Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2016-12-31 | 18659000000 | vDKK |
| ifrs-full:Assets | 2015-12-31 | 17791000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 14142000000 | vDKK |
| ifrs-full:Revenue | 2015-01-01 | 2015-12-31 | 14002000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/72170001/ZG9rdW1lbnRsYWdlcjovLzAzLzU4Lzg4LzM0L2I0LzUxZmQtNDAyMy05ODg5LWJmZTY5MDY3NjAzMw.xml
Separator
The full data:
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of the Board of Directors and Executive Leadership Team</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and Executive Leadership Team have today considered and approved the Annual Report of Novozymes A/S for the financial year January 1 â December 31, 2016.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Moreover, the Consolidated Financial Statements and the Parent Company Financial Statements have been prepared in accordance with additional Danish disclosure requirements for listed companies. Managementâs Review has also been prepared in accordance with Danish disclosure requirements for listed companies.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the accounting policies used are appropriate, and the Groupâs internal controls relevant to preparation and presentation of the Annual Report are adequate. The Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at December 31, 2016, and of the results of the Group and the Parent Company operations, and of consolidated cash flows for the financial year 2016.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Managementâs Review includes a true and fair account of the developments in the operations and financial circumstances of the Group and the Parent Company, of the result for the year, and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Novozymes A/S adheres to the AA1000 AccountAbility principles, and environmental and social data are stated in accordance with the accounting policies.</td></tr></table></sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted by the Annual Shareholdersâ Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
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<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2017-01-18</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor's Report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Novozymes A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Groupâs financial position at December 31, 2016 and of the results of the Groupâs operations and cash flows for the financial year January 1 to December 31, 2016 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Parent Company Financial Statements give a true and fair view of the Companyâs financial position at December 31, 2016 and of the results of the Companyâs operations for the financial year January 1to December 31, 2016 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Consolidated environmental data and the Consolidated social and governance data for the financial year January 1 to December 31, 2016 are prepared in accordance with the accounting policies for the Consolidated environmental data and the Consolidated social and governance data.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">Novozymesâ Consolidated Financial Statements for the financial year January 1to December 31, 2016 comprise the consolidated income statement and statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the notes to the financial statements, including summary of significant accounting policies.</td></tr><tr><td colspan="1">Novozymesâ Parent Company Financial Statements for the financial year January 1 to December 31, 2016 comprise the income statement, the balance sheet, the statement of changes in equity and the notes to the financial statements, including summary of significant accounting policies.</td></tr><tr><td colspan="1">These are collectively referred to as the âFinancial Statements.â</td></tr><tr><td colspan="1">Novozymesâ Consolidated environmental data and Consolidated social and governance data for the financial year January 1to December 31, 2016 comprise the environmental performance and data, the social and governance performance and data and the related notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">These are collectively referred to as the âEnvironmental, Social and Governance Data.â</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements and the Environmental, Social and Governance Data section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the ethical requirements that are relevant to our audit of the Financial Statements in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements for 2016.</td></tr><tr><td colspan="1">These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Partnerships and collaboration agreements (revenue recognition and intangible assets)</td></tr><tr><td colspan="1">Novozymes has entered into partnerships and collaboration agreements. These partnerships and collaborations include complex mechanisms for sharing profit and expenses and, due to the complexity of the agreements, there are several uncertainties in relation to the interpretation of the agreements.</td></tr><tr><td colspan="1">In addition, intangible assets are associated with these partnerships and collaborations. Managementâs assessment of the risk of impairment of the carrying amount of intangible assets requires judgment in relation to the identification of Cash Generating Units (CGUs) and the underlying assumptions in the Groupâs impairment model.</td></tr><tr><td colspan="1">We focus on this area because the agreements and the related accounting treatment of e.g. revenue recognition are complex and because establishing appropriate accruals and impairment tests requires significant judgment and estimation by Management.</td></tr><tr><td colspan="1">Refer to notes [2.2] and [3.1].</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We have tested relevant controls including applicable information systems and Managementâs review controls implemented to ensure that revenue and costs from the partnerships and collaboration agreements are accounted for correctly on an ongoing basis.</td></tr><tr><td colspan="1">We obtained Managementâs calculation for deferred income and profit-sharing accruals under the applicable agreements, and corroborated inputs and key assumptions â both to internal and independent sources â and considered the historical accuracy.</td></tr><tr><td colspan="1">In respect of the intangible assets, we assessed the Groupâs impairment review methodology, including the identification of CGUs. We challenged the underlying key assumptions within the Groupâs impairment model, including discount rates, growth rates and cash flow projections.</td></tr><tr><td colspan="1">We evaluated Managementâs sensitivity analysis and performed our own sensitivity analysis on the key assumptions used.</td></tr><tr><td colspan="1">We assessed whether the disclosures in relation to intangibles were appropriate and met the requirements of accounting standards.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review Management is responsible for Managementâs Review, pages 3-64.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements, the Parent Company Financial Statements, and the Consolidated environmental data and the Consolidated social and governance data, and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs Responsibility for the Financial Statements and the Environmental, Social and Governance Data</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for the preparation of Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">Furthermore, Management is responsible for preparing the Consolidated environmental data and the Consolidated social and governance data in accordance with the accounting policies stated in the Environmental, Social and Governance Data, and for such internal control as Management determines is necessary to enable the preparation of Environmental, Social and Governance Data that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs Responsibilities for the Audit of the Financial Statements and the Environmental, Social and Governance Data</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements and the Environmental, Social and Governance Data, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Statements and the Environmental, Social and Governance Data. As part of an audit in accordance with ISAs and additional requirements in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">·   Identify and assess the risks of material misstatement of the Financial Statements and the Environmental, Social and Governance Data, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">·   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">·   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">· Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">· Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">· Obtain sufficient appropriate audit evidence regarding the financial information and environmental, social and governance information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements and the Consolidated Environmental, Social and Governance Data. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report, unless law or regulation precludes public disclosure about the matter, or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2017-01-18</arr:SignatureOfAuditorsDate>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate governance</td></tr><tr><td colspan="1">Chairman's introduction</td></tr><tr><td colspan="1">Proactive and transparent corporate governance promotes sustainable business behavior and long-term value creation. In 2016, Novozymesâ Board of Directors focused on getting the company in better shape to meet current challenges and leverage future opportunities.</td></tr><tr><td colspan="1">The microbial space</td></tr><tr><td colspan="1">Novozymes makes its biggest impact through partnerships. One of our key partnerships is The BioAg Alliance, which we formed three years ago together with Monsanto. The results of The BioAg Alliance have been impressive so far, and its potential continues to grow. The Board therefore continues to prioritize The BioAg Alliance and the microbial space.</td></tr><tr><td colspan="1">In September 2016, Bayer AG announced its intention to acquire Monsanto Co. to create an agribusiness covering seeds, traits, crop protection and biologicals. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Closing is expected by the end of 2017. The Board acknowledges that The BioAg Alliance is exposed to risks, as described in the Risk management section. Although it is still too early to determine how the acquisition may potentially impact The BioAg Alliance, the Board believes that this could be very positive.</td></tr><tr><td colspan="1">Novozymes also entered into new ventures in microbials and acquired Organobalance GmbH, a German company that researches and develops microbial solutions. A number of board members were involved in the acquisition process at different levels.</td></tr><tr><td colspan="1">Reshaping the company for future growth At the beginning of the year, big decisions had to be made to reprioritize the companyâs efforts. The Board fully supported the decision to restructure the Executive Leadership Team and reorganize the company. The result was three new commercial divisions: Household Care &amp; Technical, Agriculture &amp; Bioenergy and Food &amp; Beverages â each responsible for sales, marketing and technical services as well as application development and a strong focus on customers.</td></tr><tr><td colspan="1">With the restructuring, we welcomed two new members to the Executive Leadership Team: Tina SejersgÃ¥rd Fanø and Anders Lund. The Board was especially pleased to see this demonstration of well-functioning succession planning, as the two have grown their careers within Novozymes and have a strong track record and extensive knowledge about the company.</td></tr><tr><td colspan="1">Ongoing strategic review process</td></tr><tr><td colspan="1">As in previous years, the Board conducted reviews of Novozymesâ business and the mid-and long-term strategies for its main business areas. We held a number of deep-dive sessions on specific industry strategies, to identify exactly how we can help Novozymes achieve its targets. We also looked at Novozymesâ competitive advantages and how we can help fortify and utilize what sets the company apart from its competitors. The Board discussed current challenges in the Bioenergy industry that continued to impact Group sales over the year. Another area of focus was the processed oils industry. The Board was presented with the opportunities this industry offers Novozymes and was a sounding board to determine the strategy going forward.</td></tr><tr><td colspan="1">New Nomination and Remuneration Committee</td></tr><tr><td colspan="1">We closely monitor corporate governance trends, guidelines and regulations, and regularly update our management systems to ensure openness and transparency. In 2016, the Board reviewed its committee structure and decided to set up a new Nomination and Remuneration Committee in 2017 consisting of three board members.</td></tr><tr><td colspan="1">Investing in Novozymesâ long-term future During the year, the Board approved further stages of the project to establish a new innovation campus in Lyngby, Denmark, to secure the long-term future of the business. The ground-breaking ceremony took place on November 8. Ready for use in 2019, this will be a great place for Novozymes and Zymers to work on more biological solutions and invite stakeholders into the inspiring world of biotechnology!</td></tr><tr><td colspan="1">Henrik Gürtler</td></tr><tr><td colspan="1">Chairman of the Board of Directors</td></tr><tr><td colspan="1">Novozymes A/S</td></tr><tr><td colspan="1">Board of Directors: Composition and responsibilities</td></tr><tr><td colspan="1">In accordance with Danish legislation, Novozymes has a two-tier management system comprising the Board of Directors and the Executive Leadership Team, with no individual being a member of both. The division of responsibilities between the Board of Directors and the Executive Leadership Team is clearly outlined and described in the Rules of Procedure for the Board of Directors and the Rules of Procedure for the Executive Leadership Team, available at novozymes.com. Novozymesâ Articles of Association require the Board of Directors to have four to eight members elected at the Annual Shareholdersâ Meeting. Currently, the Board has six members.</td></tr><tr><td colspan="1">They are elected for one year at a time and cannot be elected or re-elected after reaching the age of 70.</td></tr><tr><td colspan="1">Nominations are based on an evaluation of factors such as competencies, diversity, independence and prior performance.</td></tr><tr><td colspan="1">The Board of Directors also includes three employee-elected members, who serve four-year terms. The Board of Directors is accountable to the companyâs shareholders for the management of the company. The composition of the Board of Directors must therefore be such that the combined competencies of the Board enable it to inspire, guide and oversee the companyâs development, and diligently address and resolve the issues and challenges faced by the company at any time.</td></tr><tr><td colspan="1">In order to ensure the right competencies and promote diversity, the following targets have been set for the composition of the Board of Directors</td></tr><tr><td colspan="1">1. At least half of the shareholder-elected board members shall be independent as defined in the Danish Recommendations on Corporate Governance.</td></tr><tr><td colspan="1">2. At least 40% of the shareholder-elected board members shall have substantial international experience from the management of large corporations or institutions headquartered outside of Denmark.</td></tr><tr><td colspan="1">3. One-third or more of the shareholder-elected board members shall be female, and one-third or more of the shareholder-elected board members shall be male.</td></tr><tr><td colspan="1">The first two targets were met in 2016. Unfortunately, it was not possible to meet the gender diversity target in 2016. However, the Board of Directors is dedicated to working toward achieving the full diversity target again in the near future. The required competencies are defined in a competency profile that specifies various personal characteristics, skills and experience. The individual competencies of the members of the Board of Directors are shown in the presentation of the Board of Directors and Executive Leadership Team. The Boardâs main responsibilities are to</td></tr><tr><td colspan="1">·   Ensure the right management and organizational structure</td></tr><tr><td colspan="1">·   Supervise financial, social and environmental performance and the Executive Leadership Teamâs day-to-day management of the company</td></tr><tr><td colspan="1">·   Decide the overall management and strategic development of the company</td></tr><tr><td colspan="1">For an overview of the tasks performed to fulfill these responsibilities, see the diagram âA year with the Board of Directors.â</td></tr><tr><td colspan="1">âThe Board of Directors has decided to establish a Nomination and Remuneration Committee in 2017.â</td></tr><tr><td colspan="1">In accordance with the Articles of Association and the Rules of Procedure for the Board of Directors, the Board has a Chairmanship consisting of two members â the Chairman and the Vice Chairman â that is responsible for assisting the Board of Directors in matters concerning the Executive Leadership Teamâs day-to-day management of the company and reporting back to the Board of Directors.</td></tr><tr><td colspan="1">The Chairmanship is also responsible for planning and preparing meetings of the Board of Directors, preparing material for the nomination of candidates for election to the Board of Directors, and recommending the remuneration of the Board of Directors and the Executive Leadership Team.</td></tr><tr><td colspan="1">The Board of Directors has decided to establish a Nomination and Remuneration Committee in 2017 to take over the matters relating to remuneration and nominations, which up to now have been carried out by the Chairmanship.</td></tr><tr><td colspan="1">In addition, the Board of Directors has an Audit Committee that assists the Board of Directors in monitoring aspects relating to accounting, auditing, internal controls and financial reporting. Further information about the Audit Committee can be found at novozymes.com.</td></tr><tr><td colspan="1">As part of the internal control system, all cases of identified fraud and all concerns raised are investigated and reported to the Audit Committee and the Board of Directors. 44 investigation cases were reported in 2016 of which 25 were substantiated fraud. Sanctions included dismissal of employees, reporting to the police and other disciplinary measures. Further information on fraud can be found in Note 8.3 to the Consolidated financial statements.</td></tr><tr><td colspan="1">Charters and recommendations</td></tr><tr><td colspan="1">In laying down the management principles for Novozymes, the Board of Directors has followed the Recommendations on Corporate Governance that form part of the disclosure requirements applicable to companies listed on Nasdaq Copenhagen. These recommendations are available at corporategovernance.dk. A detailed review of Novozymesâ position on all of the recommendations and a description of the internal control and risk management system relating to financial reporting can be found in the statutory report on corporate governance pursuant to section 107b of the Danish Financial Statements Act, at report2016.novozymes.com/governance/ governancereport.</td></tr><tr><td colspan="1">The recommendations require companies to explain any noncompliance. Novozymes follows 43 of the 47 recommendations, the exceptions being</td></tr><tr><td colspan="1">·   Nomination and remuneration committees have not been set up. Instead, these responsibilities are laid down in the Charter for the Chairmanship (Recommendations 3.4.6 and 3.4.7). Note: As mentioned above, the Board of Directors has decided to establish a Nomination and Remuneration</td></tr><tr><td colspan="1">Committee in 2017, following which the company will be compliant</td></tr><tr><td colspan="1">The remuneration policy for the Executive Leadership Team contains no specific clause pertaining to the repayment of variable remuneration components paid on the basis of misstated information, as Novozymes considers the rules in Danish law to be sufficient in such cases (Recommendation 4.1.2)</td></tr><tr><td colspan="1">· Due to the limitations imposed by the Novo Nordisk Foundationâs Articles of Association and Novozymesâ ownership structure, the Board of Directors reserves the right in certain circumstances to reject takeover bids without consulting shareholders (Recommendation 1.3.1)</td></tr><tr><td colspan="1">Novozymes also works within the parameters of Touch the World, a document outlining the companyâs values and commitments, and has committed to principles derived from the UN Global Compact and the UN Convention on Biological Diversity.</td></tr><tr><td colspan="1">Other Board-related information</td></tr><tr><td colspan="1">The Board of Directors held seven meetings in 2016, with an overall attendance rate of 100%. Any changes to the Articles of Association require that shareholders representing at least two-thirds of the total number of votes in the company are represented at the Shareholdersâ Meeting, and that at least two-thirds of the votes cast, as well as two-thirds of the voting capital represented at the meeting, are in favor of the proposal to change the Articles of Association.</td></tr><tr><td colspan="1">âThe Board of Directors held seven meetings in 2016, with an overall attendance rate of 100%.â</td></tr><tr><td colspan="1">The Annual Shareholdersâ Meeting has authorized the Board of Directors to allow the company to acquire treasury stock on an ongoing basis, provided the nominal value of the companyâs total holding of treasury stock does not exceed 10% of its share capital at any time, cf. section 198 of the Danish Companies Act.</td></tr><tr><td colspan="1">The purchase price must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen on the date of acquisition. This authorization applies until March 1, 2017. In addition, the Board of Directors has been authorized to increase the share capital. This authorization applies until March 2, 2018.</td></tr><tr><td colspan="1">Each year, one of the responsibilities of the Board of Directors is to assess whether the capital and share structure of Novozymes is optimal. The Board of Directors remains of the opinion that the share structure with A and B common stock is the best way to safeguard Novozymes' long-term strategy and development to the benefit of the company's shareholders and other stakeholders. Regarding capital structure, Novozymes will continue to favor a conservative balance sheet, reflected by a target for net interest-bearing debt of 0-1x EBITDA. This target was met in 2016.</td></tr><tr><td colspan="1">Novozymes is party to a number of partnership contracts that can be terminated by the other party in the event of significant changes to the ownership or control of Novozymes. A few contracts contain provisions that restrict Novozymesâ licenses to use specific forms of technology in such situations.</td></tr><tr><td colspan="1">UNGC Communication on Progress: report2016.novozymes.com/sustainability/ungc-cop</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Policies for the underrepresented gender</td></tr><tr><td colspan="1">Furthermore, under the Danish Financial Statements Act (sections 99a and 99b) it is mandatory for large companies to report on corporate responsibility and equal opportunities. As a member of the UN Global Compact, Novozymes prepares a Communication on Progress, which is available under Sustainability indices &amp; data at report2016.novozymes.com/sustainability/ ungc-cop. Together with the integrated financial, environmental and social reporting, the Communication on Progress meets both the requirements for reporting on corporate responsibility and equal opportunities, and the UN Global Compactâs advanced reporting criteria.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of corporate social responsibility</td></tr><tr><td colspan="1">Furthermore, under the Danish Financial Statements Act (sections 99a and 99b) it is mandatory for large companies to report on corporate responsibility and equal opportunities. As a member of the UN Global Compact, Novozymes prepares a Communication on Progress, which is available under Sustainability indices &amp; data at report2016.novozymes.com/sustainability/ ungc-cop. Together with the integrated financial, environmental and social reporting, the Communication on Progress meets both the requirements for reporting on corporate responsibility and equal opportunities, and the UN Global Compactâs advanced reporting criteria.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx7" xml:lang="en">Cash flow before change in working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx7" unitRef="vDKK" decimals="-6">4154000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx8" xml:lang="en">Cash flow before change in working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx11" unitRef="vDKK" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" unitRef="vDKK" decimals="-6">-14000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx13" xml:lang="en">Business acquisitions and purchase of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx13" unitRef="vDKK" decimals="-6">-161000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx14" xml:lang="en">Business acquisitions and purchase of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx14" unitRef="vDKK" decimals="-6">-242000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx15" xml:lang="en">Hedging of net investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx15" unitRef="vDKK" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" xml:lang="en">Hedging of net investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx16" unitRef="vDKK" decimals="-6">-398000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx17" xml:lang="en">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx18" xml:lang="en">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx20" unitRef="vDKK" decimals="-6">2453000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx21" xml:lang="en">Peder Holk Nielsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx21" xml:lang="en">President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx22" xml:lang="en">Thomas Videbæk</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx23" xml:lang="en">Benny D. Loft</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="en">Henrik Gürtler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="en">Anders Hentze Knudsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="en">Lars Bo Køppler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="en">Jørgen Buhl Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="en">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx28" xml:lang="en">Agnete Raaschou-Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx29" xml:lang="en">Mathias Uhlén</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx30" xml:lang="en">Heinz-Jürgen Bertram</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx31" xml:lang="en">Lars Green</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx32" xml:lang="en">Lena Bech Holskov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx33" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx33">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx33" xml:lang="en">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx33" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx34" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx34" xml:lang="en">State Authorized Public Accountant</cmn:DescriptionOfAuditor>
</xbrli:xbrl>