Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 18373000000 | vDKK |
| ifrs-full:Assets | 2016-12-31 | 18659000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 14531000000 | vDKK |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 14142000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/72170001/ZG9rdW1lbnRsYWdlcjovLzAzL2FmLzkxLzMzLzUxL2U2NzctNGRkOC1hMDdjLTA5NGQ2YzFjOGRiZg.xml
Separator
The full data:
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<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">Governance</td></tr><tr><td colspan="1">Chairmanâs introduction</td></tr><tr><td colspan="1">A proactive and transparent corporate governance structure promotes sustainable business behavior and long-term value creation. In 2017, Novozymesâ Board of Directors took important steps to leverage future opportunities for the company.</td></tr><tr><td colspan="1">At the Annual Shareholdersâ Meeting in February 2017, Novozymesâ shareholders elected me as Chairman and Ms. Agnete Raaschou-Nielsen as Vice Chairman of the Board. We also welcomed new board members Ms. Kim Stratton and Mr. Kasim Kutay. Given these changes, 2017 was focused on consolidating the new Board and priming Novozymes for future growth.</td></tr><tr><td colspan="1">Establishing a strong team</td></tr><tr><td colspan="1">As the new chairman, I spoke with each individual member about how they could best contribute to Novozymesâ Board. The purpose was to ensure that not only do we have the right competencies on the Board but also that we utilize each memberâs skills and experience. The combined strength of all its members is what makes Novozymesâ Board operate effectively. This strength also makes us the best sparring partner for the Executive Leadership Team.</td></tr><tr><td colspan="1">During the year, the Board of Directors and board member Mr. Heinz-Jürgen Bertram made the joint decision to part ways in order to avoid any potential conflict of interest as the world of ingredients and industrial biotechnology develops. I would like to thank Mr. Bertram for his hard work and dedication to Novozymes.</td></tr><tr><td colspan="1">Driving strategic direction</td></tr><tr><td colspan="1">As in previous years, the Board conducted reviews of Novozymesâ business and of the mid- and long-term strategies for its main industries. We can see that we have good momentum for the strategic journey ahead. The divisions and functions have clear roadmaps and plans that are in progress. We can see that we benefit from our divisional setup, which has given us much closer links between divisions, application R&amp;D and customers.</td></tr><tr><td colspan="1">We also looked at Novozymesâ competitive advantages and how we can help take advantage of what sets the company apart from its competitors.</td></tr><tr><td colspan="1">Here is an update on what we see as key priorities for the coming years</td></tr><tr><td colspan="1">We aim to accelerate growth in our core business through a dedicated emerging-market push, especially within Food &amp; Beverages and Household Care. This involves tailoring our solutions to local market needs, developing stronger partnerships with regional customers, providing more affordable solutions and expanding our physical presence.</td></tr><tr><td colspan="1">With a strong core in place, we can expand and diversify our business by building new growth areas. Animal health and water are two promising areas that we intend to pursue. We will also consider how to engage in human health. Agriculture is already considered part of our core business, which we will continue to grow and expand based on the potential.</td></tr><tr><td colspan="1">New Nomination and Remuneration Committee</td></tr><tr><td colspan="1">In 2017, the Board set up a new Nomination and Remuneration Committee consisting of three board members. The committee has taken a new approach to assessing the Board and its composition. It worked on proposing a new member of the Board and supported CEO Peder Holk Nielsen in the recruitment of Ms. Prisca Havranek-Kosicek as the new CFO of Novozymes.</td></tr><tr><td colspan="1">In December 2017, the Board of Directors proposed that Ms. Patricia Malarkey be elected to the Board. Ms. Malarkey is an experienced R&amp;D business leader from Scotland. She has more than 30 yearsâ experience in the global agrochemical industry. I am convinced that Ms. Malarkeyâs strong research insight and development experience, as well as her global perspective on a range of matters, will significantly contribute to the further development of Novozymesâ innovation processes and agenda.</td></tr><tr><td colspan="1">Establishing a diverse and talented team is important to ensure future growth in a global company. These were just a few of the activities and subjects we covered during this eventful year. I have enjoyed my first year as Chairman of the Board and look forward to 2018.</td></tr><tr><td colspan="1">Jørgen Buhl Rasmussen</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 on Novozymes.com.</td></tr><tr><td colspan="1">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. They are elected for one year at a time and cannot be elected or re-elected after reaching the age of 70. 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">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 onethird or more of the shareholder-elected board members shall be male.</td></tr><tr><td colspan="1">All three targets were met in 2017. 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.</td></tr><tr><td colspan="1">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 operational 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">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 operational management of the company and reporting back to the Board of Directors. The Chairmanship is also responsible for planning and preparing meetings of the Board of Directors.</td></tr><tr><td colspan="1">The Board of Directors established a Nomination and Remuneration Committee in 2017 to take over the matters relating to remuneration and nominations, which were previously 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, environmental and social reporting. Further information about the Audit Committee can be found on 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. 49 investigation cases were reported in 2017. None of the investigated fraud cases had a material financial impact on Novozymes. 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 on Corporategovernance.dk.</td></tr><tr><td colspan="1">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 report2017.novozymes.com/governancereport2017.</td></tr><tr><td colspan="1">The recommendations require companies to explain any noncompliance. Novozymes follows 45 of the 47 recommendations, the exceptions being</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></table><br><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">Changes to the Board of Directors</td></tr><tr><td colspan="1">On June 8, 2017, Novozymes A/S and Mr. Heinz-Jürgen Bertram mutually decided that Mr. Bertram would resign from Novozymesâ Board of Directors with immediate effect. Heinz-Jürgen Bertram had been a strong contributor to Novozymesâ strategic work since joining the Board of Directors in 2015. However, the Board of Directors and Heinz-Jürgen Bertram decided to part ways to avoid any potential conflict of interest as the world of ingredients and industrial biotechnology develops.</td></tr><tr><td colspan="1">The election of board members will be held at the Annual Shareholdersâ Meeting on March 13, 2018, and the Board of Directors is proposing candidates for election for a one-year term. The Board of Directors is proposing the election of one new member, Ms. Patricia Malarkey. Ms. Malarkey is an experienced R&amp;D and business leader. She has more than 30 yearsâ experience in the global agrochemical industry. The Board is convinced that Ms. Malarkeyâs strong research insight and development experience as well as her global perspective on matters will significantly contribute to the further development of Novozymesâ innovation processes and agenda. Ms. Malarkey is 52 years old and from Scotland.</td></tr><tr><td colspan="1">Consequently, the Board of Directors has decided to propose the following candidates for the Board of Directors for election on March 13, 2018 for a one-year term</td></tr><tr><td colspan="1">⢠Jørgen Buhl Rasmussen as Chairman of the Board (currently Chairman)</td></tr><tr><td colspan="1">⢠Agnete Raaschou-Nielsen as Vice Chairman of the Board (currently Vice Chairman)</td></tr><tr><td colspan="1">⢠Lars Green as a member of the Board (currently board member)</td></tr><tr><td colspan="1">⢠Kasim Kutay as a member of the Board (currently board member)</td></tr><tr><td colspan="1">⢠Kim Stratton as a member of the Board (currently board member)</td></tr><tr><td colspan="1">⢠Mathias Uhlén as a member of the Board (currently board member)</td></tr><tr><td colspan="1">⢠Patricia Malarkey as a new member of the Board</td></tr><tr><td colspan="1">Novozymes also works within the parameters of Touch the World, the companyâs values and commitments, and has committed to the principles of 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 2017, with an overall attendance rate of 98%.</td></tr><tr><td colspan="1">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">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 April 1, 2018. In addition, the Board of Directors has been authorized to reduce the share capital.</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 Novozymesâ long-term strategy and development to the benefit of the companyâs shareholders and other stakeholders.</td></tr><tr><td colspan="1">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 2017.</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></table></mrv:CorporateGovernanceReport>
<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">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 at report2017.novozymes. com/sustainability/commitment. 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>
<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">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 at report2017.novozymes. com/sustainability/commitment. 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>
<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 the Executive Leadership Team have today considered and adopted the Annual Report of Novozymes A/S for the financial year January 1 â December 31, 2017.</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 further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Managementâs Review has been prepared in accordance with the Danish Financial Statements Act.</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 at December 31, 2017 of the Group and the Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial year January 1 â December 31, 2017.</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 development in the operations and financial circumstances of the Group and the Parent Company, of the results 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, social and governance 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 at the Annual Shareholdersâ Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Bagsværd</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-02-07</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, 2017 and of the results of the Groupâs operations and cash flows for the financial year January 1 to December 31, 2017 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">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at December 31, 2017 and of the results of the Parent Companyâs operations for the financial year January 1 to December 31, 2017 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, 2017 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">Our opinions are consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements of Novozymes A/S for the financial year January 1 to December 31, 2017 comprise the consolidated income statement and statement of comprehensive income, the consolidated balance sheet, the consolidated statement of shareholdersâ equity, the consolidated statement of cash flow and the notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">The Parent Company Financial Statements of Novozymes A/S for the financial year January 1 to December 31, 2017 comprise the income statement, the balance sheet, the statement of changes in equity and the notes, including summary of significant accounting policies. Collectively referred to as the âFinancial Statementsâ.</td></tr><tr><td colspan="1">The Consolidated environmental data and Consolidated social and governance data of Novozymes A/S for the financial year January 1 to December 31, 2017 comprise the environmental performance and consolidated data, the social and governance performance and consolidated 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 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 additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were appointed as auditors of Novozymes A/S for the first time after the initial public offering on March 21, 2001. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 17 years, including the financial year 2017.</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="2">Key audit matters</td></tr><tr><td colspan="2">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements for 2017.</td></tr><tr><td colspan="2">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>Key audit matter</td><td>How our audit addressed the key audit matter</td></tr><tr><td colspan="2">Revenue recognition related to partnerships and collaboration agreements</td></tr><tr><td>Novozymes has entered into several partnerships and collaboration agreements.</td><td>We 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 recognized appropriately on an ongoing basis.</td></tr><tr><td>Some of these partnerships and collaborations include complex mechanisms for sharing profit and expenses. Due to the complexity of the agreements, there are several uncertainties in relation to the interpretation of the agreements.</td><td>We obtained Managementâs calculation for deferred income and profit-sharing accruals under the applicable agreements, and reconciled inputs and key assumptions â for both internal and external sources â and assessed the accuracy of the accruals in previous periods.</td></tr><tr><td>We focused on this area because the agreements and the related accounting treatment of revenue recognition is complex and because establishing appropriate accruals requires significant judgement and estimation by Management.</td><td>We assessed whether the disclosures in relation to revenue were appropriate and met the requirements of accounting standards.</td></tr><tr><td colspan="2">Refer to Note 2.2 to the Consolidated Financial Statement.</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</td></tr><tr><td colspan="1">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 and the Parent Company Financial Statements, and the Consolidated environmental data, and the Consolidated social and governance data, 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 these Financial Statements and the Environmental, Social and Governance Data.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement 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, 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 of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. 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>
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<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="ctx16" unitRef="vDKK" decimals="-6">773000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx16" unitRef="vDKK" decimals="-6">2000000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx16" unitRef="vDKK" decimals="-6">1061000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx16" unitRef="vDKK" decimals="-6">-2484000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx16" unitRef="vDKK" decimals="-6">7000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx16" unitRef="vDKK" decimals="-6">2000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
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<ifrs-full:LandAndBuildings contextRef="ctx17" unitRef="vDKK" decimals="-6">2697000000</ifrs-full:LandAndBuildings>
<ifrs-dk:PlantAndMachinery contextRef="ctx17" unitRef="vDKK" decimals="-6">4019000000</ifrs-dk:PlantAndMachinery>
<ifrs-dk:Equipment contextRef="ctx17" unitRef="vDKK" decimals="-6">562000000</ifrs-dk:Equipment>
<ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment contextRef="ctx17" unitRef="vDKK" decimals="-6">1648000000</ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:DeferredTaxAssets contextRef="ctx17" unitRef="vDKK" decimals="-6">755000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:OtherNoncurrentFinancialAssets contextRef="ctx17" unitRef="vDKK" decimals="-6">29000000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:InvestmentsInAssociates contextRef="ctx17" unitRef="vDKK" decimals="-6">59000000</ifrs-full:InvestmentsInAssociates>
<ifrs-full:OtherNoncurrentReceivables contextRef="ctx17" unitRef="vDKK" decimals="-6">35000000</ifrs-full:OtherNoncurrentReceivables>
<ifrs-full:NoncurrentAssets contextRef="ctx17" unitRef="vDKK" decimals="-6">12236000000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx17" unitRef="vDKK" decimals="-6">2586000000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx17" unitRef="vDKK" decimals="-6">2554000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx17" unitRef="vDKK" decimals="-6">135000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx17" unitRef="vDKK" decimals="-6">214000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentFinancialAssets contextRef="ctx17" unitRef="vDKK" decimals="-6">16000000</ifrs-full:CurrentFinancialAssets>
<ifrs-full:Cash contextRef="ctx17" unitRef="vDKK" decimals="-6">632000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx17" unitRef="vDKK" decimals="-6">6137000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx17" unitRef="vDKK" decimals="-6">18373000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx17" unitRef="vDKK" decimals="-6">610000000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx17" unitRef="vDKK" decimals="-6">-262000000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx17" unitRef="vDKK" decimals="-6">45000000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:RetainedEarnings contextRef="ctx17" unitRef="vDKK" decimals="-6">10861000000</ifrs-full:RetainedEarnings>
<ifrs-full:EquityAttributableToOwnersOfParent contextRef="ctx17" unitRef="vDKK" decimals="-6">11254000000</ifrs-full:EquityAttributableToOwnersOfParent>
<ifrs-full:NoncontrollingInterests contextRef="ctx17" unitRef="vDKK" decimals="-6">13000000</ifrs-full:NoncontrollingInterests>
<ifrs-full:Equity contextRef="ctx17" unitRef="vDKK" decimals="-6">11267000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">721000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentProvisions contextRef="ctx17" unitRef="vDKK" decimals="-6">159000000</ifrs-full:NoncurrentProvisions>
<ifrs-full:DeferredIncomeClassifiedAsNoncurrent contextRef="ctx17" unitRef="vDKK" decimals="-6">337000000</ifrs-full:DeferredIncomeClassifiedAsNoncurrent>
<ifrs-full:NoncurrentFinancialLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">1312000000</ifrs-full:NoncurrentFinancialLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">2529000000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx17" unitRef="vDKK" decimals="-6">86000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentFinancialLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">979000000</ifrs-full:CurrentFinancialLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx17" unitRef="vDKK" decimals="-6">1341000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx17" unitRef="vDKK" decimals="-6">205000000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx17" unitRef="vDKK" decimals="-6">483000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
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<ifrs-full:CurrentLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">4577000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">7106000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx17" unitRef="vDKK" decimals="-6">18373000000</ifrs-full:EquityAndLiabilities>
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<ifrs-full:LandAndBuildings contextRef="ctx18" unitRef="vDKK" decimals="-6">2931000000</ifrs-full:LandAndBuildings>
<ifrs-dk:PlantAndMachinery contextRef="ctx18" unitRef="vDKK" decimals="-6">4239000000</ifrs-dk:PlantAndMachinery>
<ifrs-dk:Equipment contextRef="ctx18" unitRef="vDKK" decimals="-6">615000000</ifrs-dk:Equipment>
<ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment contextRef="ctx18" unitRef="vDKK" decimals="-6">856000000</ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:DeferredTaxAssets contextRef="ctx18" unitRef="vDKK" decimals="-6">607000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:OtherNoncurrentFinancialAssets contextRef="ctx18" unitRef="vDKK" decimals="-6">151000000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:InvestmentsInAssociates contextRef="ctx18" unitRef="vDKK" decimals="-6">73000000</ifrs-full:InvestmentsInAssociates>
<ifrs-full:OtherNoncurrentReceivables contextRef="ctx18" unitRef="vDKK" decimals="-6">57000000</ifrs-full:OtherNoncurrentReceivables>
<ifrs-full:NoncurrentAssets contextRef="ctx18" unitRef="vDKK" decimals="-6">12266000000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx18" unitRef="vDKK" decimals="-6">2488000000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx18" unitRef="vDKK" decimals="-6">2680000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx18" unitRef="vDKK" decimals="-6">142000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx18" unitRef="vDKK" decimals="-6">267000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentFinancialAssets contextRef="ctx18" unitRef="vDKK" decimals="-6">4000000</ifrs-full:CurrentFinancialAssets>
<ifrs-full:Cash contextRef="ctx18" unitRef="vDKK" decimals="-6">812000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx18" unitRef="vDKK" decimals="-6">6393000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx18" unitRef="vDKK" decimals="-6">18659000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx18" unitRef="vDKK" decimals="-6">620000000</ifrs-full:IssuedCapital>
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<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx18" unitRef="vDKK" decimals="-6">-41000000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:RetainedEarnings contextRef="ctx18" unitRef="vDKK" decimals="-6">10483000000</ifrs-full:RetainedEarnings>
<ifrs-full:EquityAttributableToOwnersOfParent contextRef="ctx18" unitRef="vDKK" decimals="-6">11732000000</ifrs-full:EquityAttributableToOwnersOfParent>
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<ifrs-full:Equity contextRef="ctx18" unitRef="vDKK" decimals="-6">11745000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">854000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentProvisions contextRef="ctx18" unitRef="vDKK" decimals="-6">231000000</ifrs-full:NoncurrentProvisions>
<ifrs-full:DeferredIncomeClassifiedAsNoncurrent contextRef="ctx18" unitRef="vDKK" decimals="-6">540000000</ifrs-full:DeferredIncomeClassifiedAsNoncurrent>
<ifrs-full:NoncurrentFinancialLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">1727000000</ifrs-full:NoncurrentFinancialLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">3352000000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx18" unitRef="vDKK" decimals="-6">61000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentFinancialLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">200000000</ifrs-full:CurrentFinancialLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx18" unitRef="vDKK" decimals="-6">1194000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx18" unitRef="vDKK" decimals="-6">248000000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx18" unitRef="vDKK" decimals="-6">437000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">1422000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:CurrentLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">3562000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">6914000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx18" unitRef="vDKK" decimals="-6">18659000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx18" unitRef="vDKK" decimals="-6">805000000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" xml:lang="en">Net profit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vDKK" decimals="-6">3120000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" xml:lang="en">Net profit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" unitRef="vDKK" decimals="-6">3050000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" xml:lang="en">Cash flow before change in working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">4312000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx22" xml:lang="en">Cash flow before change in working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">4154000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx23" xml:lang="en">Increase/(decrease) in payables and deferred income</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx23" unitRef="vDKK" decimals="-6">74000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx24" xml:lang="en">Increase/(decrease) in payables and deferred income</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx24" unitRef="vDKK" decimals="-6">-125000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" xml:lang="en">Currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" unitRef="vDKK" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" xml:lang="en">Currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" unitRef="vDKK" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" xml:lang="en">Business acquisitions, divestments and purchase of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" unitRef="vDKK" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx28" xml:lang="en">Business acquisitions, divestments and purchase of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx28" unitRef="vDKK" decimals="-6">-161000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" xml:lang="en">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" unitRef="vDKK" decimals="-6">179000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx30" xml:lang="en">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx30" unitRef="vDKK" decimals="-6">69000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx31" unitRef="vDKK" decimals="-6">805000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx32" unitRef="vDKK" decimals="-6">796000000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>