every reporting period to the extent that such a classification is permitted or required.Recognition and measurementFinancial assets at fair value through the income statement consist of equity investments and marketable securities. These financial instruments are initially recognised at fair value. Equity investments are included in other financial assets. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, please refer to note 4.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, please refer to note 3.4.Purchases and sales of financial assets are recognised on the settlement date. Financial assets are removed from the balance sheet when the rights to receive cash flows have expired or have been transferred and Novo Nordisk has substantially transferred all the risks and rewards of ownership. Financial liabilities at fair value through the income statement consist of financial derivative instruments. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue). Other liabilities primarily comprises employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue. These are initially recognised at the fair value of the proceeds received less transaction costs. The difference between the proceeds received and the nominal value is recognised in financial expenses over the term of the loan using the effective interest method. For initial recognition of lease liabilities refer to note 4.5. Financial liabilities are derecognised when the obligation is repaid, cancelled or expires.Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input are used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.4.10 Financial income and expensesFinancial incomeDKK million 2022 2021 2020Financial income1Interest income239 231 337Foreign exchange gain (net) \u2014 \u2014 1,142Financial gain from forward contracts (net) \u2014 2,316 \u2014Capital gain on investments, etc. \u2014 340 \u2014Result of associated companies \u2014 \u2014 149Total financial income 239 2,887 1,628Financial expenses1Interest expenses378 289 390Foreign exchange loss (net) 2,885 1,972 \u2014Financial loss from forward contracts (net) 1,766 \u2014 1,889Capital loss on investments, etc. 124 \u2014 195Capital loss on marketable securities 463 44 \u2014Result of associated companies 189 24 \u2014Other financial expenses 181 122 150Total financial expenses 5,986 2,451 2,6241. Total interest income and expenses is measured at amortised cost for financial assets and liabilities.Financial impact from forward contracts, specifiedDKK million 2022 2021 2020Income/(loss) transferred from other comprehensive income (1,740) 1,802 (329)Value adjustment of transferred contracts (3,772) (1,411) 79Unrealised fair value adjustments 2of forward contracts(1,202) 1,246 (835)Realised foreign exchange gain/(loss) on forward contracts 4,948 679 (804)Financial income/(expense) from forward contracts (1,766) 2,316 (1,889)2. Please refer to note 4.4 Derivative financial instruments for information on open fair value hedge contracts at 31 December. Accounting policiesAs described in note 4.3, Management has chosen to classify the result of hedging activities as part of financial items in the income statement except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases, where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk. Section 5 Other disclosures5.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2022 2021 2020Restricted stock units to employees 265 189 189Long-term share-based incentive 1programme (Management Board)250 234 162Long-term share-based incentive programme (management group below Management Board) 819 598 436Shares allocated to individual employees 205 19 36Share-based payment expensed in the income statement 1,539 1,040 8231. In 2021, Novo Nordisk introduced a new share-based compensation programme with terms, which amortises the grant date valuation over three years (2019 and 2020 programmes were amortised over four years). The 2022 expense includes amortisation of the 2019, 2020, 2021 and 2022 programmes. Restricted stock units to employeesIn appreciation of the efforts of employees during recent years, as of 1 August 2019, all employees in the company were offered 75 restricted stock units. A restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in February 2023, subject to continued employment. The cost of the DKK 660 million programme is amortised over the vesting period.Long-term share-based incentive programmeManagement BoardOn 31 January 2023, the Board of Directors approved an interim allocation of 0.4 million Novo Nordisk B shares to the members of the Management Board for the 2022 financial year. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is to be decided at the end of the performance period in 2024. The value at launch of the programme (adjusted for expected dividends) was DKK 234 million. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 78 million. The maximum share allocation cannot exceed 26 months' base salary for the CEO, 19.5 months' base salary for executive vice presidents and up to 15.6 months' base salary for senior vice presidents. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets, with the first time having been in February 2022 for the year 2022. Outstanding restricted stock units (million) Restricted stock units Shares for Shares for management group Shares allocated to to employeesManagement Boardbelow Management Boardindividual employees Total2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020Outstanding at the beginning of the year 2.0 2.1 2.1 2.2 1.8 1.3 5.5 4.5 3.2 0.2 0.2 0.3 9.9 8.6 6.9Released allocated shares (0.0) (0.1) (0.0) (0.5) (0.3) (0.1) (1.2) (0.6) (0.2) (0.1) (0.1) (0.1) (1.8) (1.1) (0.4)Cancelled allocated shares \u2014 \u2014 \u2014 (0.1) 0.0 (0.0) (0.2) (0.3) (0.1) (0.0) (0.0) (0.0) (0.3) (0.3) (0.1)Allocated in the year 0.4 \u2014 \u2014 0.4 0.5 0.4 1.7 1.6 1.0 0.4 0.1 \u2014 2.9 2.2 1.42Performance adjustment\u2014 \u2014 \u2014 \u2014 0.2 0.2 \u2014 0.3 0.6 \u2014 \u2014 \u2014 \u2014 0.5 0.8Outstanding at the end of the year 2.4 2.0 2.1 2.0 2.2 1.8 5.8 5.5 4.5 0.5 0.2 0.2 10.7 9.9 8.62. The number of shares for Management Board and management group below Management Board has been adjusted as the targets set by the Board are expected to be exceeded for the 2019, 2020, 2021 and 2022 programmes. The grant date of the programme was February 2022, and the share price used for the determining the grant date fair value of the award was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2022, adjusted for the expected dividend (DKK 639). Based on the split of participants when the share allocation was decided, 47% of the allocated shares will be allocated to members of Executive Management and 53% to other members of the Management Board.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 152 million, expensed over the vesting period of 2019-2022. The number of shares to be transferred (0.6 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently, the number of shares increased by 30%.All restricted stock units and shares allocated to Management are settled by treasury shares at the time of vesting.General terms and conditions of 2020-2022 programmesShares for Shares for management group Shares allocated toManagement Boardbelow Management Boardindividual employees2022 2021 2020 2022 2021 2020 2022 2021 2020Number of shares awarded in the year (million) 0.4 0.5 0.4 1.7 1.6 1.0 0.4 0.1 0.0Value per share at launch (DKK) 639 423 411 639 423 411 743 538 391Total market value at year-end (DKK million) 234 223 152 1,062 649 416 316 71 17Performance and vesting period 2022 to 2021 to 2020 to 2022 to 2021 to 2020 to 2022 to 2021 to 2020 to 202420232023202420232023202520242023Allocated to recipients Feb 2025 Feb 2024 Feb 2024 Feb 2025 Feb 2024 Feb 2024 2025 2024 2023Amortisation period 3 years 3 years 4 years 3 years 3 years 4 years 3 years 3 years 3 yearsManagement group below the Management BoardThe management group below the Management Board has a share-based incentive programme with similar performance criteria. For 2022, a total of 1.7 million shares have currently been allocated to this group, corresponding to a value at launch of the programme adjusted for expected dividends of DKK 1,062 million. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is decided at the end of the performance period in 2024. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 354 million. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 387 million amortised over the period 2019-2022. The number of shares to be transferred (1.5 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently the number of shares increased by 30%.Accounting policiesShare-based compensationNovo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to prior years are included in the income statement in the year of adjustment.5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (Undiscounted) Currentcurrent Total20221Leases205 1,641 1,846Research and development obligations 5,988 7,582 13,570Research and development \u2013 2potential milestone payments376 5,011 5,387Commercial product launch \u2013 2potential milestone payments\u2014 7,598 7,598Purchase obligations relating to investments in property, plant and equipment 1,696 1,427 3,123Other purchase obligations 18,762 14,366 33,128Total obligations not recognised in the balance sheet 27,027 37,625 64,65220211Leases145 636 781Research and development obligations 4,196 6,357 10,553Research and development \u2013 2potential milestone payments771 4,220 4,991Commercial product launch \u2013 2potential milestone payments\u2014 5,966 5,966Purchase obligations relating to investments in property, plant and equipment 545 \u2014 545Other purchase obligations 13,407 5,998 19,405Total obligations not recognised in the balance sheet 19,064 23,177 42,2411. Predominantly relates to estimated variable property taxes, leases committed but not yet commenced and low value leases. 2. Potential milestone payments are associated with uncertainty as they are linked to successful achievements in research activities.Contractual obligationsResearch and development obligations include contingent payments related to achieving development milestones. Such amounts entail uncertainties in relation to the period in which payments are due because a proportion of the obligations are dependent on milestone achievements. Exercise fees and subsequent milestone payments under in-licensing option agreements are excluded, as Novo Nordisk is not contractually obligated to make such payments. Commercial product launch milestones include contingent payments solely related to achievement of a commercial product launch following regulatory approval.Commercial milestones, royalties and other payments based on a percentage of sales generated from sale of goods following marketing approval are excluded from the contractual commitments analysis because of their contingent nature, related to future sales. The purchase obligations related to investments in property, plant and equipment primarily relates to production capacity expansion projects. Novo Nordisk expects to fund these commitments with existing cash and cash flow from operations. The contractual obligations not recognised in the balance sheet represent contractual payments and are not discounted and are not risk-adjusted. Other guaranteesOther guarantees amount to DKK 1,222 million (DKK 1,251 million in 2021). Other guarantees primarily relate to performance guarantees issued by Novo Nordisk. 5.3 Acquisition of businessesFair value recognised at date of acquisition2022 2021Forma Dicerna Thera-Pharma-DKK millionpeuticsceuticalsIntellectual property rights 5,766 18,687Other intangible assets 492 24Financial assets 77 31Marketable securities 1,470 861Cash 1,027 3,033Deferred tax assets (liabilities), net (1,233) (3,480)Other net assets (21) (1,468)Net identifiable assets acquired 7,578 17,688Goodwill 524 4,346Purchase price 8,102 22,034Settlement of pre-existing relationship \u2014 (145)Fair value of existing shareholdings \u2014 (573)Consideration transferred 8,102 21,316Cash acquired (1,027) (3,033)Cash used for acquisition of businesses 7,075 18,283Business combinations in 2022On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics Holdings, Inc. at a price of 20 USD per share via a cash tender offer, equal to a total purchase price of DKK 8,102 million. Novo Nordisk had no pre-acquisition ownership stake in, or pre-existing collaboration with Forma Therapeutics Holdings, Inc. About Forma Therapeutics Holdings, Inc.Forma Therapeutics Holdings, Inc., including its two fully owned subsidiaries Forma Therapeutics, Inc. and Forma Securities Corp, (Collectively Forma Therapeutics) is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare haematological diseases. Strategic rationaleThe acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk\u2019s strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in which there is abnormal production or structure of the haemoglobin protein in the red blood cells. Etavopivat, an investigational oral, once-daily, selective pyruvate kinase-R (PKR) activator, is being developed to improve anaemia and red blood cell health in people with sickle cell disease (SCD), a seriously debilitating, life-threatening and life shortening disease. Details of the acquisitionThe purchase price allocated to goodwill, intellectual property rights, other intangible assets, and deferred tax assets and liabilities, is considered provisional due to uncertainty on key assumptions which require detailed analysis which has not been possible to conclude as of 31 December 2022. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the acquisition date. The goodwill is primarily attributable to the highly-skilled workforce in place at Forma Therapeutics. The goodwill is fully allocated to the rare disease business segment and is not deductible for tax purposes. Transaction costs of DKK 51 million are included in other operating income and expenses in the income statement for 2022.Business combinations in 2021On 28 December 2021, Novo Nordisk acquired all outstanding shares of the publicly held US company Dicerna Pharmaceuticals, Inc. via a cash tender offer. Before the acquisition, Novo Nordisk held 2.9% of the shares in Dicerna Pharmaceuticals, Inc. at a fair value of DKK 573 million. The total purchase price amounts to DKK 22,034 million, which has been settled by the fair value of existing shareholdings of DKK 573 million, settlement of a pre-existing relationship of DKK 145 million and a cash consideration of DKK 21,316 million. The goodwill is primarily attributable to the highly-skilled workforce and expected synergies generated from Novo Nordisk's know-how and commercialisation abilities within protein and peptide based medicines and Dicerna Pharmaceuticals, Inc.\u2019s know-how within RNAi technology. The goodwill is not deductible for tax purposes. Transaction costs of DKK 124 million are included in other operating income and expenses in the income statement for 2021.At end of 2021, the purchase price allocation for the acquisition of Dicerna Pharmaceuticals, Inc. was provisional. The allocation was finalised in 2022 without any adjustments.5.4 Related party transactionsMaterial transactions with related partiesDKK million 2022 2021 2020Novo Holdings A/SPurchase of Novo Nordisk B shares 6,984 6,695 5,963Dividend payment to Novo Holdings A/S 7,207 6,144 5,767NNIT GroupServices provided by NNIT 660 593 775Dividend payment from NNIT \u2014 (4) (18)Novozymes GroupServices provided by Novo Nordisk (78) (116) (113)Services provided by Novozymes 92 78 72Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, representing 76.9% of the total number of votes. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). Both entities are considered related parties.As associated companies of Novo Nordisk A/S, NNIT Group and Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related parties. As associated companies of Novo Holdings A/S, Unchained Labs, Inc. and Altascience Company Inc. are considered related parties to Novo Nordisk A/S. As they share a controlling shareholder, the Novozymes Group, Sonion Group and Xellia Pharmaceuticals are also considered to be related parties, as well as the Board of Directors and Executive Management of Novo Nordisk A/S.Accounting policiesThe acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.Key accounting estimate in determining the fair value of intangible assets and judgement of whether a transaction is an asset acquisition or a business combinationManagement makes judgements related to intangible assets when assessing whether a transaction is a business combination or an asset acquisition. The assessment of whether a transaction is a business combination or an asset acquisition involves the optional concentration test, which is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If met the transaction is accounted for as an asset acquisition. If not met, an assessment is made if the acquired company comprise of a business, and should be accounted for as a business combination. The application of the acquisition method involves the use of significant estimates as the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows. For the 2021 acquisition of Dicerna Pharmaceuticals, Inc. valuation of intellectual property rights is mainly based on Relief From Royalty models, where Management has estimated the net present value of royalties and milestone payments, if the existing research collaboration and license agreement had been extended in time and scope to cover all of the proprietary RNAi technology. Further, pipeline assets and research collaboration and license agreements with other parties than Novo Nordisk are valued based on estimated and risk adjusted net present value of future cash flows.In 2022, Novo Nordisk A/S acquired 8,415,000 B shares, worth DKK 7.0 billion, from Novo Holdings A/S as part of the DKK 24.0 billion share repurchase programme. The transaction price for each transaction was calculated as the average market price in the open window period following the announcements of the financial results for the four quarters in 2022.In Novo Nordisk A/S, there were no transactions with the Board of Directors or Executive Management besides remuneration. There were no other transactions with the Board of Directors or Executive Management of NNIT A/S, Novozymes A/S, Novo Holdings A/S, the Novo Nordisk Foundation, Xellia Pharmaceuticals ApS, Unchained Labs, Inc., Sonion A/S or CS Solar Fund XIV.For information on remuneration of the Management of Novo Nordisk, please refer to note 2.4 Employee costs. There were no loans to the Board of Directors or Executive Management in 2022, nor were there any in 2021 or 2020.There were no material unsettled balances with related parties at the end of the year.5.5 Fee to statutory auditors DKK million 2022 2021 20201Statutory audit38 26 26Audit-related services 2 3 3Tax advisory services 3 4 9Other services 12 4 4Total fee to statutory auditors 55 37 421. 2022 statutory audit fee includes DKK 9 million of additional fee related to 2021.Fees for services other than statutory audit of the financial statements amount to DKK 17 million (DKK 11 million in 2021 and DKK 16 million in 2020). In 2022, Deloitte Statsautoriseret Revisionspartnerselskab provided other services than statutory audit in the amount of DKK 12 million (DKK 6 million in 2021) which relate to tax compliance and transfer pricing, management consulting for strategic projects, educational training, review of ESG data, and other assurance assessments and opinions.PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) provided other services in the amount of DKK 9 million in 2020 which relate to tax compliance and transfer pricing, educational training, review of ESG data, due diligence and other assurance assessments and opinions.5.6 General accounting policiesPrinciples of consolidationThe consolidated financial statements incorporate the financial statements of the parent company Novo Nordisk A/S and entities controlled by Novo Nordisk A/S. Control exists when Novo Nordisk has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income. Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.5.7 Companies in the Novo Nordisk Group Activity: Sales and marketing Production Research and development Services/investmentsCompany and country ActivityParent companyNovo Nordisk A/S, Denmark \u2022 \u2022 \u2022 \u2022Subsidiaries by geographical areaCompany and country Percentage of shares owned ActivityNorth America OperationsNovo Nordisk Canada Inc., Canada 100 \u2022Novo Nordisk Inc., US 100 \u2022Novo Nordisk North America Operations A/S, Denmark 100 \u2022Novo Nordisk Pharmaceutical Industries LP, US 100 \u2022Novo Nordisk Pharmatech US, Inc., US 100 \u2022Novo Nordisk Pharma, Inc., US 100 \u2022Novo Nordisk Research Center Indianapolis, Inc., US 100 \u2022Novo Nordisk Research Center Seattle, Inc., US 100 \u2022Novo Nordisk US Bio Production, Inc., US 100 \u2022Novo Nordisk US Commercial Holdings, Inc., US 100 \u2022Novo Nordisk US Holdings Inc., US 100 \u2022Corvidia Therapeutics, Inc., US 100 \u2022Dicerna Pharmaceuticals, Inc., US 100 \u2022Emisphere Technologies, Inc., US 100 \u2022Forma Therapeutics, Inc., US 100 \u2022Region International OperationsNovo Nordisk Pharmaceuticals A/S, Denmark 100 \u2022Novo Nordisk Pharma Operations A/S, Denmark 100 \u2022 \u2022Novo Nordisk Region AAMEO and LATAM A/S, Denmark 100 \u2022Novo Nordisk Region Europe A/S, Denmark 100 \u2022Novo Nordisk Region Japan & Korea A/S, Denmark 100 \u2022Region EMEAAldaph SpA, Algeria 100 \u2022 \u2022Novo Nordisk Pharma GmbH, Austria 100 \u2022S.A. Novo Nordisk Pharma N.V., Belgium 100 \u2022Novo Nordisk Pharma d.o.o., Bosnia and Herzegovina 100 \u2022Novo Nordisk Pharma EAD, Bulgaria 100 \u2022Novo Nordisk Hrvatska d.o.o., Croatia 100 \u2022Novo Nordisk s.r.o., Czech Republic 100 \u2022Novo Nordisk Denmark A/S, Denmark 100 \u2022Novo Nordisk Pharmatech A/S, Denmark 100 \u2022 \u2022Novo Nordisk Egypt LLC, Egypt 100 \u2022Company and country Percentage of shares owned ActivityNovo Nordisk Egypt Pharmaceuticals Ltd., Egypt 100 \u2022Novo Nordisk Farma OY, Finland 100 \u2022Novo Nordisk, France 100 \u2022Novo Nordisk Production SAS, France 100 \u2022Novo Nordisk Pharma GmbH, Germany 100 \u2022Novo Nordisk Hellas Epe., Greece 100 \u2022Novo Nordisk Hung\u00e1ria Kft., Hungary 100 \u2022Novo Nordisk Limited, Ireland 100 \u2022Novo Nordisk Ltd, Israel 100 \u2022Novo Nordisk S.P.A., Italy 100 \u2022Novo Nordisk Kazakhstan LLP, Kazakhstan 100 \u2022Novo Nordisk Kenya Ltd., Kenya 100 \u2022Novo Nordisk Pharma SARL, Lebanon 100 \u2022UAB Novo Nordisk Pharma, Lithuania 100 \u2022Novo Nordisk Farma dooel, North Macedonia 100 \u2022Novo Nordisk Pharma SAS, Morocco 100 \u2022Novo Nordisk B.V., Netherlands 100 \u2022Novo Nordisk Finance (Netherlands) B.V., Netherlands 100 \u2022Novo Nordisk Pharma Limited, Nigeria 100 \u2022Novo Nordisk Norway AS, Norway 100 \u2022Novo Nordisk Pharmaceutical Services Sp. z.o.o., Poland 100 \u2022Novo Nordisk Pharma Sp.z.o.o., Poland 100 \u2022Novo Nordisk Portugal, Lda., Portugal 100 \u2022Novo Nordisk Farma S.R.L., Romania 100 \u2022Novo Nordisk Limited Liability Company, Russia 100 \u2022 \u2022Novo Nordisk Production Support LLC, Russia 100 \u2022Novo Nordisk Saudi for Trading, Saudi Arabia 100 \u2022Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia 100 \u2022Novo Nordisk Slovakia s.r.o., Slovakia 100 \u2022Novo Nordisk, d.o.o., Slovenia 100 \u2022Novo Nordisk (Pty) Limited, South Africa 100 \u2022Novo Nordisk Pharma S.A., Spain 100 \u2022Novo Nordisk Scandinavia AB, Sweden 100 \u2022Novo Nordisk Health Care AG, Switzerland 100 \u2022 \u2022 \u2022Novo Nordisk Pharma AG, Switzerland 100 \u2022Novo Nordisk Tunisie SARL, Tunisia 100 \u2022Novo Nordisk Saglik \u00dcr\u00fcnleri Tic. Ltd. Sti., Turkey 100 \u2022Novo Nordisk Ukraine, LLC, Ukraine 100 \u2022Novo Nordisk Pharma Gulf FZE, United Arab Emirates 100 \u2022Novo Nordisk Holding Limited, UK 100 \u2022Novo Nordisk Limited, UK 100 \u2022Novo Nordisk Research Centre Oxford Limited, UK 100 \u2022Company and country Percentage of shares owned ActivityCompany and country Percentage of shares owned ActivityRegion ChinaNovo Nordisk (China) Pharmaceuticals Co. Ltd., China 100 \u2022 \u2022Novo Nordisk (Shanghai) Pharma Trading Co., Ltd., China 100 \u2022Novo Nordisk Region China A/S, Denmark 100 \u2022Novo Nordisk Hong Kong Limited, Hong Kong 100 \u2022Novo Nordisk Pharma (Taiwan) Ltd., Taiwan 100 \u2022Beijing Novo Nordisk Pharmaceuticals 100Science & Technology Co., Ltd., ChinaRegion Rest of WorldNovo Nordisk Pharma Argentina S.A., Argentina 100 \u2022Novo Nordisk Pharmaceuticals Pty. Ltd., Australia 100 \u2022Novo Nordisk Pharma (Private) Limited, Bangladesh 100 \u2022Novo Nordisk Produ\u00e7\u00e3o Farmac\u00eautica do Brasil Ltda., Brazil 100 \u2022Novo Nordisk Farmac\u00eautica do Brasil Ltda., Brazil 100 \u2022Novo Nordisk Farmac\u00e9utica Limitada, Chile 100 \u2022Novo Nordisk Colombia SAS, Colombia 100 \u2022Novo Nordisk India Private Limited, India 100 \u2022Novo Nordisk Service Centre (India) Pvt. Ltd., India 100 \u2022PT. Novo Nordisk Indonesia, Indonesia 100 \u2022Novo Nordisk Pars, Iran 100 \u2022 \u2022Novo Nordisk Pharma Ltd., Japan 100 \u2022 \u2022Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia 100Novo Nordisk Pharma Operations Sdn Bhd, Malaysia 100 \u2022Novo Nordisk Mexico S.A. de C.V., Mexico 100 \u2022Novo Nordisk Pharmaceuticals Ltd., New Zealand 100 \u2022Novo Nordisk Pharma (Private) Limited, Pakistan 100 \u2022Novo Nordisk Panama S.A., Panama 100 \u2022Novo Nordisk Peru S.A.C., Peru 100 \u2022Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines 100 \u2022Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore 100 \u2022Novo Nordisk India Holding Pte Ltd., Singapore 100 \u2022Novo Nordisk Pharma Korea Ltd., South Korea 100 \u2022Novo Nordisk Lanka (PVT) Ltd, Sri Lanka 100 \u2022Novo Nordisk Pharma (Thailand) Ltd., Thailand 100 \u2022Novo Nordisk Vietnam Ltd., Vietnam 100 \u2022Other subsidiaries and associated companiesNNE A/S, Denmark 100 \u2022NNIT A/S, Denmark 18 \u2022CS Solar Fund XIV, LLC, US 99 \u2022Companies without significant activities are not included in the list. NNE A/S subsidiaries are not included in the list. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "Measurement basisThe consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments, equity investments, marketable securities and trade receivables in a factoring portfolio, which are measured at fair value. The principal accounting policies set out below have been applied consistently in the preparation of the consolidated financial statements for all the years presented. The general accounting policies are described in note 5.6.Principal accounting policiesNovo Nordisk\u2019s accounting policies are described in each of the individual notes to the consolidated financial statements. Accounting policies listed below are regarded as the principal accounting policies applied by Management:\u2013 Net sales and rebates (Note 2.1)\u2013 Research and development costs (Note 2.3) \u2013 Income taxes and deferred income taxes (Note 2.6)\u2013 Intangible assets (Note 3.1)\u2013 Provisions and contingent liabilities (Note 3.5)\u2013 Derivative financial instruments (Note 4.4)\u2013 Acquisition of businesses (Note 5.3)Applying materialityThe consolidated financial statements are a result of processing large numbers of transactions and aggregating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the consolidated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. Management provides the specific disclosures required by IFRS unless the information is not applicable or is considered immaterial to the decision-making of the primary users of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "Section 2 Results for the year2.1 Net sales and rebatesGross-to-net sales reconciliationDKK million2022 2021 2020Gross sales 455,692 340,180 298,187US Managed Care and Medicare(161,123) (112,929) (96,716)US wholesaler charge-backs(56,443) (40,354) (37,036)US Medicaid rebates(24,667) (19,810) (17,307)Other US discounts and sales returns(18,300) (14,119) (10,867)Non-US rebates, discounts and sales returns (18,205) (12,168) (9,315)Total gross-to-net sales adjustments(278,738) (199,380) (171,241)Net sales176,954 140,800 126,946",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-2": {
"value": "Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 75% of gross sales in the US (75% in 2021 and 74% in 2020). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B drug pricing program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebates are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargebacks are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk has changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Please refer to note 3.5 Provisions and contingent liabilities for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes, and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2022, Novo Nordisk had three major wholesalers distributing products in the US, representing 19%, 14% and 13% respectively of global net sales (18%, 13% and 13% in 2021 and 19%, 13% and 12% in 2020). Sales to these three wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 1,835 million within 12 months (DKK 1,012 million in 2021) and DKK 798 million thereafter (DKK 962 million in 2021).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.3 for development in key exchange rates.Accounting policiesRevenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, Key accounting estimates of sales deductions and provisions for sales rebatesSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations require use of significant judgement, as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to 340B drug pricing program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Determining the amount of revenue to recognise requires significant estimation. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the historical claims experience. Please refer to note 3.5 Provisions and contingent liabilities for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on currently available information. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available. Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease (formerly known as Biopharm), representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2013 Diabetes and Obesity care: diabetes, obesity and other serious chronic diseases\u2013 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. Accounting policiesOperating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.Geographical areasIn 2022, Novo Nordisk operated in two main commercial units:\u2013 International Operations \u2013 EMEA: Europe, the Middle East and Africa. \u2013 China: Mainland China, Hong Kong and Taiwan. \u2013 Rest of World: All other countries except for North America.\u2013 North America Operations (the US and Canada).In 2022, the US contributed with 10% or more of total net sales. In 2021 and2020 Mainland China also contributed with 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.8% of total sales are realised outside Denmark. Sales are attributed to geographical areas according to the location of the customer. Out of total property, plant and equipment and intangible assets of DKK 118,087 million (DKK 98,533 million in 2021), DKK 54,492 million is located in Denmark (DKK 46,705 million in 2021) and DKK 44,744 million is located in the US (DKK 41,035 million in 2021) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging is recognised in the income statement in financial items. Please refer to notes 4.3, 4.4 and 4.10 for more details on hedging.Accounting policiesNovo Nordisk expenses all research costs. In line with industry practice, internal and subcontracted development costs are also expensed as they are incurred, due to significant regulatory uncertainties and other uncertainties inherent in the development of new products. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internal and external costs related to execution of studies, includingmanufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. The largest individual type of cost included in Other research and development costs are clinical trial cost.Certain research and development activities are recognised outside research and development costs:\u2013 Royalty expenses paid to partners after regulatory approval are expensed as cost of goods sold\u2013 Royalty income received from partners is recognised as part of other operating income and expenses\u2013 Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.Accounting policiesThe tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 567 million (DKK 444 million in 2021). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.Key accounting estimate regarding deferred income tax assets and provisions for uncertain tax positionsManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 456 million in 2022 (DKK 166 million in 2021).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most probable outcome\u2019-method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.Accounting policiesEarnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Please refer to 'Financial definitions' for a description of calculation of the dilutive effect.Intangible assets other than goodwillIn 2022, an impairment loss of DKK 760 million (DKK 573 million in 2021) was recognised, all related to intellectual property rights. DKK 250 million (DKK 436 million in 2021) of the impairment was related to the Diabetes and Obesity care segment and DKK 510 million (DKK 137 million in 2021) was related to Rare disease. The entire impairment loss in 2022 was recognised in research and development costs (DKK 573 million in research and development costs in 2021). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2022 or in 2021. Goodwill As of 31 December 2022, goodwill is allocated to the segments Diabetes and Obesity care (DKK 4,154 million) and Rare diseases (DKK 938 million). At 31 December 2021, goodwill from the acquisition of Dicerna Pharmaceuticals, Inc was unallocated as the purchase price allocation for the acquisition was provisional. As of 31 December 2022, goodwill from the acquisition of Forma Therapeutics Holdings, Inc. is allocated to Rare disease based on a provisional purchase price allocation. No impairment of goodwill was recognised in 2022 or 2021 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. Fair value less costs of disposal is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flows from the forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market- and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 28,013 million (DKK 22,690 million in 2021), primarily intellectual property rights and goodwill.Intellectual property rights include DKK 5,546 million provisionally allocated to Etavopivat (please refer to note 5.3), DKK 4,648 million related to Ziltivekimab (DKK 4,612 million in 2021) and DKK 3,704 million related to Nedosiran (DKK 3,854 million in 2021), all of which are intangible assets under development. In addition, intellectual property rights contain DKK 6,584 million related to Rybelsus (DKK 7,150 million in 2021), which has a remaining useful life of 12 years (13 years in 2021); and DKK 10,251 million (DKK 10,135 million in 2021) related to the RNAi technology platform, with a remaining useful life of 22 years (23 years in 2021). For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Goodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are not subject to amortisation. They are tested annually for impairment, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event is probable of being achieved. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Accounting policiesResearch and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed untilregulatory approval is obtained or is probable; please refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the servicesare received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. They are tested annually, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2013 Development of a competing drug\u2013 Realised sales trending below predicted sales\u2013 Changes or anticipated changes in participation rates or reimbursement policies\u2013 Inconsistent or unfavourable clinical readouts\u2013 Changes in the legal framework covering patents, rights and licences\u2013 Advances in medicine and/or technology that affect the medical treatments\u2013 Adverse impact on reputation and/or brand names\u2013 Changes in the economic lives of similar assets\u2013 Relationship to other intangible assets or property, plant and equipment.If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. Key accounting estimates and judgements on intangible assets Impairment tests are based on management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively. Accounting policiesProperty, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful lives of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated).The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and development costs. For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases),the Group estimates the leasing period to be equal to the termination period if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, please refer to note 4.9. Accounting policiesInventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.Accounting policiesTrade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Please refer to note 4.3 for a general description of credit risk.Accounting policiesProvisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Please refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.Key accounting estimates regarding ongoing legal disputes, litigation and investigationsProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returned to investors. The net cash distribution to shareholders in the form of dividends and share repurchases amounts to DKK 49,389 million, compared with a free cash flow of DKK 57,362 million. The total dividend for 2022 amounts to DKK 27,950 million (DKK 12.40 per share). The 2022 final dividend of DKK 18,337 million (DKK 8.15 per share) is expected to be distributed pending approval at the Annual General Meeting. The interim dividend of DKK 9,613 million (DKK 4.25 per share) was paid in August 2022. The total dividend for 2021 was DKK 23,711 million (DKK 10.40 per share), of which the final dividend of DKK 15,690 million (DKK 6.90 per share) was paid in March 2022. No dividend is declared on treasury shares.Novo Nordisk's dividend pay-outs are complemented by share repurchase programmes.At the end of 2022, the holding of treasury shares amounted to 1.3% of the total outstanding shares (1.3% of the outstanding shares in 2021). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.2 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings.The purchase of treasury shares during the year relates to the remaining part of the 2021 share repurchase programme, totalling DKK 1.6 billion and the DKK 24 billion Novo Nordisk B share repurchase programme for 2022, of which DKK 1.5 billion was outstanding at year-end. The programme ended on 30 January 2023. According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are paid from distributable reserves. As of 31 December 2022, distributable reserves total DKK 63,136 million (DKK 51,114 million in 2021), corresponding to the parent company's retained earnings and reserve for cash flow hedges and exchange rate adjustments.The fair value of cash flow hedges at year-end 2022, a gain of DKK 1,026 million, has been recognised in other comprehensive income. The financial contracts are expected to impact the income statement withinthe next 12 months, with deferred gains and losses on cash flow hedgesthen being transferred to financial income or financial expenses. There is no expected ineffectiveness at 31 December 2022, primarily because hedging instruments match currencies of hedged cash flows. Use of derivative financial instrumentsThe derivative financial instruments are used to manage the exposure to foreign exchange risk. None of the derivatives are held for trading. Novo Nordisk uses forward exchange contracts to hedge forecast transactions, assets and liabilities. Net investments in foreign subsidiaries are currently not hedged.Accounting policiesOn initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2013 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2013 hedges of the fair value of a forecast financial transaction (cash flow hedge).All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments please refer to note 4.9.Accounting policies The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination please refer to note 4.9.Accounting policiesCash and cash equivalents consists of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement. 4.9 Financial assets and liabilitiesFinancial assets by categoryDKK million 2022 2021Other financial assets 559 553Marketable securities 10,921 6,765Financial assets at fair value through the income statement 11,480 7,318Derivative financial instruments (note 4.4) 2,727 1,690Derivatives used as hedging instruments (assets) 2,727 1,690Other financial assets 457 363Trade receivables (note 3.4) 16,593 15,036Other receivables and prepayments(current and non-current) 6,211 5,304\u2013 less prepayments and VAT receivables (5,073) (3,438)Cash at bank (note 4.6) 12,653 10,720Financial assets at amortised cost 30,841 27,985Trade receivables in a factoring portfolio 33,967 25,607Financial assets at fair value through other comprehensive income 33,967 25,607Total financial assets at the end of the year by category 79,015 62,600Financial liabilities by categoryDerivative financial instruments (note 4.4) 2,903 2,184Derivatives used as hedging instruments (liability) 2,903 2,184Borrowings (non-current) (note 4.5) 24,318 12,961Borrowings (current) (note 4.5) 1,466 13,684Trade payables 15,587 8,870Other liabilities (non-current) 100 360Other liabilities (current) 23,606 19,600\u2013 less VAT and duties payable (875) (590)Financial liabilities measured at amortised cost 64,202 54,885Total financial liabilities at the end of the 1year by category67,105 57,0691. Please refer to note 4.5 for a maturity analysis for non-current and current borrowings.Financial assets with the exception of other financial assets and the non-current part of other receivables and prepayments (DKK 206 million in 2022, DKK 267 million in 2021) are all due within one year. Other financial assets at amortised cost include DKK 433 million which are due in more than five years (DKK 335 million in 2021). Other financial assets measured at fair value through the income statement are minor shareholdings.Accounting policiesDepending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2013 Financial assets at fair value through the income statement\u2013 Financial assets used as hedging instruments\u2013 Financial assets at amortised cost\u2013 Financial assets at fair value through other comprehensive income\u2013 Financial liabilities used as hedging instruments\u2013 Financial liabilities at amortised costManagement determines the classification of its financial instruments on initial recognition and re-evaluates this at the end of every reporting period to the extent that such a classification is permitted or required.Recognition and measurementFinancial assets at fair value through the income statement consist of equity investments and marketable securities. These financial instruments are initially recognised at fair value. Equity investments are included in other financial assets. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, please refer to note 4.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, please refer to note 3.4.Purchases and sales of financial assets are recognised on the settlement date. Financial assets are removed from the balance sheet when the rights to receive cash flows have expired or have been transferred and Novo Nordisk has substantially transferred all the risks and rewards of ownership. Financial liabilities at fair value through the income statement consist of financial derivative instruments. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue). Other liabilities primarily comprises employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue. These are initially recognised at the fair value of the proceeds received less transaction costs. The difference between the proceeds received and the nominal value is recognised in financial expenses over the term of the loan using the effective interest method. For initial recognition of lease liabilities refer to note 4.5. Financial liabilities are derecognised when the obligation is repaid, cancelled or expires.Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input are used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.Accounting policiesAs described in note 4.3, Management has chosen to classify the result of hedging activities as part of financial items in the income statement except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases, where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk. Restricted stock units to employeesIn appreciation of the efforts of employees during recent years, as of 1 August 2019, all employees in the company were offered 75 restricted stock units. A restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in February 2023, subject to continued employment. The cost of the DKK 660 million programme is amortised over the vesting period.Long-term share-based incentive programmeManagement BoardOn 31 January 2023, the Board of Directors approved an interim allocation of 0.4 million Novo Nordisk B shares to the members of the Management Board for the 2022 financial year. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is to be decided at the end of the performance period in 2024. The value at launch of the programme (adjusted for expected dividends) was DKK 234 million. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 78 million. The maximum share allocation cannot exceed 26 months' base salary for the CEO, 19.5 months' base salary for executive vice presidents and up to 15.6 months' base salary for senior vice presidents. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets, with the first time having been in February 2022 for the year 2022. The grant date of the programme was February 2022, and the share price used for the determining the grant date fair value of the award was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2022, adjusted for the expected dividend (DKK 639). Based on the split of participants when the share allocation was decided, 47% of the allocated shares will be allocated to members of Executive Management and 53% to other members of the Management Board.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 152 million, expensed over the vesting period of 2019-2022. The number of shares to be transferred (0.6 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently, the number of shares increased by 30%.All restricted stock units and shares allocated to Management are settled by treasury shares at the time of vesting.Management group below the Management BoardThe management group below the Management Board has a share-based incentive programme with similar performance criteria. For 2022, a total of 1.7 million shares have currently been allocated to this group, corresponding to a value at launch of the programme adjusted for expected dividends of DKK 1,062 million. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is decided at the end of the performance period in 2024. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 354 million. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 387 million amortised over the period 2019-2022. The number of shares to be transferred (1.5 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently the number of shares increased by 30%.Accounting policiesShare-based compensationNovo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to prior years are included in the income statement in the year of adjustment.Accounting policiesThe acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.Key accounting estimate in determining the fair value of intangible assets and judgement of whether a transaction is an asset acquisition or a business combinationManagement makes judgements related to intangible assets when assessing whether a transaction is a business combination or an asset acquisition. The assessment of whether a transaction is a business combination or an asset acquisition involves the optional concentration test, which is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If met the transaction is accounted for as an asset acquisition. If not met, an assessment is made if the acquired company comprise of a business, and should be accounted for as a business combination. The application of the acquisition method involves the use of significant estimates as the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows. For the 2021 acquisition of Dicerna Pharmaceuticals, Inc. valuation of intellectual property rights is mainly based on Relief From Royalty models, where Management has estimated the net present value of royalties and milestone payments, if the existing research collaboration and license agreement had been extended in time and scope to cover all of the proprietary RNAi technology. Further, pipeline assets and research collaboration and license agreements with other parties than Novo Nordisk are valued based on estimated and risk adjusted net present value of future cash flows.Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income. Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "Sales discounts and sales rebates are predominantly issued in the US. As such, rebates amount to 75% of gross sales in the US (75% in 2021 and 74% in 2020). Provisions for sales rebates include US Managed Care, Medicare, Medicaid, 340B drug pricing program and other US rebate types, as well as rebates in a number of European countries and Canada.Pricing mechanisms in the US market In the US, sales rebates are paid in connection with public healthcare insurance programmes, including Medicare and Medicaid, as well as rebates to pharmacy benefit managers (PBMs) and managed healthcare plans. Key customers in the US include private payers, PBMs and government payers. PBMs and managed healthcare plans play a role in negotiating price concessions with drug manufacturers for both the commercial and government channels, and determine which drugs are covered on their formularies (or 'preferred drug lists').US Managed Care and MedicareFor Managed Care and Medicare, rebates are offered to a number of PBMs and managed healthcare plans. These rebate programmes allow the customer to receive a rebate after attaining certain performance parameters relating to formulary status or pre-established market share thresholds. Rebates are estimated according to the specific terms in each agreement, historical experience, anticipated channel mix, growth rates and market share information. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Managed Care and Medicare rebates are generally settled around 100 days from the transaction date.US wholesaler charge-backsWholesaler charge-backs relate to contractual arrangements between Novo Nordisk and indirect customers in the US whereby products are sold at contract prices lower than the list price originally charged to wholesalers. Chargebacks are estimated using a combination of factors such as historical experience, current wholesaler inventory levels, contract terms and the value of claims received but not yet processed. Wholesaler charge-backs are generally settled within 30 days after receipt of claim. In January 2021, Novo Nordisk has changed its policy in the US related to the 340B Drug Pricing Program, whereby Novo Nordisk no longer provides 340B statutory discounts to certain pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk has recognised revenue related to the 340B Drug Pricing Program to the extent that it is highly probable that its inclusion will not result in a significant revenue reversal in the future. Please refer to note 3.5 Provisions and contingent liabilities for a more elaborate description of the ongoing litigation related to the 340B Drug Pricing Program.US Medicaid rebatesMedicaid is a government insurance programme. Medicaid rebates have been estimated using a combination of historical experience, product and population growth, price changes, and the impact of contracting strategies. The calculation also involves interpretation of relevant regulations that are subject to changes in interpretative guidance from government authorities. Novo Nordisk adjusts the provision periodically to reflect actual sales performance. Medicaid rebates are generally settled around 150 days from the transaction date.Other US and non-US discounts and sales returnsOther discounts are provided to distributors, wholesalers, hospitals, pharmacies, etc. They are usually linked to sales volume or provided as cash discounts. Discounts are calculated based on historical data and recorded as a reduction in gross sales at the time the related sales are recorded. Sales returns relate to damaged or expired products. Other net sales disclosuresIn 2022, Novo Nordisk had three major wholesalers distributing products in the US, representing 19%, 14% and 13% respectively of global net sales (18%, 13% and 13% in 2021 and 19%, 13% and 12% in 2020). Sales to these three wholesalers are within both Diabetes and Obesity care and Rare disease.Net sales to be recognised from fulfilling existing customer contracts containing fixed or minimum sales volumes, with an original term greater than 12 months, are expected to be DKK 1,835 million within 12 months (DKK 1,012 million in 2021) and DKK 798 million thereafter (DKK 962 million in 2021).Novo Nordisk's sales are impacted by exchange rate changes. Refer to note 4.3 for development in key exchange rates.Key accounting estimates of sales deductions and provisions for sales rebatesSales deductions are estimated and provided for at the time the related sales are recorded. These estimates of unsettled rebate, discount and product return obligations require use of significant judgement, as not all conditions are known at the time of sale, for example total sales volume to a given customer. The estimates are based on analyses of existing contractual obligations and historical experience. Provisions are calculated on the basis of a percentage of sales for each product as defined by the contracts with the various customer groups. Provisions for sales rebates are adjusted to actual amounts as rebates, discounts and returns are processed. Revenue related to 340B drug pricing program can only be recognised to the extent that it is highly probable that a significant reversal of the recognised revenue will not occur. Determining the amount of revenue to recognise requires significant estimation. Management has considered interpretations of applicable laws, whether the consideration is highly susceptible to factors outside Novo Nordisk's influence, as well as the historical claims experience. Please refer to note 3.5 Provisions and contingent liabilities for information on the ongoing litigation related to the 340B Drug Pricing Program.Novo Nordisk considers the provisions established for sales rebates to be reasonable and appropriate based on currently available information. However, the actual amount of rebates and discounts may differ from the amounts estimated by Management as more detailed information becomes available. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "Accounting policiesRevenue from sale of goods is recognised when Novo Nordisk has transferred control of products sold to the buyer and it is probable that Novo Nordisk will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time, typically on delivery. The amount of sales to be recognised is based on the consideration Novo Nordisk expects to receive in exchange for its goods. When sales are recognised, Novo Nordisk also records estimates for a variety of sales deductions; including product returns as well as rebates and discounts to government agencies, wholesalers, health insurance companies, managed healthcare organisations and retail customers. Sales deductions are recognised as a reduction of gross sales to arrive at net sales, by assessing the expected value of the sales deductions (variable consideration). Where contracts contain customer acceptance criteria, Novo Nordisk recognises sales when the acceptance criteria are satisfied.In some markets, Novo Nordisk sells products on a sale-or-return basis. Where there is historical experience or a reasonably accurate estimate of future returns, estimated product returns are recorded as a reduction in sales. Where shipments of new products are made on a sale-or-return basis, without sufficient historical experience for estimating sales returns, revenue is recorded based on estimated demand and acceptance rates for well-established products with similar market characteristics. If similar market characteristics do not exist, revenue is recorded when there is evidence of consumption or when the right of return has expired. Unsettled rebates are recognised as provisions when the timing or amount is uncertain (note 3.5).Where absolute amounts are known, the rebates are recognised as other liabilities. Wholesaler charge-backs that are absolute are netted against trade receivable balances.The impact of foreign currency hedging is recognised in the income statement in financial items. Please refer to notes 4.3, 4.4 and 4.10 for more details on hedging.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-2": {
"value": "Provisions for sales rebatesDKK million 2022 2021 2020At the beginning of the year 50,822 34,052 30,878Additional provisions, including increases to existing provisions 206,354 155,602 111,921Amount paid during the year (189,580) (141,370) (106,116)Adjustments, including unused amounts reversed during the year (1,141) (284) 166Effect of exchange rate adjustment 3,044 2,822 (2,797)At the end of the year 69,499 50,822 34,0523.5 Provisions and contingent liabilitiesProvisionsProvisions ProvisionsOtherfor salesfor legal for product provi-2022 202112DKK millionrebatesdisputesreturnssionsTotalTotalAt the beginning of the year 50,822 2,157 858 2,057 55,894 39,340Additional provisions, including increases to existing provisions 206,354 437 591 333 207,715 157,164Amount used during the year (189,580) (103) (437) (158) (190,278) (142,691)Adjustments, including unused amounts reversed during the year (1,141) (245) 10 (292) (1,668) (970)Effect of exchange rate adjustment 3,044 130 8 32 3,214 3,051At the end of the year 69,499 2,376 1,030 1,972 74,877 55,8943Non-current liabilities322 2,028 412 1,828 4,590 4,374Current liabilities 69,177 348 618 144 70,287 51,5201. Provisions for sales rebates are related to US Managed Care, Medicare, Medicaid, 340B drug pricing program and other types of US rebates, as well as rebates in a number of European countries and Canada.2. Other provisions consists of various types of provisions, including obligations in relation to employee benefits such as jubilee benefits, company-owned life insurance, etc. 3. For non-current liabilities, provisions for sales rebates are expected to be settled after one year, provisions for product returns will be utilised in 2023 and 2024. In the case of provisions for legal disputes, the timing of settlement cannot be determined.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-2": {
"value": "2.2 Segment informationBusiness segments \u2013 Key figuresDiabetes and Obesity care Rare disease TotalDKK million 2022 2021 2020 2022 2021 2020 2022 2021 2020Total net sales 156,412 121,597 108,020 20,542 19,203 18,926 176,954 140,800 126,946Cost of goods sold (23,405) (19,363) (17,715) (5,043) (4,295) (3,217) (28,448) (23,658) (20,932)Sales and distribution costs (42,392) (33,791) (29,903) (3,825) (3,217) (3,025) (46,217) (37,008) (32,928)Research and development costs (20,157) (15,600) (13,535) (3,890) (2,172) (1,927) (24,047) (17,772) (15,462)Administrative costs (3,955) (3,504) (3,387) (512) (546) (571) (4,467) (4,050) (3,958)Other operating income and expenses 892 199 264 142 133 196 1,034 332 460Segment operating profit 67,395 49,538 43,744 7,414 9,106 10,382 74,809 58,644 54,126Operating margin 43.1% 40.7% 40.5% 36.1% 47.4% 54.9% 42.3% 41.7% 42.6%Depreciation, amortisation and impairment losses expensed (5,701) (4,895) (4,624) (1,661) (1,130) (1,129) (7,362) (6,025) (5,753)Net sales \u2013 Business segments and geographical areasTotal International Operations Total North America Operations Total Novo Nordisk net salesTotal IO EMEA China Rest of World Total NAO Of which the USDKK million 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020Diabetes and Obesity care segment:\u00aeRybelsus3,155 524 36 1,714 289 36 63 \u2014 \u2014 1,378 235 \u2014 8,144 4,314 1,837 8,011 4,243 1,826 11,299 4,838 1,873\u00aeOzempic17,369 8,856 3,634 10,417 6,393 3,112 2,196 303 10 4,756 2,160 512 42,381 24,849 17,577 38,750 23,168 16,650 59,750 33,705 21,211\u00aeVictoza5,672 6,726 7,095 2,724 3,527 4,251 1,478 1,544 1,033 1,470 1,655 1,811 6,650 8,328 11,652 6,406 8,031 11,292 12,322 15,054 18,747Total GLP-1 26,196 16,106 10,765 14,855 10,209 7,399 3,737 1,847 1,043 7,604 4,050 2,323 57,175 37,491 31,066 53,167 35,442 29,768 83,371 53,597 41,831Long-acting insulin 11,403 11,074 9,959 7,157 6,729 6,451 1,636 2,080 1,471 2,610 2,265 2,037 5,338 6,990 8,480 4,685 6,412 7,962 16,741 18,064 18,439\u00ae \u2013 of which Tresiba6,092 5,486 4,407 3,485 2,979 2,574 1,050 1,095 418 1,557 1,412 1,415 3,261 4,243 4,561 2,723 3,793 4,191 9,353 9,729 8,968\u00ae \u2013 of which Xultophy2,400 2,135 1,789 1,716 1,693 1,605 45 3 1 639 439 183 409 522 655 399 512 642 2,809 2,657 2,444\u00ae \u2013 of which Levemir2,911 3,453 3,763 1,956 2,057 2,272 541 982 1,052 414 414 439 1,668 2,225 3,264 1,563 2,107 3,129 4,579 5,678 7,027Premix insulin 10,023 10,512 10,246 2,622 2,879 2,959 4,912 5,224 4,852 2,489 2,409 2,435 539 691 679 517 665 652 10,562 11,203 10,925\u00ae \u2013 of which Ryzodeg2,889 1,711 1,291 495 392 321 1,218 283 39 1,176 1,036 931 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 2,889 1,711 1,291\u00ae \u2013 of which NovoMix7,134 8,801 8,955 2,127 2,487 2,638 3,694 4,941 4,813 1,313 1,373 1,504 539 691 679 517 665 652 7,673 9,492 9,634Fast-acting insulin 10,826 10,903 10,808 6,456 6,454 6,584 1,942 2,288 2,075 2,428 2,161 2,149 6,637 6,784 7,505 6,247 6,357 7,101 17,463 17,687 18,313\u00ae \u2013 of which Fiasp1,354 1,106 832 1,138 965 764 \u2014 \u2014 \u2014 216 141 68 649 642 553 606 605 519 2,003 1,748 1,385\u00ae \u2013 of which NovoRapid9,472 9,797 9,976 5,318 5,489 5,820 1,942 2,288 2,075 2,212 2,020 2,081 5,988 6,142 6,952 5,641 5,752 6,582 15,460 15,939 16,928Human insulin 6,508 7,453 7,339 1,983 2,152 2,370 1,812 2,692 2,655 2,713 2,609 2,314 1,678 1,599 1,534 1,605 1,515 1,431 8,186 9,052 8,873Total insulin 38,760 39,942 38,352 18,218 18,214 18,364 10,302 12,284 11,053 10,240 9,444 8,935 14,192 16,064 18,198 13,054 14,949 17,146 52,952 56,006 56,550Other Diabetes care 2,428 2,6442,946 717 713 725 1,181 1,432 1,546 530 499 675 797 950 1,085 660 806 943 3,225 3,594 4,031Total Diabetes care 67,384 58,692 52,063 33,790 29,136 26,488 15,220 15,563 13,642 18,374 13,993 11,933 72,164 54,505 50,349 66,881 51,197 47,857 139,548 113,197 102,412\u00aeWegovy54 \u2014 \u2014 54 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 6,134 1,386 \u2014 6,134 1,386 \u2014 6,188 1,386 \u2014\u00aeSaxenda5,832 3,117 2,118 3,561 1,809 1,124 133 61 10 2,138 1,247 984 4,844 3,897 3,490 4,368 3,526 3,230 10,676 7,014 5,608Total Obesity care 5,886 3,117 2,118 3,615 1,809 1,124 133 61 10 2,138 1,247 984 10,978 5,283 3,490 10,502 4,912 3,230 16,864 8,400 5,608Diabetes and Obesity care total 73,270 61,809 54,181 37,405 30,945 27,612 15,353 15,624 13,652 20,512 15,240 12,917 83,142 59,788 53,839 77,383 56,109 51,087 156,412 121,597 108,020Rare disease segment: Rare blood disorders 6,671 5,784 5,708 3,795 3,712 3,579 604 222 361 2,272 1,850 1,768 5,035 4,433 3,954 4,710 4,170 3,675 11,706 10,217 9,662 \u2013 of which Haemophilia A 1,769 1,625 1,332 1,137 1,162 983 81 24 16 551 439 333 569 487 381 543 460 358 2,338 2,112 1,713 \u2013 of which Haemophilia B 479 400 306 294 268 199 13 4 \u2014 172 128 107 280 237 212 152 102 86 759 637 518\u00ae \u2013 of which NovoSeven4,335 3,673 3,996 2,311 2,225 2,352 510 194 345 1,514 1,254 1,299 3,973 3,548 3,207 3,811 3,461 3,089 8,308 7,221 7,203Rare endocrine disorders 4,904 4,880 4,832 2,232 2,212 2,220 246 167 66 2,426 2,501 2,546 2,234 2,423 2,875 2,205 2,400 2,857 7,138 7,303 7,707Other Rare disease 1,002 1,064 1,108 804 837 886 6 6 5 192 221 217 696 619 449 358 330 205 1,698 1,683 1,557Rare disease total 12,577 11,728 11,648 6,831 6,761 6,685 856 395 432 4,890 4,572 4,531 7,965 7,475 7,278 7,273 6,900 6,737 20,542 19,203 18,926Total sales by geographical area 85,847 73,537 65,829 44,236 37,706 34,297 16,209 16,019 14,084 25,402 19,812 17,448 91,107 67,263 61,117 84,656 63,009 57,824 176,954 140,800 126,946Total sales growth as reported 16.7% 11.7% 6.9% 17.3% 9.9% 6.5% 1.2% 13.7% 9.7% 28.2% 13.5% 5.7% 35.4% 10.1% 1.1% 34.4% 9.0% 0.6% 25.7% 10.9% 4.0%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-3": {
"value": "Novo Nordisk operates in two business segments based on therapies: Diabetes and Obesity care and Rare disease (formerly known as Biopharm), representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas:\u2013 Diabetes and Obesity care: diabetes, obesity and other serious chronic diseases\u2013 Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.Segment performance is evaluated on the basis of operating profit, consistent with the consolidated financial statements. Financial income and expenses and income taxes are managed at Group level and are not allocated to business segments. There are no sales or other transactions between the business segments. Costs have generally been split between business segments according to a specific allocation. Certain corporate overhead costs are allocated between segments based on overall allocation keys. Other operating income and expenses have been allocated to the two segments based on the same principle. Accounting policiesOperating segments are reported in a manner consistent with the internal reporting provided to Executive Management and the Board of Directors. We consider Executive Management to be the operating decision-making body.Geographical areasIn 2022, Novo Nordisk operated in two main commercial units:\u2013 International Operations \u2013 EMEA: Europe, the Middle East and Africa. \u2013 China: Mainland China, Hong Kong and Taiwan. \u2013 Rest of World: All other countries except for North America.\u2013 North America Operations (the US and Canada).In 2022, the US contributed with 10% or more of total net sales. In 2021 and2020 Mainland China also contributed with 10% or more of total net sales. The country of domicile is Denmark, which is part of EMEA. Denmark is immaterial to Novo Nordisk's activities in terms of sales as 99.8% of total sales are realised outside Denmark. Sales are attributed to geographical areas according to the location of the customer. Out of total property, plant and equipment and intangible assets of DKK 118,087 million (DKK 98,533 million in 2021), DKK 54,492 million is located in Denmark (DKK 46,705 million in 2021) and DKK 44,744 million is located in the US (DKK 41,035 million in 2021) where the majority of production facilities and intangible assets are located. Refer to note 5.7 for an overview of companies in the Novo Nordisk Group based on geographical areas.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "Accounting policiesNovo Nordisk expenses all research costs. In line with industry practice, internal and subcontracted development costs are also expensed as they are incurred, due to significant regulatory uncertainties and other uncertainties inherent in the development of new products. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internal and external costs related to execution of studies, includingmanufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. The largest individual type of cost included in Other research and development costs are clinical trial cost.Certain research and development activities are recognised outside research and development costs:\u2013 Royalty expenses paid to partners after regulatory approval are expensed as cost of goods sold\u2013 Royalty income received from partners is recognised as part of other operating income and expenses\u2013 Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and development costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-4": {
"value": "Accounting policiesNovo Nordisk expenses all research costs. In line with industry practice, internal and subcontracted development costs are also expensed as they are incurred, due to significant regulatory uncertainties and other uncertainties inherent in the development of new products. This means that they do not qualify for capitalisation as intangible assets until marketing approval by a regulatory authority is obtained or considered highly probable. Costs for post-approval activities that are required by authorities as a condition for obtaining regulatory approval are recognised as research and development costs. Research and development costs primarily comprise employee costs as well as internal and external costs related to execution of studies, includingmanufacturing costs and facility costs of the research centres. The costs also comprise amortisation, depreciation and impairment losses related to intellectual property rights and property, plant and equipment used in the research and development activities. Amortisations of intellectual property rights related to marketed products are recognised in cost of goods sold. The largest individual type of cost included in Other research and development costs are clinical trial cost.Certain research and development activities are recognised outside research and development costs:\u2013 Royalty expenses paid to partners after regulatory approval are expensed as cost of goods sold\u2013 Royalty income received from partners is recognised as part of other operating income and expenses\u2013 Contractual research and development obligations to be paid in the future are disclosed separately as commitments in note 5.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-2": {
"value": "2.4 Employee costsDKK million 2022 2021 2020Wages and salaries 34,575 28,939 26,778Share-based payment costs (note 5.1) 1,539 1,040 823Pensions \u2013 defined contribution plans 2,472 2,022 1,961Pensions \u2013 defined benefit plans 185 139 138Other social security contributions 2,713 2,203 1,862Other employee costs 3,105 2,189 2,044Total employee costs for the year 44,589 36,532 33,606Employee costs capitalised as intangible assets and property, plant and equipment (1,451) (1,240) (1,279)Change in employee costs capitalised as inventories (70) (56) (60)Total employee costsin the income statement 43,068 35,236 32,267Included in the income statement:Cost of goods sold 11,766 9,611 8,896Sales and distribution costs 17,700 15,003 14,146Research and development costs 9,952 7,328 6,269Administrative costs 3,517 3,098 2,848Other operating income and expenses 133 196 108Total employee costs in theincome statement 43,068 35,236 32,267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-2": {
"value": "2.3 Research and development costsDKK million 2022 2021 2020Employee costs (note 2.4) 9,952 7,328 6,269Amortisation and impairment losses, intangible assets (note 3.1) 1,364 744 1,025Depreciation and impairment losses, property, plant and equipment (note 3.2) 922 736 724Other research and development costs 11,809 8,964 7,444Total research and development costs 24,047 17,772 15,462As percentage of net sales 13.6% 12.6% 12.2%Novo Nordisk's research and development is mainly focused on: \u2013 insulins, GLP-1s and other therapeutic compounds for diabetes treatment\u2013 GLP-1s, combinations and new modes of action for Obesity care\u2013 blood-clotting factors and new modes of action for treatment of haemophilia and other rare blood disorders\u2013 human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders\u2013 new indications with existing assets within NASH, Alzheimer\u2019s and chronic kidney disease\u2013 Research technology platforms including cell therapy and RNAi for treatment of NASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among othersThe research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise new technology platforms including stem cells, gene therapy and RNAi therapies.Research and development activities are carried out by Novo Nordisk's research and development centres, mainly in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships and licence agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "2.3 Research and development costsDKK million 2022 2021 2020Employee costs (note 2.4) 9,952 7,328 6,269Amortisation and impairment losses, intangible assets (note 3.1) 1,364 744 1,025Depreciation and impairment losses, property, plant and equipment (note 3.2) 922 736 724Other research and development costs 11,809 8,964 7,444Total research and development costs 24,047 17,772 15,462As percentage of net sales 13.6% 12.6% 12.2%Novo Nordisk's research and development is mainly focused on: \u2013 insulins, GLP-1s and other therapeutic compounds for diabetes treatment\u2013 GLP-1s, combinations and new modes of action for Obesity care\u2013 blood-clotting factors and new modes of action for treatment of haemophilia and other rare blood disorders\u2013 human growth hormone and new modes of action for treatment of growth disorders and other rare endocrine disorders\u2013 new indications with existing assets within NASH, Alzheimer\u2019s and chronic kidney disease\u2013 Research technology platforms including cell therapy and RNAi for treatment of NASH, cardiovascular disease, chronic kidney disease and Parkinson's disease, among othersThe research activities mainly utilise biotechnological methods based on advanced protein chemistry and protein engineering. These methods have played a key role in the development of the production technology used to manufacture insulin, GLP-1, recombinant blood-clotting factors and human growth hormone. Research activities further utilise new technology platforms including stem cells, gene therapy and RNAi therapies.Research and development activities are carried out by Novo Nordisk's research and development centres, mainly in Denmark, the US, the UK and China. Clinical trials are carried out all over the world. Novo Nordisk also enters into partnerships and licence agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "Number of employees 2022 2021 2020Year-end number of full-time employees 54,393 47,792 44,723Year-end employees (total) 55,185 48,478 45,323",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "Remuneration to Executive Management and Board of Directors DKK million 2022 2021 2020Salary and short-term incentive 141 126 119Pension 13 12 26Benefits 9 10 101Long-term incentive97 100 52Severance payments \u2014 29 \u20142Executive Management in total260 277 2073Fee to Board of Directors20 17 17Total 280 294 2241. Please refer to note 5.1 for further information. 2. Total remuneration for registered members of Executive Management amounts to DKK 175 million (DKK 202 million in 2021 and DKK 141 million in 2020). 3. All members of the Board of Directors are registered. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-3": {
"value": "Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by employees of Novo Nordisk. Where Novo Nordisk provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees concerned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "2.5 Other operating income and expensesAccounting policiesOther operating income and expenses, comprises licence income and other income of a secondary nature in relation to the main activities of Novo Nordisk. Licence income from royalties on net sales is recognised as the underlying customers' sale occurs and from sales milestones once the contingent sale milestone is achieved in accordance with the terms of the relevant agreement. Operating profit from the wholly owned subsidiary NNE A/S, not related to Novo Nordisk's main activities, is recognised as other operating income and expenses. Other operating income and expenses, also includes income from the sale of intellectual property rights as well as costs associated with secondary income and transaction costs incurred in connection with acquisition of businesses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "Accounting policiesThe tax expense for the period comprises current and deferred tax. It also includes adjustments to previous years and changes in provisions for uncertain tax positions. Tax is recognised in the income statement except to the extent that it relates to items recognised in equity or other comprehensive income. Provisions for ongoing tax disputes are included as part of deferred tax assets, tax receivables and tax payables.In general, the Danish tax rules related to dividends from group companies provide exemption from tax for most repatriated profits. In some countries withholding tax will be applied to dividends paid to Denmark. A provision for withholding tax is only recognised if a concrete distribution of dividends is planned. The unrecognised potential withholding tax amounts to DKK 567 million (DKK 444 million in 2021). The value of future tax deductions in relation to share programmes is recognised as a deferred tax asset until the shares are paid out to the employees. Any estimated excess tax deduction compared to the costs realised in the income statement is charged to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "Deferred income taxes arise from temporary differences between the accounting and tax values of the individual consolidated companies and from realisable tax loss carry-forwards. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. The tax value of tax loss carry-forwards is included in deferred tax assets to the extent that these are expected to be utilised in future taxable income. The deferred income taxes are measured according to current tax rules and at the tax rates assumed in the year in which the assets are expected to be utilised. Key accounting estimate regarding deferred income tax assets and provisions for uncertain tax positionsManagement has considered future taxable income and has estimated the amount of deferred income tax assets that should be recognised. The estimate is based on an assessment of whether sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilised. The total tax value of unrecognised tax loss carry-forwards amounts to DKK 456 million in 2022 (DKK 166 million in 2021).In the course of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management has estimated the expected outcome of the disputes by using the \u2018most probable outcome\u2019-method to determine the provisions for uncertain tax positions. Management considers the provisions made to be adequate. However, the actual obligation may deviate and depends on the result of litigation and settlements with the relevant tax authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-2": {
"value": "2.6 Income taxes and deferred income taxesIncome taxes expensed DKK million 2022 2021 2020Current tax on profit for the year 17,829 13,871 11,557Deferred tax on profit for the year (3,806) (1,528) 1,105Tax on profit for the year 14,023 12,343 12,662Current tax adjustments recognised for prior years 339 (603) (563)Deferred tax adjustments recognised for prior years (825) (417) (1,107)Income taxes in the income statement 13,537 11,323 10,992Tax on other comprehensive income for the year, (income)/expense 889 (1,005) 577Computation of effective tax rateDKK million 2022 2021 2020Statutory corporate income tax rate in Denmark 22.0% 22.0% 22.0%Deviation in foreign subsidiaries' tax rates compared to the Danish tax rate (net) (1.1%) (1.5%) (2.5%)Non-taxable income less non-tax-deductible expenses (net) (0.5%) (0.3%) (0.2%)Other adjustments (net) (0.8%) (1.0%) 1.4%Effective tax rate 19.6% 19.2% 20.7%Income taxes paidDKK million 2022 2021 2020Income taxes paid in Denmark for current year 9,181 9,703 4,262Income taxes paid outside Denmark for current year 5,647 3,439 4,508Income taxes paid/(repayments) relating to prior years (313) 1,296 1,336Income taxes paid 14,515 14,438 10,106The deviation in foreign subsidiaries' tax rates from the Danish tax rate is mainly driven by Swiss and US business activities. Other adjustments consist of tax related to acquisitions and adjustments to prior years.In 2020, income taxes paid in Denmark and paid outside Denmark were impacted by transfers of intellectual property rights related to acquisitions. In 2022, paid taxes related to prior years are impacted by a refund of overpaid tax from 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "2.7 Earnings per share2022 2021 2020Net profit 55,525 47,757 42,138Average number of shares in million 1outstandingshares 2,265.3 2,296.6 2,333.9Dilutive effect of average in million 2outstanding share poolshares 7.0 6.5 6.1Average number of shares outstanding, including dilutive effect of outstanding in million share poolshares 2,272.3 2,303.1 2,340.0Basic earnings per share DKK 24.51 20.79 18.05Diluted earnings per share DKK 24.44 20.74 18.011. For further information on the development in treasury shares, please refer to note 4.22. For further information on the outstanding share pool, please refer to note 5.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "Development in deferred income tax assets and liabilitiesProperty,Offset plant and Intangible within DKK millionequipmentassets InventoriesLiabilities Othercountries Total2022Net deferred tax asset/(liability) at 1 January (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Income/(charge) to the income statement (413) 674 (465) 3,999 836 4,631Income/(charge) to other comprehensive income \u2014 \u2014 (130) (141) (608) (879)Income/(charge) to equity \u2014 \u2014 \u2014 \u2014 234 234Additions from acquisitions (5.3) \u2014 (1,475) \u2014 \u2014 242 (1,233)Effect of exchange rate adjustment (9) (103) (5) 217 112 212Net deferred tax asset/(liability) at 31 December (2,402) (8,279) 2,595 11,007 3,445 \u2014 6,366Classified as follows:Deferred tax asset at 31 December 579 195 2,627 11,027 4,169 (5,170) 13,427Deferred tax liability at 31 December (2,981) (8,474) (32) (20) (724) 5,170 (7,061)2021Net deferred tax asset/(liability) at 1 January (1,614) (3,600) 2,556 4,617 1,404 \u2014 3,363Income/(charge) to the income statement (330) 632 387 2,037 (781) 1,945Income/(charge) to other comprehensive income \u2014 2 251 (41) 793 1,005Income/(charge) to equity \u2014 (2) \u2014 \u2014 194 192Additions from acquisitions (5.3) \u2014 (4,456) \u2014 \u2014 976 (3,480)Effect of exchange rate adjustment (36) 49 1 319 43 376Net deferred tax asset/(liability) at 31 December (1,980) (7,375) 3,195 6,932 2,629 \u2014 3,401Classified as follows:Deferred tax asset at 31 December 719 109 3,210 7,223 3,541 (6,130) 8,672Deferred tax liability at 31 December (2,699) (7,484) (15) (291) (912) 6,130 (5,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-3": {
"value": "Accounting policiesEarnings per share is presented as both basic and diluted earnings per share. Basic earnings per share is calculated as net profit divided by the monthly average number of shares outstanding. Diluted earnings per share is calculated as net profit divided by the sum of monthly average number of shares outstanding, including the dilutive effect of the outstanding share pool. Please refer to 'Financial definitions' for a description of calculation of the dilutive effect.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "Amortisation and impairment lossesDKK million 2022 2021 2020Cost of goods sold 846 844 369Sales and distribution costs 34 39 40Research and development costs 1,364 744 1,025Administrative costs 19 11 10Other operating income and expenses 96 1 2Total amortisation and impairment loss 2,359 1,639 1,446Total amortisation 1,599 1,066 1,096Total impairment losses 760 573 350Depreciation and impairment lossesDKK million 2022 2021 2020Cost of goods sold 3,229 2,836 2,729Sales and distribution costs 424 409 403Research and development costs 922 736 724Administrative costs 408 386 433Other operating income and expenses 20 19 18Total depreciation and impairment losses 5,003 4,386 4,307Of which related to leased assets 1,052 899 964Capital expenditure in the reporting period was primarily related to investments in facility upgrades and new production facilities for active pharmaceutical ingredients (API) for diabetes products, mainly the new facilities in Kalundborg. The investments will establish additional capacity across the entire global value chain from manufacturing of API to assembly and packaging, with the vast majority being invested in API capacity. These expansions will provide capacity for the production of Novo Nordisk\u2019s current and future oral and injectable products.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights and goodwill; please refer to note 5.3. Of the total addition of intangible assets in 2022 DKK 544 million is related to software projects and internally generated intangible assets (DKK 492 million in 2021).Intellectual Software Total property and other intangible DKK million Goodwillrightsintangiblesassets2022Cost at the beginning of the year 4,346 41,802 3,434 49,582Additions from acquisition of businesses (note 5.3) 524 5,766 492 6,782Additions during the year \u2014 1,310 1,426 2,736Disposals during the year \u2014 (151) (33) (184)Effect of exchange rate adjustment 222 1,004 (38) 1,188Cost at the end of the year 5,092 49,731 5,281 60,104Amortisation and impairment losses at the beginning of the year \u2014 4,652 1,759 6,411Amortisation for the year \u2014 1,404 195 1,599Impairment losses for the year \u2014 760 \u2014 760Amortisation and impairment losses reversed on disposals during the year \u2014 (149) (13) (162)Effect of exchange rate adjustment \u2014 70 10 80Amortisation and impairment losses at the end of the year \u2014 6,737 1,951 8,688Carrying amount at the end of the year 5,092 42,994 3,330 51,4162021Cost at the beginning of the year \u2014 22,404 2,936 25,340Additions from acquisition of businesses (note 5.3) 4,346 18,687 24 23,057Additions during the year \u2014 583 492 1,075Disposals during the year \u2014 \u2014 (45) (45)Effect of exchange rate adjustment \u2014 128 27 155Cost at the end of the year 4,346 41,802 3,434 49,582Amortisation and impairment losses at the beginning of the year \u2014 3,135 1,548 4,683Amortisation for the year \u2014 866 200 1,066Impairment losses for the year \u2014 573 \u2014 573Amortisation and impairment losses reversed on disposals during the year \u2014 \u2014 (1) (1)Effect of exchange rate adjustment \u2014 78 12 90Amortisation and impairment losses at the end of the year \u2014 4,652 1,759 6,411Carrying amount at the end of the year 4,346 37,150 1,675 43,1713.1 Intangible assets2021 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Dicerna Pharmaceuticals, Inc., which primarily includes the RNAi research technology platform and pipeline assets, which are recognised within intellectual property rights and goodwill; please refer to note 5.3. In 2021, Novo Nordisk acquired Prothena\u2019s wholly-owned subsidiary Neotope Neuroscience Ltd. and thereby gained full worldwide rights to the intellectual property rights of Prothena\u2019s ATTR amyloidosis business and pipeline cover. The acquisition included the clinical stage antibody PRX004. PRX004 is an antibody that uses a depleter mechanism that has the potential to improve heart failure symptoms and reverse the disease progression within the ATTR-CM diseases. The transaction has been accounted for as an asset acquisition recognised in intellectual property rights, all related to PRX004.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "2022 additionsAdditions from acquisition of businesses relates to Novo Nordisk\u2019s acquisition of Forma Therapeutics Holdings, Inc., which primarily includes the lead candidate Etavopivat, which is recognised within intellectual property rights and goodwill; please refer to note 5.3. Of the total addition of intangible assets in 2022 DKK 544 million is related to software projects and internally generated intangible assets (DKK 492 million in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-3": {
"value": "Intangible assets other than goodwillIn 2022, an impairment loss of DKK 760 million (DKK 573 million in 2021) was recognised, all related to intellectual property rights. DKK 250 million (DKK 436 million in 2021) of the impairment was related to the Diabetes and Obesity care segment and DKK 510 million (DKK 137 million in 2021) was related to Rare disease. The entire impairment loss in 2022 was recognised in research and development costs (DKK 573 million in research and development costs in 2021). The impairment was a result of Management\u2019s review of expectations related to intellectual property rights not yet in use. No impairment related to marketable products was identified in 2022 or in 2021. Goodwill As of 31 December 2022, goodwill is allocated to the segments Diabetes and Obesity care (DKK 4,154 million) and Rare diseases (DKK 938 million). At 31 December 2021, goodwill from the acquisition of Dicerna Pharmaceuticals, Inc was unallocated as the purchase price allocation for the acquisition was provisional. As of 31 December 2022, goodwill from the acquisition of Forma Therapeutics Holdings, Inc. is allocated to Rare disease based on a provisional purchase price allocation. No impairment of goodwill was recognised in 2022 or 2021 as the annual impairment test showed that the estimated recoverable amount in the forecast period exceeded the carrying amount of the cash-generating units to which goodwill was allocated. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which consolidated goodwill is allocated and monitored by Management. CGUs are therefore defined as Novo Nordisk's business segments, Diabetes and Obesity care and Rare disease. Fair value less costs of disposal is estimated using an income-approach and is based on discounted cash flow projections. The applied post-tax discount rates for Diabetes and Obesity care and Rare diseases are 7.0% (Pre-tax discount rate of 8.3%). Cash flow projections are based on budgets approved by management. The forecast period for Diabetes and Obesity care, and Rare diseases is 9 years. The discounted cash flows from the forecast period significantly exceeds the carrying amount of goodwill.The key assumptions and sensitivities are Novo Nordisk\u2019s volume market share, growth rates, pricing, development of new markets and the success rate for introducing new products and treatments. Sensitivities are affected by external factors such as market- and generic competition, and price regulation.The value assigned to key assumptions reflects past experience adjusted for market specific risks or expected changes. Fair value is determined using largely unobservable inputs. Other intangible assets disclosuresIntangible assets with an indefinite useful life and intangible assets not yet available for use amount to DKK 28,013 million (DKK 22,690 million in 2021), primarily intellectual property rights and goodwill.Intellectual property rights include DKK 5,546 million provisionally allocated to Etavopivat (please refer to note 5.3), DKK 4,648 million related to Ziltivekimab (DKK 4,612 million in 2021) and DKK 3,704 million related to Nedosiran (DKK 3,854 million in 2021), all of which are intangible assets under development. In addition, intellectual property rights contain DKK 6,584 million related to Rybelsus (DKK 7,150 million in 2021), which has a remaining useful life of 12 years (13 years in 2021); and DKK 10,251 million (DKK 10,135 million in 2021) related to the RNAi technology platform, with a remaining useful life of 22 years (23 years in 2021). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Goodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are not subject to amortisation. They are tested annually for impairment, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event is probable of being achieved. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Accounting policiesResearch and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed untilregulatory approval is obtained or is probable; please refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the servicesare received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. They are tested annually, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2013 Development of a competing drug\u2013 Realised sales trending below predicted sales\u2013 Changes or anticipated changes in participation rates or reimbursement policies\u2013 Inconsistent or unfavourable clinical readouts\u2013 Changes in the legal framework covering patents, rights and licences\u2013 Advances in medicine and/or technology that affect the medical treatments\u2013 Adverse impact on reputation and/or brand names\u2013 Changes in the economic lives of similar assets\u2013 Relationship to other intangible assets or property, plant and equipment.If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. Key accounting estimates and judgements on intangible assets Impairment tests are based on management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-4": {
"value": "For acquired research and development projects, and intellectual property rights, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalisation criteria as intangible assets on acquisition. Subsequent milestone payments payable on achievement of a contingent event (e.g. commencement of phase 3 trials) are accrued and capitalised into the cost of the intangible asset when the achievement of the event is probable. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.Recognition and measurementIntangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and any impairment loss. Goodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are not subject to amortisation. They are tested annually for impairment, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Goodwill is allocated to operating segments based on expected future cash flow from products utilizing the synergies and know-how acquired. For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalised as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalised when the contingent event is probable of being achieved. Intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter, and not exceeding 25 years in either case. The amortisation of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Amortisation of software is based on the straight-line method over the estimated useful life of 3-15 years. The amortisation commences when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by Management.Accounting policiesResearch and development projectsInternal and subcontracted research costs are fully charged to the consolidated income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed untilregulatory approval is obtained or is probable; please refer to note 2.3.Payments to third parties under collaboration and licence agreements are assessed for the substance of their nature. Payments which represent subcontracted research and development work are expensed as the servicesare received. Payments which represent rights to the transfer of intellectual property, developed at risk by the third party, are capitalised.Impairment testGoodwill and intangible assets with an indefinite useful life and intangible assets not yet available for use are tested for impairment when indicators of impairment exist. They are tested annually, irrespective of whether there is any indication that they may be impaired. Impairment tests are based on Management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors considered material that could trigger an impairment test include the following:\u2013 Development of a competing drug\u2013 Realised sales trending below predicted sales\u2013 Changes or anticipated changes in participation rates or reimbursement policies\u2013 Inconsistent or unfavourable clinical readouts\u2013 Changes in the legal framework covering patents, rights and licences\u2013 Advances in medicine and/or technology that affect the medical treatments\u2013 Adverse impact on reputation and/or brand names\u2013 Changes in the economic lives of similar assets\u2013 Relationship to other intangible assets or property, plant and equipment.If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of an impairment, any impairment is measured based on discounted projected cash flows. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date for possible reversal. Key accounting estimates and judgements on intangible assets Impairment tests are based on management\u2019s projections and anticipated net present value of estimated future cash flows from marketable products. When collaboration agreements contain elements of acquisition of intangible assets and research and development activities to be performed by the counterpart, management estimates the allocation of payments that should be deferred to the acquisition of intangible assets and prepaid research and development activities respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "3.2 Property, plant and equipmentAssets Property, Land and Plant and Other under plant and DKK millionbuildingsmachineryequipmentconstructionequipment2022Cost at the beginning of the year 41,076 35,944 7,776 11,091 95,887Additions from acquisition of businesses (note 5.3) 297 2 14 \u2014 313Additions during the year 706 143 645 13,160 14,654Disposals during the year (205) (123) (621) (33) (982)Transfer and reclassifications 1,000 1,152 329 (2,481) \u2014Effect of exchange rate adjustment 529 430 (29) 624 1,554Cost at the end of the year 43,403 37,548 8,114 22,361 111,426Depreciation and impairment losses at the beginning of the year 14,669 21,138 4,718 \u2014 40,525Depreciation for the year 2,245 1,793 916 \u2014 4,954Impairment losses for the year 3 10 3 33 49Depreciation and impairment losses reversed on disposals during the year (188) (123) (615) (33) (959)Effect of exchange rate adjustment 52 117 17 \u2014 186Depreciation and impairment losses at the end of the year 16,781 22,935 5,039 \u2014 44,755Carrying amount at the end of the year 26,622 14,613 3,075 22,361 66,6712021Cost at the beginning of the year 37,509 31,503 6,876 10,798 86,686Additions from acquisition of businesses (note 5.3) 522 \u2014 57 3 582Additions during the year 827 890 516 4,858 7,091Disposals during the year (359) (148) (305) (41) (853)Transfer and reclassifications 1,529 3,078 468 (5,075) \u2014Effect of exchange rate adjustment 1,048 621 164 548 2,381Cost at the end of the year 41,076 35,944 7,776 11,091 95,887Depreciation and impairment losses at the beginning of the year 12,936 19,444 4,037 \u2014 36,417Depreciation for the year 1,892 1,529 824 \u2014 4,245Impairment losses for the year 14 32 54 41 141Depreciation and impairment losses reversed on disposals during the year (365) (140) (305) (41) (851)Effect of exchange rate adjustment 192 273 108 \u2014 573Depreciation and impairment losses at the end of the year 14,669 21,138 4,718 \u2014 40,525Carrying amount at the end of the year 26,407 14,806 3,058 11,091 55,362",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-3": {
"value": "Accounting policiesProperty, plant and equipment is measured at historical cost less accumulated depreciations and any impairment loss. The cost of self-constructed assets includes costs directly attributable to the construction of the assets. Any subsequent cost is included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to Novo Nordisk, and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful lives of the assets (buildings: 12-50 years, plant and machinery: 5-25 years and other equipment: 3-10 years. Land is not depreciated).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-4": {
"value": "The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. If an asset\u2019s carrying amount is higher than its estimated recoverable amount, it is written down to the recoverable amount. Plant and equipment with no alternative use developed as part of a research and development project are expensed. However, plant and equipment with an alternative use or used for general research and development purposes are capitalised and depreciated over the estimated useful life as research and development costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "For contracts which are, or contain, a lease, the Group recognises a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, being the initial amount of the lease liability. The right-of-use asset is subsequently depreciated using the straight-line method over the lease term. The right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and reduced by any impairment losses. The lease term determined by the Group is the non-cancellable period of a lease, together with extension/termination option if these are reasonably certain to be exercised. For contracts with a rolling term (evergreen leases),the Group estimates the leasing period to be equal to the termination period if no probable scenario exists for estimating the leasing period. If the lease liability is remeasured due to a change in future lease payments a corresponding adjustment is made to the right-of-use asset, or in the income statement when the right-of-use asset has been fully depreciated. For a description of accounting policies for lease liabilities, please refer to note 4.9. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "3.3 InventoriesDKK million 2022 2021Raw materials 6,392 4,310Work in progress 13,673 12,285Finished goods 6,038 5,282Total inventories (gross) 26,103 21,877Write-downs at year-end (1,715) (2,256)Total inventories (net) 24,388 19,621Indirect production costs included in work in progress and finished goods 10,640 8,929Share of total inventories (net) 44% 46%Movements in inventory write-downs:Write-downs at the beginning of the year 2,256 2,153Write-downs during the year 1,110 883Utilisation of write-downs (1,482) (661)Reversal of write-downs (169) (119)Write-downs at the end of the year 1,715 2,256All write-downs in both 2022 and 2021 relate to fully impaired inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "Leased property, plant and equipmentDKK million 2022 2021Land and buildings 3,544 3,340Other equipment 587 499Total 4,131 3,839Novo Nordisk mainly leases office buildings, warehouses, laboratories and vehicles. The right-of-use asset is presented in property, plant and equipment and the lease liability in borrowings. In 2022, the total amount recognised in the income statement related to leases was DKK 1,491 million (DKK 1,303 million in 2021). The total cash outflow for leases amounted to DKK 1,438 million (DKK 1,275 million in 2021). As of 31 December 2022, the lease liability excludes potential lease payments of DKK 3,723 million (undiscounted) related to optional lease term extension rights on properties that were not considered reasonably certain to be exercised (DKK 2,209 million in 2021). Please refer to note 4.5 for a maturity analysis of lease payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Accounting policiesInventories are stated at cost or net realisable value, whichever is lower. Cost is determined using the first-in, first-out method. Cost comprises direct production costs such as raw materials, consumables and labour. Production costs for work in progress and finished goods include indirect production costs such as employee costs, depreciation, maintenance, etc. If the expected sales price less completion costs to execute sales (net realisable value) is lower than the carrying amount, a write-down is recognised for the amount by which the carrying amount exceeds its net realisable value.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalised but immediately written down, until there is a high probability of regulatory approval for the product. The cost is recognised in the income statement as research and development costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "3.4 Trade receivablesGross Net carrying Loss carrying DKK millionamountallowanceamount2022Not yet due 50,649 (920) 49,7291-90 days 729 (113) 61691-180 days 194 (77) 117181-270 days 149 (51) 98271-360 days 57 (57) \u2014More than 360 days past due 302 (302) \u2014Trade receivables 52,080 (1,520) 50,560EMEA 9,486 (859) 8,627China 1,138 \u2014 1,138Rest of World 5,297 (632) 4,665North America Operations 36,159 (29) 36,130Trade receivables 52,080 (1,520) 50,5602021Not yet due 40,274 (844) 39,4301-90 days 1,132 (93) 1,03991-180 days 212 (74) 138181-270 days 87 (51) 36271-360 days 63 (63) \u2014More than 360 days past due 305 (305) \u2014Trade receivables 42,073 (1,430) 40,643EMEA 7,827 (852) 6,975China 2,564 \u2014 2,564Rest of World 4,227 (558) 3,669North America Operations 27,455 (20) 27,435Trade receivables 42,073 (1,430) 40,643Novo Nordisk\u2019s customer base is comprised of government agencies, wholesalers, retail pharmacies and other customers. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2022 have overall remained unchanged from 2021.No loss allowance has been recognised on trade receivables in factoring portfolios in 2022 and 2021. Please refer to note 4.3 for more info on the trade receivable programmes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "Accounting policiesTrade receivables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less allowance for doubtful trade receivables. The split of trade receivables and allowance for trade receivables is based on the location of the customer.Before being sold, trade receivables in factoring portfolios are measured at fair value with changes recognised in other comprehensive income. The allowance for doubtful receivables is deducted from the carrying amount of trade receivables, and the amount of the loss is recognised in the income statement under sales and distribution costs. Subsequent recoveries of amounts previously written off are credited against sales and distribution costs.Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days past due. Generally, invoices are due for payment within 90 days from shipment of goods. Loss allowance is calculated using an ageing factor, geographical risk and specific customer knowledge. The allowance is based on a provision matrix on days past due and a forward looking element relating mainly to incorporation of Dun & Bradstreet country risk ratings and an individual assessment. Please refer to note 4.3 for a general description of credit risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "Movements in allowance for doubtful trade receivablesDKK million 2022 2021Carrying amount at the beginning of the year 1,430 1,380Reversal of allowance on realised losses (15) (62)Net movement recognised in income statement 212 102Effect of exchange rate adjustment (107) 10Allowance at the end of the year 1,520 1,430",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in NY Federal Court against Novo Nordisk US, Eli Lilly, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs through contract pharmacy arrangements. The lawsuit was subsequently dismissed by the Court on 2 September 2022, and the plaintiffs have sought leave to file an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending fourteen lawsuits, including three putative class actions, relating to the pricing of diabetes medicines. Four of these cases are pending in New Jersey federal court; four are pending in federal courts in Mississippi, Arkansas, Montana and New York and the remaining six are pending in state courts in Kansas, Illinois, Kentucky, California, Missouri and Puerto Rico. All pending matters also name as defendants Eli Lilly and Company and Sanofi, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk US received a Civil Investigative Demand from the US Department of Justice (\u201cDOJ CID\u201d) relating to potential off-label marketing of \u00aeNovoSeven (including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk US employee (the \u201cRelator\u201d) in the Western District of Oklahoma. Relator alleges Novo Nordisk US caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In 2019, the DOJ and 28 state AGs declined to intervene in the Relator\u2019s lawsuit. The State of Washington chose to intervene, and a consolidated complaint was filed and unsealed by the court on 28 May 2020. Novo Nordisk moved to dismiss the complaint, which resulted in certain claims being dismissed and certain claims remaining at this stage of the case. This matter is in the early stages of discovery and Novo Nordisk does not expect the lawsuit to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo\ue662NordiskNovo Nordisk US has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Washington, New Mexico, New York, Colorado, Vermont, Illinois, Texas, Ohio and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1 products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk US received a CID from the United States Department of Justice relating to the company\u2019s financial relationships with \u00ae\u00aehealthcare professional and prescriptions for Ozempic and Rybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with Department of Justice in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is one of several pharmaceutical companies that received requests for information involving pricing practices for its diabetes products from several committees of the Unites States House of Representatives and/or United States Senate. Novo Nordisk has responded to the various committees in response to their requests. Novo Nordisk does not expect the inquiries to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Other contingent liabilitiesIn addition to the above, the Novo Nordisk Group is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (Undiscounted) Currentcurrent Total20221Leases205 1,641 1,846Research and development obligations 5,988 7,582 13,570Research and development \u2013 2potential milestone payments376 5,011 5,387Commercial product launch \u2013 2potential milestone payments\u2014 7,598 7,598Purchase obligations relating to investments in property, plant and equipment 1,696 1,427 3,123Other purchase obligations 18,762 14,366 33,128Total obligations not recognised in the balance sheet 27,027 37,625 64,65220211Leases145 636 781Research and development obligations 4,196 6,357 10,553Research and development \u2013 2potential milestone payments771 4,220 4,991Commercial product launch \u2013 2potential milestone payments\u2014 5,966 5,966Purchase obligations relating to investments in property, plant and equipment 545 \u2014 545Other purchase obligations 13,407 5,998 19,405Total obligations not recognised in the balance sheet 19,064 23,177 42,2411. Predominantly relates to estimated variable property taxes, leases committed but not yet commenced and low value leases. 2. Potential milestone payments are associated with uncertainty as they are linked to successful achievements in research activities.Contractual obligationsResearch and development obligations include contingent payments related to achieving development milestones. Such amounts entail uncertainties in relation to the period in which payments are due because a proportion of the obligations are dependent on milestone achievements. Exercise fees and subsequent milestone payments under in-licensing option agreements are excluded, as Novo Nordisk is not contractually obligated to make such payments. Commercial product launch milestones include contingent payments solely related to achievement of a commercial product launch following regulatory approval.Commercial milestones, royalties and other payments based on a percentage of sales generated from sale of goods following marketing approval are excluded from the contractual commitments analysis because of their contingent nature, related to future sales. The purchase obligations related to investments in property, plant and equipment primarily relates to production capacity expansion projects. Novo Nordisk expects to fund these commitments with existing cash and cash flow from operations. The contractual obligations not recognised in the balance sheet represent contractual payments and are not discounted and are not risk-adjusted. Other guaranteesOther guarantees amount to DKK 1,222 million (DKK 1,251 million in 2021). Other guarantees primarily relate to performance guarantees issued by Novo Nordisk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "Mosaic Health Inc. and Central Virginia Health Services, Inc. (both 340B covered entities) filed a putative class action lawsuit in NY Federal Court against Novo Nordisk US, Eli Lilly, Sanofi and AstraZeneca alleging a conspiracy among the manufacturers to artificially fix prices of diabetes medications through changes to their policies relating to the distribution of 340B drugs through contract pharmacy arrangements. The lawsuit was subsequently dismissed by the Court on 2 September 2022, and the plaintiffs have sought leave to file an amended complaint. Novo Nordisk does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is currently defending fourteen lawsuits, including three putative class actions, relating to the pricing of diabetes medicines. Four of these cases are pending in New Jersey federal court; four are pending in federal courts in Mississippi, Arkansas, Montana and New York and the remaining six are pending in state courts in Kansas, Illinois, Kentucky, California, Missouri and Puerto Rico. All pending matters also name as defendants Eli Lilly and Company and Sanofi, while certain matters also name Pharmacy Benefit Managers (PBMs) and related entities. Plaintiffs generally allege that the manufacturers and PBMs colluded to artificially inflate list prices paid by consumers for diabetes products, while offering reduced prices to PBMs through rebates used to secure formulary access. Novo Nordisk does not expect the lawsuits to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In 2016, Novo Nordisk US received a Civil Investigative Demand from the US Department of Justice (\u201cDOJ CID\u201d) relating to potential off-label marketing of \u00aeNovoSeven (including high dose and for prophylactic use) and interactions with physicians and patients. The DOJ investigation was likely prompted by a lawsuit filed in 2015 by a former Novo Nordisk US employee (the \u201cRelator\u201d) in the Western District of Oklahoma. Relator alleges Novo Nordisk US caused the submission of false claims to Medicare, Medicaid, Federal Employees Health Benefits Program and private insurers in California as a result of the same conduct that was the subject of the DOJ CID. In 2019, the DOJ and 28 state AGs declined to intervene in the Relator\u2019s lawsuit. The State of Washington chose to intervene, and a consolidated complaint was filed and unsealed by the court on 28 May 2020. Novo Nordisk moved to dismiss the complaint, which resulted in certain claims being dismissed and certain claims remaining at this stage of the case. This matter is in the early stages of discovery and Novo Nordisk does not expect the lawsuit to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow. Pending claims against Novo Nordisk and Investigations involving Novo\ue662NordiskNovo Nordisk US has received Civil Investigative Demands (CIDs) or subpoenas from several US authorities including Attorneys General from the states of Washington, New Mexico, New York, Colorado, Vermont, Illinois, Texas, Ohio and the US Federal Trade Commission that call for the production of documents and information relating to, among other things, the company\u2019s trade practices relating to its insulin and GLP-1 products. Novo Nordisk is cooperating with the relevant government authorities in each of these investigative matters and does not expect these matters to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.In December 2021, Novo Nordisk US received a CID from the United States Department of Justice relating to the company\u2019s financial relationships with \u00ae\u00aehealthcare professional and prescriptions for Ozempic and Rybelsus during the period of 1 January 2016 to present. Novo Nordisk is cooperating with Department of Justice in this investigation and does not expect this matter to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Novo Nordisk is one of several pharmaceutical companies that received requests for information involving pricing practices for its diabetes products from several committees of the Unites States House of Representatives and/or United States Senate. Novo Nordisk has responded to the various committees in response to their requests. Novo Nordisk does not expect the inquiries to have a material impact on Novo Nordisk\u2019s financial position, operating profit or cash flow.Contingent liabilitiesNovo Nordisk is currently involved in pending litigations, claims and investigations arising out of the normal conduct of its business. While provisions that Management deems to be reasonable and appropriate have been made for probable losses, there are inherent uncertainties connected with these estimates.Other contingent liabilitiesIn addition to the above, the Novo Nordisk Group is engaged in certain litigation proceedings and various ongoing audits and investigations. In the opinion of Management, neither settlement nor continuation of such proceedings, nor such pending audits and investigations, are expected to have a material effect on Novo Nordisk\u2019s financial position, operating profit or cash flow.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "Pending litigation against Novo NordiskIn January 2021, Novo Nordisk made changes to its policy in the US related to facilitating delivery of its discounted medicines to commercial pharmacies that contract with covered entities participating in the 340B Drug Pricing Program. Novo Nordisk is currently engaged in litigation against the government seeking a declaration that its 340B policy is consistent with relevant US laws. On 30 January 2023, the U.S. Court of Appeals for the Third Circuit issued a ruling holding that Novo Nordisk\u2019s drug distribution policy meets the requirements of the 340B statute. This ruling, as well as other expected rulings in related matters pending before the U.S. Courts of Appeals for the Seventh and DC Circuits, may be subject to further discretionary appellate review before the US Supreme Court. Depending on the outcome of any subsequent appeals in this and related matters, there may be a material impact on Novo Nordisk\u2019s financial position, net sales and cash flow.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "Accounting policiesProvisions for sales rebates and discounts granted to government agencies, wholesalers, retail pharmacies, Managed Care and other customers are recorded at the time the related revenues are recorded or when the incentives are offered. Provisions are calculated based on Management's interpretation of applicable laws and regulations, historical experience and the specific terms in the individual agreements. Unsettled rebates are recognised as provisions when the timing or amount is uncertain. Where absolute amounts are known, the rebates are recognised as other liabilities. Please refer to note 2.1 for further information on sales rebates and provisions.Provisions for legal disputes are recognised where a legal or constructive obligation has been incurred as a result of past events and it is probable that there will be an outflow of resources that can be reliably estimated. In this case, Novo Nordisk arrives at an estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities.Provisions are measured at the present value of the anticipated expenditure for settlement. This is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision for interest is recognised as a financial expense.Novo Nordisk issues credit notes for expired goods as a part of normal business. Where there is historical experience or a reasonably accurate estimate of expected future returns can otherwise be made, a provision for estimated product returns is recorded. The provision is measured at gross sales value.Key accounting estimates regarding ongoing legal disputes, litigation and investigationsProvisions for legal disputes consist of various types of provisions linked to ongoing legal disputes. Management makes estimates regarding provisions and contingencies, including the probability of pending and potential future litigation outcomes. These are by nature dependent on inherently uncertain future events. When determining likely outcomes of litigation, etc., Management considers the input of external counsel on each case, as well as known outcomes in case law. Although Management believes that the total provisions for legal proceedings are adequate based on currently available information, there can be no assurance that there will not be any changes in facts or matters, or that any future lawsuits, claims, proceedings or investigations will not be material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "Section 4 Capital structure and financial items4.1 Distribution to shareholders DKK million 2022 2021 2020Interim dividend for the year 9,613 8,021 7,570Dividend for prior year 15,690 13,496 12,551Share repurchases for the year 24,086 19,447 16,855Total 49,389 40,964 36,976",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "4.2 Share capital, Treasury shares and Other reservesDevelopment in number of sharesMillion shares A shares B shares TotalShares beginning of 2021 537 1,813 2,350Shares cancelled in 2021 \u2014 (40) (40)Outstanding shares end of 2021 537 1,773 2,310Shares cancelled in 2022 \u2014 (30) (30)Outstanding shares end of 2022 537 1,743 2,280Each A share of DKK 0.2 per share carries 200 votes and each B share of DKK 0.2 per share carries 20 votes. At the end of 2022, the share capital amounted to DKK 107 million in A share capital (DKK 107 million in 2021 and 2020) and DKK 349 million in B share capital (DKK 355 million in 2021 and DKK 363 million in 2020).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-2": {
"value": "Treasury shares 2022 2021Market Number of Number of value,B shares B shares DKK million(million)(million)Holding at the beginning of the year 22,858 31.1 37.5Cancellation of treasury shares (22,050) (30.0) (40.0)Released allocated shares to employees (1,350) (1.8) (1.1)Purchase during the year 24,086 30.8 34.7Value adjustment 4,698 \u2014 \u2014Holding at the end of the year 28,242 30.1 31.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-3": {
"value": "At the end of 2022, the holding of treasury shares amounted to 1.3% of the total outstanding shares (1.3% of the outstanding shares in 2021). Treasury shares are primarily acquired to reduce the company's share capital. In addition, a limited part is used to finance Novo Nordisk's long-term share-based incentive programme and restricted stock units to employees. Treasury shares are deducted from the share capital on cancellation at their nominal value of DKK 0.2 per share. Differences between this amount and the amount paid to acquire or received for disposing of treasury shares are deducted directly in retained earnings.The purchase of treasury shares during the year relates to the remaining part of the 2021 share repurchase programme, totalling DKK 1.6 billion and the DKK 24 billion Novo Nordisk B share repurchase programme for 2022, of which DKK 1.5 billion was outstanding at year-end. The programme ended on 30 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-2": {
"value": "Specification of Other reservesExchange Tax and rate ad-Cash flow other DKK millionjustmentshedgesitems Total2020Reserve at the beginning of the year (839) (329) 474 (694)Other comprehensive income, net (1,689) 1,713 (567) (543)Transferred to intangible assets \u2014 418 (92) 326Reserve at the end of the year (2,528) 1,802 (185) (911)2021Other comprehensive income, net 1,624 (3,557) 1,117 (816)Transferred to intangible assets \u2014 15 (2) 13Reserve at the end of the year (904) (1,740) 930 (1,714)2022Other comprehensive income, net 2,289 2,766 (892) 4,163Reserve at the end of the year 1,385 1,026 38 2,449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-3": {
"value": "Novo Nordisk's guiding principle is that any excess capital after the funding of organic growth opportunities and potential acquisitions should be returned to investors. The net cash distribution to shareholders in the form of dividends and share repurchases amounts to DKK 49,389 million, compared with a free cash flow of DKK 57,362 million. The total dividend for 2022 amounts to DKK 27,950 million (DKK 12.40 per share). The 2022 final dividend of DKK 18,337 million (DKK 8.15 per share) is expected to be distributed pending approval at the Annual General Meeting. The interim dividend of DKK 9,613 million (DKK 4.25 per share) was paid in August 2022. The total dividend for 2021 was DKK 23,711 million (DKK 10.40 per share), of which the final dividend of DKK 15,690 million (DKK 6.90 per share) was paid in March 2022. No dividend is declared on treasury shares.Novo Nordisk's dividend pay-outs are complemented by share repurchase programmes.According to Danish corporate law, reserves available for distribution as dividends are based on the financial statements of the parent company, Novo Nordisk A/S. Dividends are paid from distributable reserves. As of 31 December 2022, distributable reserves total DKK 63,136 million (DKK 51,114 million in 2021), corresponding to the parent company's retained earnings and reserve for cash flow hedges and exchange rate adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__6__6": {
"value": "27950000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9_notes__6__7": {
"value": "12.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s9_notes__7__6": {
"value": "23711000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9_notes__7__7": {
"value": "10.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"pp-value-114-2": {
"value": "4.3 Financial risksManagement has assessed the following key financial risks:Type Financial riskForeign exchange risk HighCredit risk LowInterest rate risk LowLiquidity risk LowNovo Nordisk has a centralised management of the Group's financial risks. The overall objectives and policies for the company's financial risk management are outlined in the internal Treasury Policy, which is approved by the Board of Directors. The Treasury Policy consists of the Foreign Exchange Policy, the Investment Policy, the Financing Policy and the Policy regarding Credit Risk on Financial Counterparts, and includes a description of permitted use of financial instruments and risk limits.Novo Nordisk only hedges commercial exposures and consequently does not enter into derivative transactions for trading or speculative purposes. Novo Nordisk uses a fully integrated treasury management system to manage all financial positions, and all positions are marked-to-market. Foreign exchange riskForeign exchange risk is the most important financial risk for Novo Nordisk and can have a significant impact on the income statement, statement of comprehensive income, balance sheet and cash flow statement. The majority of Novo Nordisk's sales are in USD, EUR, CNY, JPY, CAD and GBP. The foreign exchange risk is most significant in USD, CNY and CAD, while the EUR exchange rate risk is regarded as low because of Denmark's fixed exchange rate policy towards EUR. The overall objective of foreign exchange risk management is to reduce the short-term negative impact of exchange rate fluctuations on earnings and cash flow, thereby contributing to the predictability of the financial results.Novo Nordisk hedges existing assets and liabilities in key currencies as well as future expected cash flows up to a maximum of 24 months forward. Hedge accounting is applied to match the impact of the hedged item and the hedging instrument in the consolidated income statement. The currency hedging strategy balances risk reduction and cost of hedging by use of foreign exchange forwards and foreign exchange options matching the due dates of the hedged items. Expected cash flows are continually assessed using historical inflows, budgets and monthly sales forecasts. Hedge effectiveness is assessed on a regular basis. Management has chosen to classify the result of hedging activities as part of financial items.Key currenciesUSD CNY JPY CAD GBPAverage exchange rate applied (DKK per 100)2022 708 105 5.40 543 8732021 629 97 5.73 502 8652020 654 95 6.13 488 839Year-end exchange rate applied (DKK per 100)2022 697 101 5.29 515 8382021 657 103 5.70 517 8852020 606 93 5.88 474 824Foreign exchange rate sensitivity analysisAt year-end, an immediate 5% decrease in the disclosed currencies versus DKK and EUR is estimated by Management to have the following impact on Novo Nordisk's operating profit for the next 12 months.Sensitivity on operating profit of an immediate 5% decrease 1in key currenciesDKK million USD CNY JPY CAD GBP2023 (3,180) (500) (240) (320) (160)2022 (2,350) (360) (230) (200) (120)1. An immediate 5% increase would have the opposite impact of the above. As per the end of 2022, a positive market value of financial contracts related to hedging of foreign exchange risk of DKK 1,026 million has been deferred for recognition in 2023 (In 2021 a negative market value of DKK 1,740 million was deferred for recognition in 2022). Sensitivity of an immediate 5% decrease in currency rates on 231 December versus DKK and EURDKK million 2022 2021Sensitivity of all currenciesIncome statement (37) (113)Other comprehensive income 3,431 2,677Total 3,394 2,564Hereof sensitivity of USDIncome statement 150 87Other comprehensive income 2,923 2,218Total 3,073 2,3052. An immediate 5% increase would have the opposite impact of the above. The foreign exchange sensitivity analysis comprises effects from the Group's cash, trade receivables and trade payables, current loans, current and non-current financial investments, lease liabilities and foreign exchange forwards. Anticipated currency transactions, investments in foreign subsidiaries and non-current assets are not included.Financial contracts coverage at year end3Months USD CNYJPY CAD GBP2022 12 0 12 9 112021 12 0 12 9 113. Chinese yuan traded offshore (CNH) is used to hedge Novo Nordisk's CNY currency exposure.The table above shows financial contracts existing at year-end to cover the expected future cash flow for the disclosed number of months. During 2022, the hedging horizon varied between 9 and 12 months for USD, JPY, CAD and GBP. Average hedge rate for USD cash flow hedges is 696 at the end of 2022 (628 at the end of 2021).Interest rate riskNovo Nordisk\u2019s exposure to interest rate risk is considered to be low due to the capital structure. Non-current debt consists of fixed rate instruments. Interest rate risk on marketable securities of DKK 10,921 million is considered low due to a low portfolio duration. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-2": {
"value": "Credit riskCredit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial losses for the Group. Credit risk exposure to financial counterpartiesCredit exposure for cash at bank, marketable securities and derivative financial instruments (fair value)Derivative Cash atMarketable financial DKK millionbanksecuritiesinstruments Total2022AAA range 6 10,797 \u2014 10,803AA range 5,507 \u2014 963 6,470A range 6,550 124 1,764 8,438BBB range 124 \u2014 \u2014 124Not rated or below BBB range 466 \u2014 \u2014 466Total 12,653 10,921 2,727 26,3012021AAA range 477 6,765 \u2014 7,242AA range 3,726 \u2014 585 4,311A range 5,637 \u2014 1,105 6,742BBB range 23 \u2014 \u2014 23Not rated or below BBB range 857 \u2014 \u2014 857Total 10,720 6,765 1,690 19,175Novo Nordisk considers its maximum credit exposure to financial counterparties to be DKK 26,301 million (DKK 19,175 million in 2021). In addition, Novo Nordisk considers its maximum credit exposure to trade receivables, other receivables (less prepayments and VAT receivables) and other financial assets to be DKK 52,714 million (DKK 43,425 million in 2021). Please refer to note 4.9 for details of the Group's total financial assets. To manage credit risk regarding financial counterparties, Novo Nordisk only enters into derivative financial contracts and money market deposits with financial counterparties possessing a satisfactory long-term credit rating from at least two out of the three selected rating agencies: Standard and Poor's, Moody's and Fitch. Furthermore, maximum credit lines defined for each counterparty diversify the overall counterparty risk. The credit risk on marketable securities is low, as investments are made in highly liquid bonds with predominantly AAA credit ratings. Credit risk exposure to non-financial counterpartiesOutside the US, Novo Nordisk has no significant concentration of credit risk related to trade receivables or other receivables and prepayments, as the exposure in general is spread over a large number of counterparties and customers. In the US, the three major wholesalers account for a large proportion of total net sales, see note 2.1. However, US wholesaler credit ratings are monitored, and part of the trade receivables are sold on full non-recourse terms; see below for details. Novo Nordisk closely monitors the current economic conditions of countries impacted by currency fluctuations, high inflation and an unstable political climate. These indicators as well as payment history are taken into account in the valuation of trade receivables. The country risk ratings in 2022 have overall remained unchanged from 2021 to 2022. Trade receivable programmesAt year-end, the Group had derecognised receivables without recourse having due dates after 31 December 2022 amounting to:DKK million 2022 2021 2020US 1,394 1,313 1,817Japan 2,273 2,453 2,351Novo Nordisk's subsidiaries in the US and Japan employ trade receivable programmes in which trade receivables are sold on full non-recourse terms to optimise working capital.Please refer to note 3.4 for the split of allowance for trade receivables by geographical segment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-2": {
"value": "Liquidity riskThe liquidity risk is considered to be low. Novo Nordisk ensures the availability of the required liquidity through a combination of cash management, highly liquid investment portfolios and both uncommitted and committed credit facilities. Novo Nordisk uses cash pools for optimisation and centralisation of cash management.Financial reserves comprise the sum of cash and cash equivalents at the end of the year, marketable securities with original term to maturity exceeding three months and undrawn committed credit and loan facilities, with a maturity of more than 12 months, less loans and bank overdrafts classified as liabilities arising from financing activities contractually obliged for repayment within 12 months of the balance sheet date. Financial reservesDKK million 2022 2021 2020Cash and cash equivalents (note 4.6) 12,653 10,719 12,226Marketable securities 10,921 6,765 \u20144Undrawn committed credit facility11,527 11,526 11,5315Undrawn bridge facility\u2014 \u2014 5,577Borrowings (Note 4.5) (480) (12,861) (576)Financial reserves 34,621 16,149 28,7584. The undrawn committed credit facility comprises a EUR 1,550 million facility (EUR 1,550 million in 2021 and EUR 1,550 million in 2020) committed by a portfolio of international banks. The facility matures in 2025. 5. For 2020, the undrawn bridge facility comprises the EUR 750 million (DKK 5,577 million) undrawn portion of EUR 1,500 million bridge facility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-2": {
"value": "4.4 Derivative financial instrumentsDerivative financial instruments 2022 2021ContractPositive Negative Contract Positive Negative amount fair value fair value amount fair value fair value DKK millionat year-endat year-endat year-endat year-endat year-endat year-end1Forward contracts USD59,292 1,591 907 42,351 17 1,667Forward contracts JPY, GBP and CAD 10,677 373 31 9,032 32 122Forward contracts, cash flow hedges 69,969 1,964 938 51,383 49 1,7891Forward contracts USD38,432 639 1,942 30,909 1,607 284Forward contracts CNH, CAD, EUR, GBP and JPY 4,111 124 23 7,361 34 111Forward contracts, fair value hedges 42,543 763 1,965 38,270 1,641 395Total derivative financial instruments 112,512 2,727 2,903 89,653 1,690 2,184Recognised in the income statement 763 1,965 1,641 395Recognised in other comprehensive income 1,964 938 49 1,7891. Average hedge rate for USD cash flow hedges is 696 at the end of 2022 (628 at the end of 2021) and average hedge rate for USD fair value hedges is 714 at the end of 2022 (628 at the end of 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-3": {
"value": "Accounting policiesOn initiation of the contract, Novo Nordisk designates each derivative financial contract that qualifies for hedge accounting as one of:\u2013 hedges of the fair value of a recognised asset or liability (fair value hedge)\u2013 hedges of the fair value of a forecast financial transaction (cash flow hedge).All contracts are initially recognised at fair value and subsequently remeasured at fair value at the end of the reporting period.Fair value hedgesValue adjustments of fair value hedges are recognised in the income statement along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk.Cash flow hedgesValue adjustments of the effective part of cash flow hedges are recognised in other comprehensive income. The cumulative value adjustment of these contracts is transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. For cash flow hedges of foreign currency risk on highly probable non-financial asset purchases, the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised.Discontinuance of cash flow hedgingWhen a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement under financial income or financial expenses. For additional disclosures on accounting policies for financial instruments please refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "The fair value of cash flow hedges at year-end 2022, a gain of DKK 1,026 million, has been recognised in other comprehensive income. The financial contracts are expected to impact the income statement withinthe next 12 months, with deferred gains and losses on cash flow hedgesthen being transferred to financial income or financial expenses. There is no expected ineffectiveness at 31 December 2022, primarily because hedging instruments match currencies of hedged cash flows. Use of derivative financial instrumentsThe derivative financial instruments are used to manage the exposure to foreign exchange risk. None of the derivatives are held for trading. Novo Nordisk uses forward exchange contracts to hedge forecast transactions, assets and liabilities. Net investments in foreign subsidiaries are currently not hedged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-2": {
"value": "4.5 BorrowingsContractual undiscounted cash flows Issued Bank Euro-over-1DKK million Leasesbonds LoansdraftsTotal2022Within 1 year 1,088 \u2014 \u2014 480 1,5681-3 years 1,566 8,556 \u2014 \u2014 10,1223-5 years 923 3,707 \u2014 \u2014 4,630More than 5 years 1,416 8,512 \u2014 \u2014 9,928Total 4,993 20,775 \u2014 480 26,248Carrying amount end of the year 4,529 20,775 \u2014 480 25,784Non-current liabilities 3,543 20,775 \u2014 \u2014 24,318Current liabilities 986 \u2014 \u2014 480 1,4662021Within 1 year 946 \u2014 12,503 359 13,8081-3 years 1,475 4,854 \u2014 \u2014 6,3293-5 years 942 \u2014 \u2014 \u2014 942More than 5 years 1,266 4,800 \u2014 \u2014 6,066Total 4,629 9,654 12,503 359 27,145Carrying amount end of the year 4,129 9,654 12,503 359 26,645Non-current liabilities 3,307 9,654 \u2014 \u2014 12,961Current liabilities 822 \u2014 12,503 359 13,684Issuance of Eurobonds Nominal value in millionsInterest Maturity EUR DKK0.000% Fixed Jun 2024 650 4,8340.750% Fixed Mar 2025 500 3,7181.125% Fixed Sep 2027 500 3,7180.125% Fixed Jun 2028 650 4,8341.375% Fixed Mar 2030 500 3,718Reconciliation of liabilities arising from financing activitiesNon-cash movementsBeginning of Re-Exchange End of 2DKK millionthe yearpayments Proceeds AdditionsDisposalsrates Otherthe year2022Lease liabilities 4,129 (998) \u2014 1,358 (1) 43 (2) 4,529Issued Eurobonds 9,654 \u2014 11,120 \u2014 \u2014 (2) 3 20,775Loans 12,503 (12,623) \u2014 \u2014 \u2014 120 \u2014 \u20141Bank overdrafts358 (2) 95 \u2014 \u2014 27 2 480Liabilities arising from financing activities 26,644 (13,623) 11,215 1,358 (1) 188 3 25,7841Bank overdrafts1 (1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014Total borrowings 26,645 (13,624) 11,215 1,358 (1) 188 3 25,7842021Lease liabilities 3,672 (874) \u2014 1,183 \u2014 146 2 4,129Issued Eurobonds \u2014 \u2014 9,657 \u2014 \u2014 \u2014 (3) 9,654Loans 5,577 (5,577) 12,503 \u2014 \u2014 \u2014 \u2014 12,5031Bank overdrafts576 (238) \u2014 \u2014 \u2014 17 3 358Liabilities arising from financing activities 9,825 (6,689) 22,160 1,183 \u2014 163 2 26,6441Bank overdrafts531 (527) \u2014 \u2014 \u2014 \u2014 (3) 1Total borrowings 10,356 (7,216) 22,160 1,183 \u2014 163 (1) 26,6451. Bank overdrafts includes DKK 480 million classified as financing activities (DKK 358 million in 2021) and none classified as cash and cash equivalents (DKK 1 million in 2021). 2. Includes additions from acquisitions of businesses.EurobondsIn 2022, three tranches with aggregate principal amount of EUR 1.5 billion corresponding to DKK 11.1 billion were launched under the programme. Net proceeds of the issuances have been used for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk\u2019s acquisition of Dicerna Pharmaceuticals, Inc. in 2021. In 2021, two tranches with an aggregate principal amount of EUR 1.3 billion corresponding to DKK 9.7 billion were launched. Net proceeds of the issuances have been used by Novo Nordisk for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk\u2019s acquisition of Emisphere Technologies Inc. in 2020. Issued Eurobonds are listed on Euronext Dublin. The total fair value of issued Eurobonds amounts to DKK 18.7 billion (DKK 9.6 billion in 2021).Sale and repurchase agreementIn 2021, as part of bridge funding the acquisition of Dicerna Pharmaceuticals, Inc., Novo Nordisk entered into a sale and repurchase agreement of marketable securities (REPO). On 31 December 2021, the carrying amount of the assets transferred was DKK 5,937 million, and the associated liabilities amounted to DKK 5,937 million. The repurchase was fixed, and Novo Nordisk therefore retained full exposure from fair value changes of the marketable securities. Therefore, the transaction was treated as a collateralised lending arrangement. The marketable securities were repurchased in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-3": {
"value": "Accounting policies The lease liabilities are related to IFRS 16 leases, primarily for premises and company cars and include the present value of future lease payments during the lease term. Lease liabilities are initially measured at the present value of the lease payments outstanding at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured using the effective interest method. The lease liability is subsequently remeasured to reflect changes in future lease payments, e.g. changes in lease terms. Issued bonds, loans and bank overdrafts are initially recognised at the fair value of the proceeds received less transaction costs. In subsequent periods these are measured at amortised cost using the effective interest method. The difference between the proceeds received and the nominal value is recognised in financial income or financial expenses over the term of the loan. Where substantially all the risks and rewards of ownership are retained in financial assets that have been transferred, the assets are not derecognised and the proceeds obtained are recognised as a financial liability. For fair value determination please refer to note 4.9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-2": {
"value": "4.6 Cash and cash equivalents DKK million 2022 2021 2020Cash at bank (note 4.3) 12,653 10,720 12,7571Borrowings (note 4.5) \u2014 (1) (531)Cash and cash equivalents 12,653 10,719 12,2261. Bank overdrafts includes DKK 480 million classified as financing activities (DKK 358 million in 2021) and none classified as cash and cash equivalents (DKK 1 million in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-2": {
"value": "4.7 Other non-cash itemsDKK million 2022 2021 2020Reversals of non-cash income statement itemsInterest income and interest expenses, net (note 4.10) 139 58 53Capital gain/(loss) on investments, net, etc. (note 4.10) 124 (340) 195Result of associated companies (note 4.10) 189 24 (149)Share-based payment costs (note 5.1) 1,539 1,040 823Increase/(decrease) in provisions (note 3.5) and retirement benefit obligations 19,080 16,581 3,605Other 1,239 (4,354) 3,322Total other non-cash items 22,310 13,009 7,8494.8 Change in working capitalDKK million 2022 2021 2020Inventories (4,767) (1,085) (895)Trade receivables (9,917) (12,909) (2,822)Other receivables and prepayments (968) (469) (419)Trade payables 6,717 3,153 (641)Other liabilities 4,006 2,595 1,274Adjustment for payables related to non-current assets (1,567) (15) 879Adjustment related to acquisition of businesses (143) (1,409) \u2014Change in working capital including exchange rate adjustments (6,639) (10,139) (2,624)Exchange rate adjustments 1,303 1,483 (1,729)Cash flow change in working capital (5,336) (8,656) (4,353)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "Cash and cash equivalents at 31 December 2022 includes DKK 458 million that is restricted (DKK 1,123 million in 2021). The restricted cash balance relates to subsidiaries in which availability of currency for remittance of funds is temporarily scarce.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-3": {
"value": "Accounting policiesCash and cash equivalents consists of cash offset by short-term bank overdrafts. Where short-term bank overdrafts are consistently overdrawn, they are excluded from cash and cash equivalents. The movement in such facilities is presented under financing activities in the cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-3": {
"value": "4.9 Financial assets and liabilitiesFinancial assets by categoryDKK million 2022 2021Other financial assets 559 553Marketable securities 10,921 6,765Financial assets at fair value through the income statement 11,480 7,318Derivative financial instruments (note 4.4) 2,727 1,690Derivatives used as hedging instruments (assets) 2,727 1,690Other financial assets 457 363Trade receivables (note 3.4) 16,593 15,036Other receivables and prepayments(current and non-current) 6,211 5,304\u2013 less prepayments and VAT receivables (5,073) (3,438)Cash at bank (note 4.6) 12,653 10,720Financial assets at amortised cost 30,841 27,985Trade receivables in a factoring portfolio 33,967 25,607Financial assets at fair value through other comprehensive income 33,967 25,607Total financial assets at the end of the year by category 79,015 62,600Financial liabilities by categoryDerivative financial instruments (note 4.4) 2,903 2,184Derivatives used as hedging instruments (liability) 2,903 2,184Borrowings (non-current) (note 4.5) 24,318 12,961Borrowings (current) (note 4.5) 1,466 13,684Trade payables 15,587 8,870Other liabilities (non-current) 100 360Other liabilities (current) 23,606 19,600\u2013 less VAT and duties payable (875) (590)Financial liabilities measured at amortised cost 64,202 54,885Total financial liabilities at the end of the 1year by category67,105 57,0691. Please refer to note 4.5 for a maturity analysis for non-current and current borrowings.Financial assets with the exception of other financial assets and the non-current part of other receivables and prepayments (DKK 206 million in 2022, DKK 267 million in 2021) are all due within one year. Other financial assets at amortised cost include DKK 433 million which are due in more than five years (DKK 335 million in 2021). Other financial assets measured at fair value through the income statement are minor shareholdings.Recognition and measurementFinancial assets at fair value through the income statement consist of equity investments and marketable securities. These financial instruments are initially recognised at fair value. Equity investments are included in other financial assets. Net gains and losses arising from changes in the fair value of equity instruments and marketable securities are recognised in the income statement as financial income or expenses. For a description of accounting policies on derivative financial instruments designated to hedge accounting, please refer to note 4.4.Financial assets at fair value through other comprehensive income are trade receivables that are held to collect or to sell in factoring agreements. Financial assets at amortised cost are cash at bank and non-derivative financial assets solely with payments of principal and interest. Novo Nordisk normally 'holds-to-collect' the financial assets to attain the contractual cash flows. If collection is expected within one year (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets. These are initially measured at fair value less transaction costs, except for trade receivables that are initially measured at the transaction price. Subsequently, they are measured at amortised cost using the effective interest method less impairment. For a description of accounting policies on trade receivables, please refer to note 3.4.Purchases and sales of financial assets are recognised on the settlement date. Financial assets are removed from the balance sheet when the rights to receive cash flows have expired or have been transferred and Novo Nordisk has substantially transferred all the risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "Financial liabilities at fair value through the income statement consist of financial derivative instruments. Financial liabilities at amortised cost consist of borrowings (loans, issued Eurobonds, bank overdrafts and lease liabilities), trade payables and other liabilities (primarily employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue). Other liabilities primarily comprises employee cost payables, payables related to non-current assets, sales rebates as well as deferred revenue. These are initially recognised at the fair value of the proceeds received less transaction costs. The difference between the proceeds received and the nominal value is recognised in financial expenses over the term of the loan using the effective interest method. For initial recognition of lease liabilities refer to note 4.5. Financial liabilities are derecognised when the obligation is repaid, cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-3": {
"value": "Accounting policiesDepending on purpose, Novo Nordisk classifies financial instruments into the following categories:\u2013 Financial assets at fair value through the income statement\u2013 Financial assets used as hedging instruments\u2013 Financial assets at amortised cost\u2013 Financial assets at fair value through other comprehensive income\u2013 Financial liabilities used as hedging instruments\u2013 Financial liabilities at amortised costManagement determines the classification of its financial instruments on initial recognition and re-evaluates this at the end of every reporting period to the extent that such a classification is permitted or required.Fair value measurementIf an active market exists, the fair value of a financial instrument is based on the most recently observed market price at the end of the reporting period. If a financial instrument is quoted in a market that is not active, Novo Nordisk bases its valuation on the most recent transaction price. Adjustment is made for subsequent changes in market conditions, for instance by including transactions in similar financial instruments assumed to be motivated by normal business considerations. The fair values of quoted investments are based on current bid prices at the end of the reporting period.Financial assets for which no active market exists are carried at fair value based on a valuation methodology. The fair value of such financial instruments are determined on the basis of quoted market prices of financial instruments traded in active markets. The fair value of standard and simple financial instruments, such as foreign exchange forward contracts, interest rate swaps, currency swaps and unlisted bonds, is measured according to generally accepted valuation techniques. Market-based input are used to measure the fair value.The fair value of trade receivables in a factoring portfolio is calculated based on the net invoice amount (invoice amount less charge-backs) less the fee payable to the factoring entity. The factoring fee is insignificant due to the short period between the time of sale to the factoring entity and the invoice due date and the rate applicable. Inputs into the estimate of US wholesaler charge-backs are described in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-2": {
"value": "Fair value measurement hierarchyDKK million 2022 2021Active market data 11,288 7,169Directly or indirectly observable market data 2,727 1,690Not based on observable market data 34,159 25,756Total financial assets at fair value 48,174 34,615Active market data \u2014 \u2014Directly or indirectly observable market data 2,903 2,184Not based on observable market data \u2014 \u2014Total financial liabilities at fair value 2,903 2,184Financial assets and liabilities measured at fair value can be categorised using the fair value measurement hierarchy above. There were no transfers between the 'Active market data' and 'Directly or indirectly observable market data' categories during 2022 or 2021. Disclosed fair value of issued Eurobonds are based on 'Active market data'. There are no significant intangible assets or items of property, plant and equipment measured at fair value. For a description of the credit quality of financial assets such as trade receivables, cash at bank, current debt and derivative financial instruments, please refer to notes 4.3 and 4.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-2": {
"value": "4.10 Financial income and expensesFinancial incomeDKK million 2022 2021 2020Financial income1Interest income239 231 337Foreign exchange gain (net) \u2014 \u2014 1,142Financial gain from forward contracts (net) \u2014 2,316 \u2014Capital gain on investments, etc. \u2014 340 \u2014Result of associated companies \u2014 \u2014 149Total financial income 239 2,887 1,628Financial expenses1Interest expenses378 289 390Foreign exchange loss (net) 2,885 1,972 \u2014Financial loss from forward contracts (net) 1,766 \u2014 1,889Capital loss on investments, etc. 124 \u2014 195Capital loss on marketable securities 463 44 \u2014Result of associated companies 189 24 \u2014Other financial expenses 181 122 150Total financial expenses 5,986 2,451 2,6241. Total interest income and expenses is measured at amortised cost for financial assets and liabilities.Financial impact from forward contracts, specifiedDKK million 2022 2021 2020Income/(loss) transferred from other comprehensive income (1,740) 1,802 (329)Value adjustment of transferred contracts (3,772) (1,411) 79Unrealised fair value adjustments 2of forward contracts(1,202) 1,246 (835)Realised foreign exchange gain/(loss) on forward contracts 4,948 679 (804)Financial income/(expense) from forward contracts (1,766) 2,316 (1,889)2. Please refer to note 4.4 Derivative financial instruments for information on open fair value hedge contracts at 31 December. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-3": {
"value": "Accounting policiesAs described in note 4.3, Management has chosen to classify the result of hedging activities as part of financial items in the income statement except for foreign currency-risk cash flow hedges on highly probable non-financial asset purchases, where the cumulative value adjustments are transferred directly from the cash flow hedge reserve to the initial cost of the asset when recognised. Financial items primarily relate to foreign exchange elements and are mainly impacted by the cumulative value adjustment of cash flow hedges transferred from other comprehensive income to the income statement when the hedged transaction is recognised in the income statement. In addition, value adjustments of fair value hedges are recognised in financial income and financial expenses along with any value adjustments of the hedged asset or liability that are attributable to the hedged risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "Section 5 Other disclosures5.1 Share-based payment schemesShare-based payment expensed in the income statementDKK million 2022 2021 2020Restricted stock units to employees 265 189 189Long-term share-based incentive 1programme (Management Board)250 234 162Long-term share-based incentive programme (management group below Management Board) 819 598 436Shares allocated to individual employees 205 19 36Share-based payment expensed in the income statement 1,539 1,040 8231. In 2021, Novo Nordisk introduced a new share-based compensation programme with terms, which amortises the grant date valuation over three years (2019 and 2020 programmes were amortised over four years). The 2022 expense includes amortisation of the 2019, 2020, 2021 and 2022 programmes. Outstanding restricted stock units (million) Restricted stock units Shares for Shares for management group Shares allocated to to employeesManagement Boardbelow Management Boardindividual employees Total2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020Outstanding at the beginning of the year 2.0 2.1 2.1 2.2 1.8 1.3 5.5 4.5 3.2 0.2 0.2 0.3 9.9 8.6 6.9Released allocated shares (0.0) (0.1) (0.0) (0.5) (0.3) (0.1) (1.2) (0.6) (0.2) (0.1) (0.1) (0.1) (1.8) (1.1) (0.4)Cancelled allocated shares \u2014 \u2014 \u2014 (0.1) 0.0 (0.0) (0.2) (0.3) (0.1) (0.0) (0.0) (0.0) (0.3) (0.3) (0.1)Allocated in the year 0.4 \u2014 \u2014 0.4 0.5 0.4 1.7 1.6 1.0 0.4 0.1 \u2014 2.9 2.2 1.42Performance adjustment\u2014 \u2014 \u2014 \u2014 0.2 0.2 \u2014 0.3 0.6 \u2014 \u2014 \u2014 \u2014 0.5 0.8Outstanding at the end of the year 2.4 2.0 2.1 2.0 2.2 1.8 5.8 5.5 4.5 0.5 0.2 0.2 10.7 9.9 8.62. The number of shares for Management Board and management group below Management Board has been adjusted as the targets set by the Board are expected to be exceeded for the 2019, 2020, 2021 and 2022 programmes. General terms and conditions of 2020-2022 programmesShares for Shares for management group Shares allocated toManagement Boardbelow Management Boardindividual employees2022 2021 2020 2022 2021 2020 2022 2021 2020Number of shares awarded in the year (million) 0.4 0.5 0.4 1.7 1.6 1.0 0.4 0.1 0.0Value per share at launch (DKK) 639 423 411 639 423 411 743 538 391Total market value at year-end (DKK million) 234 223 152 1,062 649 416 316 71 17Performance and vesting period 2022 to 2021 to 2020 to 2022 to 2021 to 2020 to 2022 to 2021 to 2020 to 202420232023202420232023202520242023Allocated to recipients Feb 2025 Feb 2024 Feb 2024 Feb 2025 Feb 2024 Feb 2024 2025 2024 2023Amortisation period 3 years 3 years 4 years 3 years 3 years 4 years 3 years 3 years 3 years",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-3": {
"value": "Restricted stock units to employeesIn appreciation of the efforts of employees during recent years, as of 1 August 2019, all employees in the company were offered 75 restricted stock units. A restricted stock unit gives the holder the right to receive one Novo Nordisk B share free of charge in February 2023, subject to continued employment. The cost of the DKK 660 million programme is amortised over the vesting period.Long-term share-based incentive programmeManagement BoardOn 31 January 2023, the Board of Directors approved an interim allocation of 0.4 million Novo Nordisk B shares to the members of the Management Board for the 2022 financial year. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is to be decided at the end of the performance period in 2024. The value at launch of the programme (adjusted for expected dividends) was DKK 234 million. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 78 million. The maximum share allocation cannot exceed 26 months' base salary for the CEO, 19.5 months' base salary for executive vice presidents and up to 15.6 months' base salary for senior vice presidents. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets, with the first time having been in February 2022 for the year 2022. The grant date of the programme was February 2022, and the share price used for the determining the grant date fair value of the award was the average share price for Novo Nordisk B shares on Nasdaq Copenhagen in the period 2-16 February 2022, adjusted for the expected dividend (DKK 639). Based on the split of participants when the share allocation was decided, 47% of the allocated shares will be allocated to members of Executive Management and 53% to other members of the Management Board.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 152 million, expensed over the vesting period of 2019-2022. The number of shares to be transferred (0.6 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently, the number of shares increased by 30%.All restricted stock units and shares allocated to Management are settled by treasury shares at the time of vesting.Management group below the Management BoardThe management group below the Management Board has a share-based incentive programme with similar performance criteria. For 2022, a total of 1.7 million shares have currently been allocated to this group, corresponding to a value at launch of the programme adjusted for expected dividends of DKK 1,062 million. The number of shares is periodically estimated based on long-term incentive performance. The final number of shares allocated for the 2022 programme is decided at the end of the performance period in 2024. The cost of the 2022 programme is amortised over the vesting period of 2022-2024 at an annual amount of DKK 354 million. Financial targets are set by the Board for a three-year period, while every year the Board sets the non-financial targets.The shares allocated for 2019 were released to the individual participants subsequent to approval of the 2022 Annual Report by the Board of Directors and after the announcement of the 2022 full-year financial results on 1 February 2023. The shares allocated correspond to a value at launch of the programme of DKK 387 million amortised over the period 2019-2022. The number of shares to be transferred (1.5 million shares) is higher than the original number of shares allocated, as the average sales growth in the three-year vesting period was above the maximum performance target set by the Board and consequently the number of shares increased by 30%.Accounting policiesShare-based compensationNovo Nordisk operates equity-settled, share-based compensation plans.The fair value of the employee services received in exchange for the grant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the performance and vesting period is determined by reference to the fair value of the shares granted, excluding the impact of any non-market vesting conditions. The fair value is fixed at the grant date, and adjusted for expected dividends during the vesting period. Non-market vesting conditions are included in assumptions about the number of shares that are expected to vest. At the end of each reporting period, Novo Nordisk revises its estimates of the number of shares expected to vest. Novo Nordisk recognises the impact of the revision of the original estimates, if any, in the income statement and in a corresponding adjustment to equity (change in proceeds) over the remaining vesting period. Adjustments relating to prior years are included in the income statement in the year of adjustment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-153-3": {
"value": "5.2 CommitmentsContractual obligations not recognised in the balance sheetNon-DKK million (Undiscounted) Currentcurrent Total20221Leases205 1,641 1,846Research and development obligations 5,988 7,582 13,570Research and development \u2013 2potential milestone payments376 5,011 5,387Commercial product launch \u2013 2potential milestone payments\u2014 7,598 7,598Purchase obligations relating to investments in property, plant and equipment 1,696 1,427 3,123Other purchase obligations 18,762 14,366 33,128Total obligations not recognised in the balance sheet 27,027 37,625 64,65220211Leases145 636 781Research and development obligations 4,196 6,357 10,553Research and development \u2013 2potential milestone payments771 4,220 4,991Commercial product launch \u2013 2potential milestone payments\u2014 5,966 5,966Purchase obligations relating to investments in property, plant and equipment 545 \u2014 545Other purchase obligations 13,407 5,998 19,405Total obligations not recognised in the balance sheet 19,064 23,177 42,2411. Predominantly relates to estimated variable property taxes, leases committed but not yet commenced and low value leases. 2. Potential milestone payments are associated with uncertainty as they are linked to successful achievements in research activities.Contractual obligationsResearch and development obligations include contingent payments related to achieving development milestones. Such amounts entail uncertainties in relation to the period in which payments are due because a proportion of the obligations are dependent on milestone achievements. Exercise fees and subsequent milestone payments under in-licensing option agreements are excluded, as Novo Nordisk is not contractually obligated to make such payments. Commercial product launch milestones include contingent payments solely related to achievement of a commercial product launch following regulatory approval.Commercial milestones, royalties and other payments based on a percentage of sales generated from sale of goods following marketing approval are excluded from the contractual commitments analysis because of their contingent nature, related to future sales. The purchase obligations related to investments in property, plant and equipment primarily relates to production capacity expansion projects. Novo Nordisk expects to fund these commitments with existing cash and cash flow from operations. The contractual obligations not recognised in the balance sheet represent contractual payments and are not discounted and are not risk-adjusted. Other guaranteesOther guarantees amount to DKK 1,222 million (DKK 1,251 million in 2021). Other guarantees primarily relate to performance guarantees issued by Novo Nordisk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-155-2": {
"value": "5.3 Acquisition of businessesFair value recognised at date of acquisition2022 2021Forma Dicerna Thera-Pharma-DKK millionpeuticsceuticalsIntellectual property rights 5,766 18,687Other intangible assets 492 24Financial assets 77 31Marketable securities 1,470 861Cash 1,027 3,033Deferred tax assets (liabilities), net (1,233) (3,480)Other net assets (21) (1,468)Net identifiable assets acquired 7,578 17,688Goodwill 524 4,346Purchase price 8,102 22,034Settlement of pre-existing relationship \u2014 (145)Fair value of existing shareholdings \u2014 (573)Consideration transferred 8,102 21,316Cash acquired (1,027) (3,033)Cash used for acquisition of businesses 7,075 18,283Business combinations in 2022On 14 October 2022, Novo Nordisk acquired all outstanding shares of the publicly held US company Forma Therapeutics Holdings, Inc. at a price of 20 USD per share via a cash tender offer, equal to a total purchase price of DKK 8,102 million. Novo Nordisk had no pre-acquisition ownership stake in, or pre-existing collaboration with Forma Therapeutics Holdings, Inc. About Forma Therapeutics Holdings, Inc.Forma Therapeutics Holdings, Inc., including its two fully owned subsidiaries Forma Therapeutics, Inc. and Forma Securities Corp, (Collectively Forma Therapeutics) is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel therapeutics to transform the lives of patients with rare haematological diseases. Strategic rationaleThe acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk\u2019s strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in which there is abnormal production or structure of the haemoglobin protein in the red blood cells. Etavopivat, an investigational oral, once-daily, selective pyruvate kinase-R (PKR) activator, is being developed to improve anaemia and red blood cell health in people with sickle cell disease (SCD), a seriously debilitating, life-threatening and life shortening disease. Details of the acquisitionThe purchase price allocated to goodwill, intellectual property rights, other intangible assets, and deferred tax assets and liabilities, is considered provisional due to uncertainty on key assumptions which require detailed analysis which has not been possible to conclude as of 31 December 2022. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the acquisition date. The goodwill is primarily attributable to the highly-skilled workforce in place at Forma Therapeutics. The goodwill is fully allocated to the rare disease business segment and is not deductible for tax purposes. Transaction costs of DKK 51 million are included in other operating income and expenses in the income statement for 2022.Business combinations in 2021On 28 December 2021, Novo Nordisk acquired all outstanding shares of the publicly held US company Dicerna Pharmaceuticals, Inc. via a cash tender offer. Before the acquisition, Novo Nordisk held 2.9% of the shares in Dicerna Pharmaceuticals, Inc. at a fair value of DKK 573 million. The total purchase price amounts to DKK 22,034 million, which has been settled by the fair value of existing shareholdings of DKK 573 million, settlement of a pre-existing relationship of DKK 145 million and a cash consideration of DKK 21,316 million. The goodwill is primarily attributable to the highly-skilled workforce and expected synergies generated from Novo Nordisk's know-how and commercialisation abilities within protein and peptide based medicines and Dicerna Pharmaceuticals, Inc.\u2019s know-how within RNAi technology. The goodwill is not deductible for tax purposes. Transaction costs of DKK 124 million are included in other operating income and expenses in the income statement for 2021.At end of 2021, the purchase price allocation for the acquisition of Dicerna Pharmaceuticals, Inc. was provisional. The allocation was finalised in 2022 without any adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-3": {
"value": "Accounting policiesThe acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.Key accounting estimate in determining the fair value of intangible assets and judgement of whether a transaction is an asset acquisition or a business combinationManagement makes judgements related to intangible assets when assessing whether a transaction is a business combination or an asset acquisition. The assessment of whether a transaction is a business combination or an asset acquisition involves the optional concentration test, which is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If met the transaction is accounted for as an asset acquisition. If not met, an assessment is made if the acquired company comprise of a business, and should be accounted for as a business combination. The application of the acquisition method involves the use of significant estimates as the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows. For the 2021 acquisition of Dicerna Pharmaceuticals, Inc. valuation of intellectual property rights is mainly based on Relief From Royalty models, where Management has estimated the net present value of royalties and milestone payments, if the existing research collaboration and license agreement had been extended in time and scope to cover all of the proprietary RNAi technology. Further, pipeline assets and research collaboration and license agreements with other parties than Novo Nordisk are valued based on estimated and risk adjusted net present value of future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-4": {
"value": "Accounting policiesThe acquisition method of accounting is used to account for all business combinations. The purchase price for a business comprises the fair values of the assets transferred, liabilities incurred to the former owners including warrant holders of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value at the date of acquisition by applying relevant valuation methods. Acquisition-related costs are expensed as incurred. Goodwill is recognised at the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.Key accounting estimate in determining the fair value of intangible assets and judgement of whether a transaction is an asset acquisition or a business combinationManagement makes judgements related to intangible assets when assessing whether a transaction is a business combination or an asset acquisition. The assessment of whether a transaction is a business combination or an asset acquisition involves the optional concentration test, which is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If met the transaction is accounted for as an asset acquisition. If not met, an assessment is made if the acquired company comprise of a business, and should be accounted for as a business combination. The application of the acquisition method involves the use of significant estimates as the identifiable net assets of the acquiree are recognised at their fair value for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows.For the 2022 acquisition of Forma Therapeutics Holdings, Inc. valuations of intellectual property rights were based on estimated and risk adjusted net present value of future cash flows. For the 2021 acquisition of Dicerna Pharmaceuticals, Inc. valuation of intellectual property rights is mainly based on Relief From Royalty models, where Management has estimated the net present value of royalties and milestone payments, if the existing research collaboration and license agreement had been extended in time and scope to cover all of the proprietary RNAi technology. Further, pipeline assets and research collaboration and license agreements with other parties than Novo Nordisk are valued based on estimated and risk adjusted net present value of future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-2": {
"value": "5.4 Related party transactionsMaterial transactions with related partiesDKK million 2022 2021 2020Novo Holdings A/SPurchase of Novo Nordisk B shares 6,984 6,695 5,963Dividend payment to Novo Holdings A/S 7,207 6,144 5,767NNIT GroupServices provided by NNIT 660 593 775Dividend payment from NNIT \u2014 (4) (18)Novozymes GroupServices provided by Novo Nordisk (78) (116) (113)Services provided by Novozymes 92 78 72Novo Nordisk A/S is controlled by Novo Holdings A/S (incorporated in Denmark), which owns 28.1% of the share capital in Novo Nordisk A/S, representing 76.9% of the total number of votes. The remaining shares are widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark). Both entities are considered related parties.As associated companies of Novo Nordisk A/S, NNIT Group and Churchill Stateside Solar Fund XIV, LLC ('CS Solar Fund XIV') are considered related parties. As associated companies of Novo Holdings A/S, Unchained Labs, Inc. and Altascience Company Inc. are considered related parties to Novo Nordisk A/S. As they share a controlling shareholder, the Novozymes Group, Sonion Group and Xellia Pharmaceuticals are also considered to be related parties, as well as the Board of Directors and Executive Management of Novo Nordisk A/S.In 2022, Novo Nordisk A/S acquired 8,415,000 B shares, worth DKK 7.0 billion, from Novo Holdings A/S as part of the DKK 24.0 billion share repurchase programme. The transaction price for each transaction was calculated as the average market price in the open window period following the announcements of the financial results for the four quarters in 2022.In Novo Nordisk A/S, there were no transactions with the Board of Directors or Executive Management besides remuneration. There were no other transactions with the Board of Directors or Executive Management of NNIT A/S, Novozymes A/S, Novo Holdings A/S, the Novo Nordisk Foundation, Xellia Pharmaceuticals ApS, Unchained Labs, Inc., Sonion A/S or CS Solar Fund XIV.For information on remuneration of the Management of Novo Nordisk, please refer to note 2.4 Employee costs. There were no loans to the Board of Directors or Executive Management in 2022, nor were there any in 2021 or 2020.There were no material unsettled balances with related parties at the end of the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-2": {
"value": "5.5 Fee to statutory auditors DKK million 2022 2021 20201Statutory audit38 26 26Audit-related services 2 3 3Tax advisory services 3 4 9Other services 12 4 4Total fee to statutory auditors 55 37 421. 2022 statutory audit fee includes DKK 9 million of additional fee related to 2021.Fees for services other than statutory audit of the financial statements amount to DKK 17 million (DKK 11 million in 2021 and DKK 16 million in 2020). In 2022, Deloitte Statsautoriseret Revisionspartnerselskab provided other services than statutory audit in the amount of DKK 12 million (DKK 6 million in 2021) which relate to tax compliance and transfer pricing, management consulting for strategic projects, educational training, review of ESG data, and other assurance assessments and opinions.PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PricewaterhouseCoopers Denmark) provided other services in the amount of DKK 9 million in 2020 which relate to tax compliance and transfer pricing, educational training, review of ESG data, due diligence and other assurance assessments and opinions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-163-2": {
"value": "5.6 General accounting policiesPrinciples of consolidationThe consolidated financial statements incorporate the financial statements of the parent company Novo Nordisk A/S and entities controlled by Novo Nordisk A/S. Control exists when Novo Nordisk has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-3": {
"value": "Functional and presentation currencyItems included in the financial statements of Novo Nordisk's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in Danish kroner (DKK), which is also the functional and presentation currency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-165-3": {
"value": "Translation of transactions and balancesForeign currency transactions are translated into the functional currency using the prevailing exchange rates at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognised in the income statement. Foreign currency differences arising from the translation of effective qualifying cash flow hedges are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-166-3": {
"value": "Translation of Group companiesFinancial statements of foreign subsidiaries are translated into DKK at the exchange rates prevailing at the end of the reporting period for balance sheet items, and at average exchange rates for income statement items. All effects of exchange rate adjustments are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-3": {
"value": "Cash flow statementThe Cash flow statement is presented in accordance with the indirect method commencing with net profit for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-2": {
"value": "5.7 Companies in the Novo Nordisk Group Activity: Sales and marketing Production Research and development Services/investmentsCompany and country ActivityParent companyNovo Nordisk A/S, Denmark \u2022 \u2022 \u2022 \u2022Subsidiaries by geographical areaCompany and country Percentage of shares owned ActivityNorth America OperationsNovo Nordisk Canada Inc., Canada 100 \u2022Novo Nordisk Inc., US 100 \u2022Novo Nordisk North America Operations A/S, Denmark 100 \u2022Novo Nordisk Pharmaceutical Industries LP, US 100 \u2022Novo Nordisk Pharmatech US, Inc., US 100 \u2022Novo Nordisk Pharma, Inc., US 100 \u2022Novo Nordisk Research Center Indianapolis, Inc., US 100 \u2022Novo Nordisk Research Center Seattle, Inc., US 100 \u2022Novo Nordisk US Bio Production, Inc., US 100 \u2022Novo Nordisk US Commercial Holdings, Inc., US 100 \u2022Novo Nordisk US Holdings Inc., US 100 \u2022Corvidia Therapeutics, Inc., US 100 \u2022Dicerna Pharmaceuticals, Inc., US 100 \u2022Emisphere Technologies, Inc., US 100 \u2022Forma Therapeutics, Inc., US 100 \u2022Region International OperationsNovo Nordisk Pharmaceuticals A/S, Denmark 100 \u2022Novo Nordisk Pharma Operations A/S, Denmark 100 \u2022 \u2022Novo Nordisk Region AAMEO and LATAM A/S, Denmark 100 \u2022Novo Nordisk Region Europe A/S, Denmark 100 \u2022Novo Nordisk Region Japan & Korea A/S, Denmark 100 \u2022Region EMEAAldaph SpA, Algeria 100 \u2022 \u2022Novo Nordisk Pharma GmbH, Austria 100 \u2022S.A. Novo Nordisk Pharma N.V., Belgium 100 \u2022Novo Nordisk Pharma d.o.o., Bosnia and Herzegovina 100 \u2022Novo Nordisk Pharma EAD, Bulgaria 100 \u2022Novo Nordisk Hrvatska d.o.o., Croatia 100 \u2022Novo Nordisk s.r.o., Czech Republic 100 \u2022Novo Nordisk Denmark A/S, Denmark 100 \u2022Novo Nordisk Pharmatech A/S, Denmark 100 \u2022 \u2022Novo Nordisk Egypt LLC, Egypt 100 \u2022Company and country Percentage of shares owned ActivityNovo Nordisk Egypt Pharmaceuticals Ltd., Egypt 100 \u2022Novo Nordisk Farma OY, Finland 100 \u2022Novo Nordisk, France 100 \u2022Novo Nordisk Production SAS, France 100 \u2022Novo Nordisk Pharma GmbH, Germany 100 \u2022Novo Nordisk Hellas Epe., Greece 100 \u2022Novo Nordisk Hung\u00e1ria Kft., Hungary 100 \u2022Novo Nordisk Limited, Ireland 100 \u2022Novo Nordisk Ltd, Israel 100 \u2022Novo Nordisk S.P.A., Italy 100 \u2022Novo Nordisk Kazakhstan LLP, Kazakhstan 100 \u2022Novo Nordisk Kenya Ltd., Kenya 100 \u2022Novo Nordisk Pharma SARL, Lebanon 100 \u2022UAB Novo Nordisk Pharma, Lithuania 100 \u2022Novo Nordisk Farma dooel, North Macedonia 100 \u2022Novo Nordisk Pharma SAS, Morocco 100 \u2022Novo Nordisk B.V., Netherlands 100 \u2022Novo Nordisk Finance (Netherlands) B.V., Netherlands 100 \u2022Novo Nordisk Pharma Limited, Nigeria 100 \u2022Novo Nordisk Norway AS, Norway 100 \u2022Novo Nordisk Pharmaceutical Services Sp. z.o.o., Poland 100 \u2022Novo Nordisk Pharma Sp.z.o.o., Poland 100 \u2022Novo Nordisk Portugal, Lda., Portugal 100 \u2022Novo Nordisk Farma S.R.L., Romania 100 \u2022Novo Nordisk Limited Liability Company, Russia 100 \u2022 \u2022Novo Nordisk Production Support LLC, Russia 100 \u2022Novo Nordisk Saudi for Trading, Saudi Arabia 100 \u2022Novo Nordisk Pharma d.o.o. Belgrade (Serbia), Serbia 100 \u2022Novo Nordisk Slovakia s.r.o., Slovakia 100 \u2022Novo Nordisk, d.o.o., Slovenia 100 \u2022Novo Nordisk (Pty) Limited, South Africa 100 \u2022Novo Nordisk Pharma S.A., Spain 100 \u2022Novo Nordisk Scandinavia AB, Sweden 100 \u2022Novo Nordisk Health Care AG, Switzerland 100 \u2022 \u2022 \u2022Novo Nordisk Pharma AG, Switzerland 100 \u2022Novo Nordisk Tunisie SARL, Tunisia 100 \u2022Novo Nordisk Saglik \u00dcr\u00fcnleri Tic. Ltd. Sti., Turkey 100 \u2022Novo Nordisk Ukraine, LLC, Ukraine 100 \u2022Novo Nordisk Pharma Gulf FZE, United Arab Emirates 100 \u2022Novo Nordisk Holding Limited, UK 100 \u2022Novo Nordisk Limited, UK 100 \u2022Novo Nordisk Research Centre Oxford Limited, UK 100 \u2022Company and country Percentage of shares owned ActivityCompany and country Percentage of shares owned ActivityRegion ChinaNovo Nordisk (China) Pharmaceuticals Co. Ltd., China 100 \u2022 \u2022Novo Nordisk (Shanghai) Pharma Trading Co., Ltd., China 100 \u2022Novo Nordisk Region China A/S, Denmark 100 \u2022Novo Nordisk Hong Kong Limited, Hong Kong 100 \u2022Novo Nordisk Pharma (Taiwan) Ltd., Taiwan 100 \u2022Beijing Novo Nordisk Pharmaceuticals 100Science & Technology Co., Ltd., ChinaRegion Rest of WorldNovo Nordisk Pharma Argentina S.A., Argentina 100 \u2022Novo Nordisk Pharmaceuticals Pty. Ltd., Australia 100 \u2022Novo Nordisk Pharma (Private) Limited, Bangladesh 100 \u2022Novo Nordisk Produ\u00e7\u00e3o Farmac\u00eautica do Brasil Ltda., Brazil 100 \u2022Novo Nordisk Farmac\u00eautica do Brasil Ltda., Brazil 100 \u2022Novo Nordisk Farmac\u00e9utica Limitada, Chile 100 \u2022Novo Nordisk Colombia SAS, Colombia 100 \u2022Novo Nordisk India Private Limited, India 100 \u2022Novo Nordisk Service Centre (India) Pvt. Ltd., India 100 \u2022PT. Novo Nordisk Indonesia, Indonesia 100 \u2022Novo Nordisk Pars, Iran 100 \u2022 \u2022Novo Nordisk Pharma Ltd., Japan 100 \u2022 \u2022Novo Nordisk Pharma (Malaysia) Sdn Bhd, Malaysia 100Novo Nordisk Pharma Operations Sdn Bhd, Malaysia 100 \u2022Novo Nordisk Mexico S.A. de C.V., Mexico 100 \u2022Novo Nordisk Pharmaceuticals Ltd., New Zealand 100 \u2022Novo Nordisk Pharma (Private) Limited, Pakistan 100 \u2022Novo Nordisk Panama S.A., Panama 100 \u2022Novo Nordisk Peru S.A.C., Peru 100 \u2022Novo Nordisk Pharmaceuticals (Philippines) Inc., Philippines 100 \u2022Novo Nordisk Pharma (Singapore) Pte Ltd., Singapore 100 \u2022Novo Nordisk India Holding Pte Ltd., Singapore 100 \u2022Novo Nordisk Pharma Korea Ltd., South Korea 100 \u2022Novo Nordisk Lanka (PVT) Ltd, Sri Lanka 100 \u2022Novo Nordisk Pharma (Thailand) Ltd., Thailand 100 \u2022Novo Nordisk Vietnam Ltd., Vietnam 100 \u2022Other subsidiaries and associated companiesNNE A/S, Denmark 100 \u2022NNIT A/S, Denmark 18 \u2022CS Solar Fund XIV, LLC, US 99 \u2022Companies without significant activities are not included in the list. NNE A/S subsidiaries are not included in the list. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32724": {
"value": "Novo Nordisk",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32726": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32727": {
"value": "Novo Alle 1, 2880 Bagsv\u00e6rd",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32728": {
"value": " Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300DAQ1CVT6CXN342",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}