Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 102355000000 | vDKK |
| ifrs-full:Assets | 2016-12-31 | 97539000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/09765242/ZG9rdW1lbnRsYWdlcjovLzAzLzRmLzNkL2ZiLzZlL2M0YTYtNDIwNS1iYmMzLTAzY2Y5OTUwMDA5OA.xml
Separator
The full data:
<?xml version="1.0" encoding="UTF-8"?><!-- Version: 1.1.719.0 --><!-- Document created: 19-03-2018 14:32:07 --><!-- Created by: XBRL Wizard, EasyX --><xbrli:xbrl xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:entry03-ifrs-dk_2014-12-20="http://xbrl.dcca.dk/ifrs-dk/entry03-ifrs-dk_2014-12-20" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:ifrs-full="http://xbrl.ifrs.org/taxonomy/2014-03-05/ifrs-full" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:info="http://xbrl.iasb.org/info" xmlns:ifrs-mc="http://xbrl.ifrs.org/taxonomy/2014-03-05/ifrs-mc" xmlns:rol_ifrs-dk_105.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_105.00_2014-12-20" xmlns:tch="http://xbrl.dcca.dk/tch" xmlns:gen="http://xbrl.org/2008/generic" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:entry="http://xbrl.dcca.dk/entryBalanceSheetAccountFormIncomeStatementByFunction" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:reference="http://xbrl.org/2008/reference" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:cmn="http://xbrl.dcca.dk/cmn" xmlns:label="http://xbrl.org/2008/label" xmlns:rol_ifrs-dk_110.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_110.00_2014-12-20" xmlns:rol_ifrs-dk_210.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_210.00_2014-12-20" xmlns:rol_ifrs-dk_310.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_310.00_2014-12-20" xmlns:rol_ifrs-dk_330.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_330.00_2014-12-20" xmlns:rol_ifrs-dk_420.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_420.00_2014-12-20" xmlns:rol_ifrs-dk_520.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_520.00_2014-12-20" xmlns:rol_ifrs-dk_610.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_610.00_2014-12-20" xmlns:rol_ifrs-dk_710.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_710.00_2014-12-20" xmlns:rol_ifrs-dk_8NN.NN_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_8NN.NN_2014-12-20" xmlns:rol_dim="http://xbrl.ifrs.org/role/ifrs/dimensions" xmlns:ifrs-dk="http://xbrl.dcca.dk/ifrs-dk-cor_2014-12-20" xmlns:entry-sob="http://xbrl.dcca.dk/entry-sob" xmlns:sob="http://xbrl.dcca.dk/sob" xmlns:rol_sob_300.00_2014-12-20="http://xbrl.dcca.dk/role/sob/rol_sob_300.00_2014-12-20" xmlns:cmn_rol="http://archprod.service.eogs.dk/taxonomy/20161220/cmn_rol.xsd" xmlns:entry-mrv="http://xbrl.dcca.dk/entry-mrv" xmlns:gsd="http://xbrl.dcca.dk/gsd" xmlns:dst="http://xbrl.dcca.dk/dst" xmlns:fsa="http://xbrl.dcca.dk/fsa" xmlns:ifrs-temp-entry="http://ifrs-temp-entry" xmlns:tax="http://xbrl.dcca.dk/tax" xmlns:mrvcsr="http://xbrl.dcca.dk/mrvcsr" xmlns:mrv="http://xbrl.dcca.dk/mrv" xmlns:rol_mrv_2014-12-20="http://xbrl.dcca.dk/role/mrv/rol_mrv_2014-12-20" xmlns:rol_ps_mc_2014-03-05="http://xbrl.ifrs.org/role/ifrs/rol_ps_mc_2014-03-05" xmlns:entry-gsd="http://xbrl.dcca.dk/entry-gsd" xmlns:ca="http://xbrl.org/2008/assertion/consistency" xmlns:fn="http://www.w3.org/2005/xpath-functions" xmlns:variable="http://xbrl.org/2008/variable" xmlns:xfi="http://www.xbrl.org/2008/function/instance" xmlns:cf="http://xbrl.org/2008/filter/concept" xmlns:valm="http://xbrl.org/2010/message/validation" xmlns:ea="http://xbrl.org/2008/assertion/existence" xmlns:rol_gsd_000.00_2014-12-20="http://xbrl.dcca.dk/role/gsd/rol_gsd_000.00_2014-12-20" xmlns:validation="http://xbrl.org/2008/validation" xmlns:formula="http://xbrl.org/2008/formula" xmlns:msg="http://xbrl.org/2010/message" xmlns:va="http://xbrl.org/2008/assertion/value" xmlns:entry-arr="http://xbrl.dcca.dk/entry-arr" xmlns:arr="http://xbrl.dcca.dk/arr" xmlns:rol_arr_1NN.NN_2016-12-20="http://xbrl.dcca.dk/role/arr/rol_arr_1NN.NN_2016-12-20" xmlns:rol_ifrs-dk_510.00_2014-12-20="http://xbrl.dcca.dk/role/ifrs-dk/rol_ifrs-dk_510.00_2014-12-20" xsi:schemaLocation="http://xbrl.org/2006/xbrldi http://www.xbrl.org/2006/xbrldi-2006.xsd">
<link:schemaRef xlink:type="simple" xlink:href="http://archprod.service.eogs.dk/taxonomy/20161220/ifrs/entry-ifrs-dk_03_IS-ByFunction_SFP-CurrentNoncurrent_OCI-BeforeTax_CF-IndirectMethod_2016-12-20.xsd"/>
<xbrli:context id="ctx1">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx2">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>0</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx3">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>1</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx4">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>2</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx5">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>3</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx6">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>4</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx7">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardAxis">
<cmn:memberOfBoardIdentifier>5</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx8">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>0</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx9">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>1</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx10">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>2</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx11">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>3</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx12">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>4</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx13">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>5</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx14">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>6</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx15">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>7</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx16">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>8</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx17">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>9</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx18">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardAxis">
<cmn:memberOfBoardIdentifier>10</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx19">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfAuditorDimension">
<cmn:auditorIdentificer>0</cmn:auditorIdentificer>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx20">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfAuditorDimension">
<cmn:auditorIdentificer>1</cmn:auditorIdentificer>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx21">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx22">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2015-01-01</xbrli:startDate>
<xbrli:endDate>2015-12-31</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx23">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2017-12-31</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx24">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2016-12-31</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx25">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>0</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx26">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>1</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx27">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2015-01-01</xbrli:startDate>
<xbrli:endDate>2015-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>2</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx28">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>3</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx29">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>4</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx30">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2015-01-01</xbrli:startDate>
<xbrli:endDate>2015-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>5</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx31">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>0</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx32">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>1</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx33">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2015-01-01</xbrli:startDate>
<xbrli:endDate>2015-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>2</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx34">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2017-01-01</xbrli:startDate>
<xbrli:endDate>2017-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>3</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx35">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>4</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx36">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2015-01-01</xbrli:startDate>
<xbrli:endDate>2015-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>5</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx37">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2017-01-01</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx38">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2016-01-01</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx39">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2015-01-01</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx40">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">24256790</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2015-12-31</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:unit id="vDKK">
<xbrli:measure>iso4217:DKK</xbrli:measure>
</xbrli:unit>
<xbrli:unit id="share">
<xbrli:measure>xbrli:shares</xbrli:measure>
</xbrli:unit>
<gsd:ReportingPeriodStartDate contextRef="ctx1">2017-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2017-12-31</gsd:ReportingPeriodEndDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="en">Novo Nordisk A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="en">Novo Allé</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx1" xml:lang="en">2880</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="en">Bagsværd</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx1" xml:lang="en">4544448888</gsd:TelephoneNumberOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">24256790</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx1">novonordisk.com</gsd:HomepageOfReportingEntity>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="en">Klaus Søgaard</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2018-03-22</gsd:DateOfGeneralMeeting>
<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">The Board of Directors of Novo Nordisk focuses on good governance practices. In 2017, a temporary Research &amp; Development Committee was established to provide oversight of the revised research and development strategy. The Board conducted a self-assessment facilitated by external consultants. Two board members joined the Board, and two members left.</td></tr><tr><td colspan="1">GOVERNANCE STRUCTURE</td></tr><tr><td colspan="1">SHAREHOLDERS</td></tr><tr><td colspan="1">The shareholders of Novo Nordisk have ultimate authority over the company and exercise their right to make decisions at general meetings. At the annual general meeting, shareholders approve the annual report and any amendments to the companyâs Articles of Association. Shareholders also elect board members and the independent auditor.</td></tr><tr><td colspan="1">Resolutions can generally be passed by a simple majority. However, resolutions to amend the Articles of Association require two-thirds of the votes cast and capital represented, unless other adoption requirements are imposed by the Danish Companies Act.</td></tr><tr><td colspan="1">Novo Holdings A/S has the voting majority at the annual general meeting. However, all strategic and operational matters are decided solely by the Board of Directors and Executive Management of Novo Nordisk A/S. Read more about shares and capital structure on pp 44â45.</td></tr><tr><td colspan="1">BOARD OF DIRECTORS</td></tr><tr><td colspan="1">Novo Nordisk has a two-tier management structure consisting of the Board of Directors and Executive Management. The two bodies are separate, and no one serves as a member of both.</td></tr><tr><td colspan="1">The Board of Directors determines the companyâs overall strategy and follows up on its implementation, supervises the performance, ensures adequate management and organisation and, as such, actively contributes to developing the company as a focused, sustainable, global pharmaceutical company. The Board of Directors supervises Executive Management. The Board of Directors may also distribute extraordinary dividends, issue new shares or repurchase shares in accordance with authorisations granted by the Annual General Meeting and recorded in the meeting minutes. For the minutes of annual general meetings, see novonordisk.com/about_us.</td></tr><tr><td colspan="1">As of 31 December 2017, the Board of Directors had 11 members, seven of whom were elected by shareholders and four by employees in Denmark. The Board of Directors met seven times during 2017. At the Annual General Meeting in March 2017, Bruno Angelici did not seek re-election, and Kasim Kutay and Helge Lund were elected to the Board of Directors. In May 2017, Mary Szela stepped down from the Board of Directors due to a potential future conflict of interest.</td></tr><tr><td colspan="1">Shareholder-elected board members serve for a one-year term and may be re-elected. Board members must retire at the first annual general meeting after reaching the age of 70. Two board members are members of the Board of Directors of Novo Holdings A/S, and one board member is chief executive officer of Novo Holdings A/S and may be regarded as representing the interests of the controlling shareholder, while four of the seven shareholder-elected board members are independent as defined by the Danish Corporate Governance Recommendations.</td></tr><tr><td colspan="1">Under Danish law, employees in Denmark are entitled to be represented by half of the total number of board members elected at the annual general meeting. In 2014, employees elected four board members amongst themselves â two male and two female. Board members elected by employees serve for a statutory four-year term and have the same rights, duties and responsibilities as shareholder-elected board members. The employee-elected board members are up for election in 2018. Read more about the members of the Board of Directors on pp 54â55.</td></tr><tr><td colspan="1">NOMINATION, SELF-ASSESSMENT AND DIVERSITY</td></tr><tr><td colspan="1">A proposal for nomination of board members is presented by the Nomination Committee to the Board of Directors, taking into account required competences as defined by the competence profile and reflecting the results of a self-assessment process.</td></tr><tr><td colspan="1">In order to support continued fulfilment of the Novo Nordisk Way, the criteria for board members described in the competence profile include integrity, accountability, fairness, financial literacy, commitment and desire for innovation. Board members are also expected to have experience of managing major companies that develop, manufacture and market products and services globally. The competence profile, which includes the nomination criteria, is available at novonordisk.com/about_us.</td></tr><tr><td colspan="1">The Board of Directors conducts a selfassessment every year. The self-assessment includes all members of the Board of Directors and Executive Management. The chairman has overall responsibility for conducting the self-assessment. The self-assessment is facilitated every third year by external consultants, who interview all members of the Board of Directors and Executive Management as well as the secretaries to the Board and the board committees. For the subsequent two years, the self-assessment is facilitated by the secretary of the Nomination Committee and is based on written questionnaires to all members of the Board of Directors and Executive Management. The process, whether it is facilitated internally or by external consultants, evaluates topics such as board dynamics, board agenda and discussions, strategy, culture, executive succession, board composition, succession and training. In addition, each individual member of the Board of Directors and Executive Management is provided with feedback from all other board members and executives on their individual performance. The self-assessment is conducted on an anonymous basis. Ratings and comments to individuals are only shared with that individual and the chairman in an anonymised version, while the remaining ratings and comments are consolidated and shared with the board members and executives in an anonymised version.</td></tr><tr><td colspan="1">In 2017, the self-assessment was facilitated by external consultants and, in general, revealed a good performance by the Board of Directors as well as good collaboration between the Board of Directors and Executive Management. The process also resulted in increased focus on the process for strategy development, development of the company culture, executive succession and future board competences.</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">BOARD COMMITTEES</td></tr><tr><td colspan="1">CHAIRMANSHIP</td></tr><tr><td colspan="1">The annual general meeting elects the chairman and the vice chairman of the Board of Directors directly. The Chairmanship carries out administrative tasks, such as planning board meetings to ensure a balance between overall strategy setting and financial and managerial supervision of the company. Other tasks include reviewing the fixed asset investment portfolio.</td></tr><tr><td colspan="1">In 2017, the Chairmanship particularly discussed the sales performance in the US and projections for 2018, the pipeline progress, the implementation of the revised research and development strategy, the establishment of the Research &amp; Development Committee and the composition of and succession plan for Executive Management.</td></tr><tr><td colspan="1">AUDIT COMMITTEE</td></tr><tr><td colspan="1">The Audit Committee consists of four members. One member is an employee representative. Three members qualify as independent, including the chairman, and one member, the employee representative, qualifies as non-independent. In addition, two members have competences in accounting and auditing, and the members of the Audit Committee collectively have competences relevant to the healthcare industry, as required by the Danish Act on Approved Auditors and Audit Firms. Pursuant to the US Securities Exchange Act, the three shareholderelected members qualify as independent, including the chairman, while the employee representative member relies on an exemption from the independence requirements. In addition, two members have been designated as financial experts as defined by the US Securities and Exchange Commission (SEC). The Audit Committee assists the Board of Directors with oversight of the external auditors, the internal audit function, handling hotline complaints, financial, social and environmental reporting, business ethics compliance, significant investment projects (postcompletion review), long-term incentive programmes, information security and other tasks.</td></tr><tr><td colspan="1">In 2017, the Audit Committee particularly discussed accounting policies and estimates, including the treatment and impact of the revised IFRS standards as well as the risk and provisions for ongoing tax and legal cases. Furthermore, the Audit Committee discussed key internal financial controls as well as business ethics compliance and information security.</td></tr><tr><td colspan="1">NOMINATION COMMITTEE</td></tr><tr><td colspan="1">The Nomination Committee consists of five members. Two members qualify as independent and three members qualify as non-independent, including the chairman. One member is an employee representative. The Nomination Committee assists the Board with oversight of the competence profile and composition of the Board, nomination of members and committees, and other tasks on an ad hoc basis, as specifically decided by the Board.</td></tr><tr><td colspan="1">In 2017, the Nomination Committee particularly focused on supervising the process for chairman succession and on identifying and interviewing candidates with experience and competences within research and development, the US pharma market and general management.</td></tr><tr><td colspan="1">REMUNERATION COMMITTEE</td></tr><tr><td colspan="1">The Remuneration Committee consists of three members. All three members qualify as non-independent. One member is an employee representative. The Remuneration Committee assists the Board with oversight of the remuneration policy as well as the actual remuneration of board members, board committees and Executive Management.</td></tr><tr><td colspan="1">In 2017, the Remuneration Committee particularly focused on supplementing the executive remuneration benchmarks with additional benchmark data presented by an external remuneration consultant and, based on that, recommending an adjustment to the short-term cash-based incentive programme for 2018 for executive vice presidents and a modernisation of the maximum of the long-term share-based incentive programme to ensure that it is competitive. In addition, the Remuneration Committee focused on remuneration levels for executives being promoted.</td></tr><tr><td colspan="1">RESEARCH &amp; DEVELOPMENT COMMITTEE</td></tr><tr><td colspan="1">The Research &amp; Development Committee was established in March 2017 in light of the updated research and development strategy and priorities. The new Research &amp; Development Committee is temporary and is expected to exist for 18â24 months while the company is implementing the new research and development strategy. The Research &amp; Development Committee consists of four members. Two members qualify as independent and two members qualify as non-independent, including the chairman. One member is an employee representative. The Research &amp; Development Committee assists the Board with oversight of the research and development strategy, the pipeline and other tasks on an ad hoc basis, as specifically decided by the Board.</td></tr><tr><td colspan="1">In 2017, the Research &amp; Development Committee particularly focused on the revised research and development strategy, and discussed how to raise the research innovation level within core Novo Nordisk therapy areas, how to expand into new therapy areas by exploring current assets, and progress of the intensified external innovation activities.</td></tr><tr><td colspan="1">See novonordisk.com/about_us for a more detailed description of the board committees, their charters, their members and full reports on the board committeesâ activities in 2017.</td></tr><tr><td colspan="1">EXECUTIVE MANAGEMENT</td></tr><tr><td colspan="1">Executive Management is responsible for the overall day-to-day management, the organisation of the company, allocation of resources, determination and implementation of strategies and policies, direction setting, and ensuring timely reporting and provision of information to the Board of Directors and Novo Nordiskâs stakeholders. Executive Management meets at least once a month, and often more frequently. The Board of Directors appoints members of Executive Management and determines their remuneration. The Chairmanship reviews the performance of the executives. To ensure the organisational implementation of the strategy, Executive Management has established a Management Board consisting of the chief executive officer, executive vice presidents and senior vice presidents.</td></tr><tr><td colspan="1">On 1 January 2017, Lars Fruergaard Jørgensen became chief executive officer (CEO), succeeding Lars Rebien Sørensen, who retired from the company at the end of 2016. Jakob Riis left the company in March 2017 and was succeeded by Doug Langa as a member of Executive Management. Lars Green was appointed executive vice president in July 2017, and Camilla Sylvest was appointed executive vice president in October 2017.</td></tr><tr><td colspan="1">The two executives who are based outside of Denmark and who have responsibility for International Operations and North America Operations respectively are not registered as executives with the Danish Business Authority.</td></tr><tr><td colspan="1">ASSURANCE</td></tr><tr><td colspan="1">The companyâs financial reporting and the internal controls of financial reporting processes are audited by an independent audit firm elected at the annual general meeting. As part of Novo Nordiskâs commitment to its social and environmental responsibility, the company voluntarily includes an assurance report for social and environmental reporting in the annual report. The assurance provider reviews whether the social and environmental performance information covers aspects deemed to be material, and verifies the internal control processes for the information reported.</td></tr><tr><td colspan="1">Novo Nordiskâs internal audit function provides independent and objective assurance, primarily within internal control of financial processes, IT security and business ethics. To ensure that the internal financial audit function operates independently of Executive Management, its charter, audit plan and budget are approved by the Audit Committee. The Audit Committee must approve the appointment, remuneration and dismissal of the head of the internal audit function.</td></tr><tr><td colspan="1">Three other types of assurance activity â quality audits, organisational audits and values audits, called facilitations â help ensure that the company adheres to high quality standards and operates in accordance with the Novo Nordisk Way. Read more about the Novo Nordisk Way on pp 16â17.</td></tr><tr><td colspan="1">COMPLIANCE WITH CORPORATE GOVERNANCE CODES</td></tr><tr><td colspan="1">Novo Nordiskâs B shares are listed on Nasdaq Copenhagen and on the New York Stock Exchange (NYSE) as American Depository Receipts (ADRs). The applicable corporate governance codes for each stock exchange and a review of Novo Nordiskâs compliance are available at novonordisk.com/about_us.</td></tr><tr><td colspan="1">In accordance with section 107b of the Danish Financial Statements Act, Novo Nordisk discloses its Statutory Corporate Governance Report at novonordisk.com/about-novo-nordisk/corporate-governance/Recommendations-and-practices.html.</td></tr><tr><td colspan="1">Today, Novo Nordisk adheres to all but the following three recommendations</td></tr><tr><td colspan="1">⢠3.4.2 â Independence of board committees: the majority of the members of the Nomination Committee, the Remuneration Committee and the Research &amp; Development Committee respectively are not independent.</td></tr><tr><td colspan="1">⢠3.4.7 â Tasks of the Remuneration Committee: responsibility for the remuneration policy applicable to employees in general resides with Executive Management and not with the Remuneration Committee.</td></tr><tr><td colspan="1">⢠4.1.5 â Termination payments: two executive employment contracts entered into before 2008 allow for severance payments of more than 24 monthsâ fixed base salary plus pension contribution.</td></tr><tr><td colspan="1">For more information, please refer to the Statutory Corporate Governance Report 2017.</td></tr><tr><td colspan="1">Novo Nordisk complies with the corporate governance standards of NYSE applicable to foreign listed private issuers. As a controlled company, Novo Nordisk is not obliged to comply with all the standards established by NYSE. Furthermore, Novo Nordisk, as a foreign private issuer, is permitted to follow home country practice, which is the case in relation to independence requirements, audit committee, equity compensation plans, code of business conduct and ethics, and CEO certification. A summary of the significant ways in which Novo Nordiskâs corporate governance practices differ from the NYSE corporate governance listing standards can be found in the Statutory Corporate Governance Report at novonordisk.com/about-novo-nordisk/corporate-governance/Recommendationsand-practices.html.</td></tr><tr><td colspan="1">Novo Nordisk also adheres to the charter for companies in the Novo Group, as it is partially owned by Novo Holdings A/S. The charter is available on novoholdings.dk.</td></tr><tr><td colspan="1">DISCLOSURE REGARDING CHANGE OF CONTROL</td></tr><tr><td colspan="1">The EU Takeover Bids Directive, as partially implemented by the Danish Financial Statements Act, requires listed companies to disclose information that may be of interest to the market and potential takeover bidders, in particular in relation to disclosure of change-of-control provisions.</td></tr><tr><td colspan="1">Novo Nordisk discloses that the Group does not have any significant agreements to which the Group is a party and that take effect, alter or terminate upon a change of control of the Group following implementation of a takeover bid.</td></tr><tr><td colspan="1">In relation to Executive Management, the current employment contracts allow severance payments of up to 36 monthsâ fixed base salary plus pension contribution in the event of a merger, acquisition or takeover of Novo Nordisk.</td></tr><tr><td colspan="1">For information about the ownership structure of Novo Nordisk, please refer to Shares and capital structure on pp 44â45.</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">To ensure that discussions include multiple perspectives representing the complex, global pharmaceutical environment, the Board of Directors aspires to be diverse in gender and nationality. In 2016, the Board of Directors adjusted its diversity ambition and set out new targets with the aim of consisting, by 2020, of at least two shareholder-elected board members with Nordic nationality and at least two shareholder-elected board members with a nationality other than Nordic â and at least three shareholder-elected board members of each gender.</td></tr><tr><td colspan="1">As of 31 December 2017, two shareholderelected board members were female and five were male, while four of the seven shareholder-elected board members were non-Nordic and three were Nordic. Thus, the company did not fulfil the ambition of having at least three shareholder-elected board members of each gender on the Board by the end of 2017, given that Mary Szela stepped down from the Board of Directors in May 2017 due to a potential future conflict of interest. The company will strive to fulfil this ambition by 2020.</td></tr><tr><td colspan="1">In accordance with section 99b of the Danish Financial Statements Act, Novo Nordisk discloses its diversity policy, targets and current performance in the UN Global Compact Communication on Progress, which is available at novonordisk.com/annualreport.</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">SOCIAL PERFORMANCE</td></tr><tr><td colspan="1">Novo Nordisk accounts for social performance on three dimensions: patients, people and assurance.</td></tr><tr><td colspan="1">The number of people reached with Novo Nordisk diabetes care products decreased slightly, while employee turnover was higher than in previous years, following a workforce reduction implemented in late 2016 and 2017. Company reputation remains high.</td></tr><tr><td colspan="1">PATIENTS</td></tr><tr><td colspan="1">Novo Nordiskâs business is built on the promise to help patients with serious chronic diseases live better, healthier lives and the determination to enhance access to medical treatment and quality of care for patients. In 2017, Novo Nordisk provided medical treatment to an estimated 27.7 million people with diabetes worldwide, a decrease of 1% compared to 28.0 million in 2016. The decline was caused by lower sales of human insulin mainly due to an impact from lower tender volumes of human insulin in some large tender markets in 2017, partly offset by growth in sales of modern and new-generation insulin as well as Victoza® (see note 2.2 to the Consolidated financial statements).</td></tr><tr><td colspan="1">Through Novo Nordiskâs Access to Insulin Commitment, the company guarantees to provide low-priced human insulin to the poorest parts of the world. The guarantee applies to Least Developed Countries (LDCs) as defined by the UN and other low-income countries as defined by the World Bank as well as selected organisations providing relief in humanitarian situations. Moreover, Novo Nordisk sells human insulin at similar prices in other low- and middle-income countries. In 2017, the ceiling price was USD 4 per vial with an average selling price of USD 3 per vial. As a result, an estimated 0.3 million patients were treated with insulin for 12 cents per day or less.</td></tr><tr><td colspan="1">Through the companyâs Changing Diabetes® programmes particular focus is given to vulnerable populations. The Changing Diabetes® in Children programme operates in 13 countries and reaches more than 16,000 children with type 1 diabetes, who receive insulin treatment free of charge (see p 37). The Changing Diabetes® in Pregnancy programme has screened more than 68,000 women for gestational diabetes, and more than 6,700 women have been diagnosed and subsequently treated. The Base of the Pyramid programme has been expanded in Nigeria and Ghana and started up in Senegal.</td></tr><tr><td colspan="1">Cities Changing Diabetes is a partnership programme with University College London and Steno Diabetes Center Copenhagen as well as a range of local partners, including diabetes and health communities, city governments, academic institutions, city experts and civil society organisations. It is a response to the dramatic rise in type 2 diabetes in cities, also referred to as âurban diabetesâ, and the aim is to map the problem, share solutions and drive concrete action to address the diabetes challenge in cities around the world. The coalition of cities, which comprises Beijing, Copenhagen, Hangzhou, Houston, Johannesburg, Mexico City, Rome, Shanghai, Tianjin, Vancouver and Xiamen, representing more than 100 million citizens, has called for an ambitious global goal to prevent more than 100 million new cases of diabetes by 2045. Achieving the goal requires cutting rates of obesity by 25%, which would prevent more than 100 million people globally developing diabetes and could lead to savings of USD 200 billion annually by 2045.</td></tr><tr><td colspan="1">Donations to the World Diabetes Founda-tion (WDF) amounted to 85 million Danish kroner in 2017. Created by Novo Nordisk in 2002, WDF is an independent trust dedicated to the prevention and treatment of diabetes in the developing world. WDF supports sustainable partnerships and acts as a catalyst to help others do more. In 2017, WDF provided funding to 47 partnership projects in 32 countries; 116 countries have been supported to date since 2002. The projects focus on awareness, education and capacity building at local, regional and global levels. For every dollar donated by WDF, local partners are able to raise approximately USD 2 in cash or as in-kind donations from other sources for the projects. Read more on worlddiabetesfoundation.org.</td></tr><tr><td colspan="1">Novo Nordisk also provides financial support to improve global access to haemophilia care. In 2017, the company donated 18 million kroner to the Novo Nordisk Haemophilia Foundation (NNHF), established in 2005. NNHF supports programmes in developing and emerging countries. Initiatives focus on capacity building, diagnosis and registry, education and empowerment. Since 2005, NNHF has provided funding for 230 programmes in 69 countries. Read more on nnhf.org.</td></tr><tr><td colspan="1">EMPLOYEES</td></tr><tr><td colspan="1">Novo Nordisk aims to be an attractive employer and offers a safe and healthy, inclusive and engaging working environment. At the end of 2017, the total number of employees was 42,682, corresponding to 42,076 full-time positions, which is a 1% increase compared with 2016. The growth in employees was mainly driven by the global service centre in Bangalore, India. Employee turnover increased from 9.7% in 2016 to 11.0% in 2017. The increased employee turnover in 2017 was mainly due to the workforce reduction at the end of 2016; as a part of this workforce was still employed at the end of 2016 it affects the 2017 employee turnover.</td></tr><tr><td colspan="1">The level of engagement and commitment to the companyâs values remains high. In the annual employee survey, conducted in the second quarter of 2017, 90% of employees responded positively to a set of questions to measure the level of sustainable engagement.</td></tr><tr><td colspan="1">By the end of 2017, the gender distribution among managers was 60% men and 40% women. Of the newly promoted managers, 43% were women, which is the same level as in 2016. All management teams, from entry level and upwards, are encouraged to focus on enhanced diversity, with the aim of ensuring a robust pipeline of talent for management positions.</td></tr><tr><td colspan="1">The average frequency rate of occupational accidents with absence was 2.7 per million working hours in 2017 compared with 3.0 in 2016. There were no work-related fatalities in 2017, compared with one fatality in 2016. Novo Nordisk works with a zero-injury mindset and remains committed to continuously improving safety performance. The link between company values and safety behaviour is emphasised to ensure that employees always make the safe choice.</td></tr><tr><td colspan="1">ASSURANCE</td></tr><tr><td colspan="1">Measures are taken to provide assurance that Novo Nordisk conducts its business in a responsible way.</td></tr><tr><td colspan="1">Training in business ethics is mandatory and a high priority. Annual business ethics training is required for all employees, including new hires. Business ethics training is therefore a key element of the onboarding programmes. In 2017, as in 2016, 99% of all relevant employees completed and documented their training and passed the related tests. This high level is attributed to the constant focus on and communication by senior management of the importance of business ethics compliance.</td></tr><tr><td colspan="1">A total of 34 business ethics reviews were completed in 2017 with 130 findings, compared with 52 reviews in 2016 with 234 findings. It is Group Internal Auditâs assessment that the level of compliance is sound. Closure of findings progressed as planned, and there were no overdue findings as of 31 December 2017.</td></tr><tr><td colspan="1">The global facilitator team conducted 65 audits of unitsâ adherence to the Novo Nordisk Way. These facilitations covered approximately 21,000 employees, of whom almost 3,000 were interviewed, while feedback was collected from almost 700 stakeholders. The facilitations in 2017, as in 2016, showed a high level of compliance with the Novo Nordisk Way. Corrective actions and corresponding deadlines were agreed with local management for all actions (see pp 16â17 and novonordisk. com/about-novo-nordisk/novo-nordisk-way. html for additional information).</td></tr><tr><td colspan="1">A total of 246 supplier audits, compared with 223 in 2016, were conducted in 2017 to assess suppliersâ level of compliance with the companyâs standards for suppliers. These relate to quality as well as to Novo Nordiskâs responsible sourcing policy to ensure respect for human and labour rights, environmental management and business ethics. These audits are undertaken by Novo Nordiskâs Corporate Quality organisation. Of the audits carried out in 2017, 28 concerned responsible sourcing criteria, on par with 2016. Only high-risk suppliers, identified through a robust risk assessment, are selected for responsible sourcing audits. There were no critical findings in 2017.</td></tr><tr><td colspan="1">Novo Nordisk had six product recalls from the market in 2017, which is the same level as in 2016. None of these recalls were critical. Local health authorities were informed in all instances to ensure that distributors, pharmacies, doctors and patients received appropriate information.</td></tr><tr><td colspan="1">In 2017, as in 2016, there were no failed inspections by regulatory authorities among those resolved at year-end. A total of 83 inspections were conducted in 2017 at Novo Nordiskâs sites, at clinics conducting investigations for Novo Nordisk or for voluntary ISO 9001 certification, compared with 74 inspections in 2016. At year-end, 54 inspections had been passed and 29 were unresolved.</td></tr><tr><td colspan="1">HUMAN RIGHTS</td></tr><tr><td colspan="1">Novo Nordisk acts on its responsibility to respect human rights as set out in the UN Guiding Principles on Business and Human Rights, and conducts ongoing due diligence. Novo Nordisk recognises that the company has a number of potential impacts with regard to human rights in its operations and business relationships. Actions are taken focusing on salient issues beyond those already addressed by existing programmes such as global labour standards and employee health and safety, bioethics, responsible sourcing and business ethics. In 2017, the focus was on human biosamples for research use, patient safety and local production projects. Novo Nordisk has also strengthened consultations with patients. Reporting on respect of human rights, using the UN Guiding Principles Reporting Framework, is available in the Communication on Progress at novonordisk.com/annualreport.</td></tr><tr><td colspan="1">REPUTATION</td></tr><tr><td colspan="1">Novo Nordisk's reputation among key stakeholders â people with diabetes, general practitioners and diabetes specialists â is an indicator of the extent to which the company lives up to stakeholders' expectations and the likelihood that they will trust, support and engage with the company. The company reputation score, measured on a scale of 0â100, increased to 79.3, from 77.8 in 2016. Data were collected between June and September 2017; a score between 70 and 80 is considered strong.</td></tr><tr><td colspan="1">RESPONSIBLE TAX APPROACH</td></tr><tr><td colspan="1">Novo Nordiskâs tax approach is to pursue a competitive tax level in a responsible way. As a general rule, Novo Nordisk subsidiaries pay corporate taxes in the countries in which they operate and where business activity generates profits, earned in accordance with international transfer pricing rules. A competitive tax level implies achieving a tax level around the peer-group average. The company has a balanced tax risk profile and does not engage in tax avoidance activities. For further information about Novo Nordisk taxes, see note 2.6 Income taxes and deferred income taxes on p 72.</td></tr><tr><td colspan="1">To create certainty regarding tax payments, Novo Nordisk has applied for advance pricing agreements (APAs) in key countries. The ambition is to have APAs covering more than two-thirds of total sales. An APA is an up-front agreement between the tax authorities in two or more countries, covering the pricing methodologies for relevant intercompany transactions, thereby determining the level of taxable income for the countries in question. An APA typically covers a future period of five tax years. Novo Nordisk currently has APAs in place covering intercompany transactions with the US, Canada and Japan, corresponding to more than half of total sales.</td></tr><tr><td colspan="1">The finance policy and the tax strategy are endorsed by the Board of Directors of Novo Nordisk.</td></tr><tr><td colspan="1">LONG-TERM SOCIAL TARGETS</td></tr><tr><td colspan="1">Long-term social targets support long-term financial performance, balancing responsibility with profitability, with the aim of creating sustainable value for shareholders and other stakeholders. These targets reflect Novo Nordisk's ambition to be a sustainable business: fostering well-being by helping people live better lives, working the Novo Nordisk Way and safeguarding the reputation of the company.</td></tr><tr><td colspan="1">Novo Nordisk has three long-term social targets related to patient reach, employee engagement and reputation, two of which are in the process of being changed. The target set in 2013 to reach 40 million people with the companyâs diabetes care products by 2020 has been abandoned. As communicated in the Annual Report 2016, current projections show that it will not be possible to reach the target due to a more challenging market environment than anticipated when the target was set. Work is ongoing to deliver on the commitment to improve access to quality care.</td></tr><tr><td colspan="1">Until 2016, the company measured employee engagement through a custom-made annual survey (eVoice). While providing relevant data on year-on-year trends within the company, the study did not allow for external benchmarking with other companies. In 2017, a new methodology for measuring employee engagement was introduced that allows for external benchmarking. Once a robust baseline has been established, long-term targets will be set.</td></tr><tr><td colspan="1">Reputation is measured among key external stakeholders, and the target is unchanged. The scope of the calculation has been updated. For more information see Changes to accounting policies and disclosures on p 100.</td></tr><tr><td colspan="1">For further information about social performance, see the social statement on pp 98â103 and the Communication on Progress at novonordisk.com/annualreport.</td></tr><tr><td colspan="1">ENVIRONMENTAL PERFORMANCE</td></tr><tr><td colspan="1">Novo Nordisk accounts for environmental performance on three dimensions: use of resources, emissions and waste. All of Novo Nordiskâs production facilities are certified according to ISO 14001. The production of active pharmaceutical ingredients (API) in Kalundborg, Denmark, is also certified according to ISO 50001.</td></tr><tr><td colspan="1">In 2017, use of resources decreased slightly. CO2 emissions from production sites decreased as a result of the decreased energy use while CO2 emissions from product distribution and waste increased slightly.</td></tr><tr><td colspan="1">RESOURCES</td></tr><tr><td colspan="1">Novo Nordiskâs environmental strategy prioritises minimising the use of non-depletable or scarce natural resources. In 2017, energy and water consumption decreased slightly. 79% of the power (electricity) used at production sites came from renewable sources such as biomass, wind and hydropower. Two facilities are located in regions subject to high water stress, ie high seasonal variations in water availability, and account for 7% of the total water used at Novo Nordisk, up from 6% in 2016 due to increased production to meet market demands. There were no incidents of water shortage. Novo Nordisk continued to focus on energy efficiency and water savings. Energy and water projects implemented in 2017 are expected to lead to estimated annual savings of 18,000 GJ energy and more than 100,000 m3 water from 2018.</td></tr><tr><td colspan="1">EMISSIONS AND WASTE</td></tr><tr><td colspan="1">Novo Nordiskâs climate action programme aims to reduce CO2 emissions throughout the value chain. The current focus includes energy used in production, purchased goods and services and transportation such as company cars, business flights and product distribution.</td></tr><tr><td colspan="1">The overall CO2 emissions from energy consumption at production sites decreased by 2% to 90,000 tons, due to decreased energy use in areas that use fossil-based energy. Novo Nordisk continues to engage with energy suppliers to explore possible renewable power solutions for facilities in the USA and Europe, in order to meet the long-term target for all power used by the company's production sites to be based on renewable sources by 2020.</td></tr><tr><td colspan="1">Novo Nordiskâs largest production site â located in Kalundborg, Denmark â is supplied with steam and heat from the local Asnæs power plant. As a result of a partnership between Novo Nordisk, other local businesses and energy provider Ãrsted, construction started in October 2017 to convert Asnæs from being coal-fired to burning wood chips. With this change, it is expected that all Novo Nordisk production in Denmark by 2020 will be based on renewable energy delivered as power, heating and steam.</td></tr><tr><td colspan="1">With the use of bio-natural gas and steam based on wood chips in Denmark, as well as power from renewable sources at Novo Nordisk production sites globally, it is expected that more than 75% of the total energy use will be based on renewable sources by 2020.</td></tr><tr><td colspan="1">As part of Novo Nordiskâs supply chain programme, focused on reducing emissions from suppliers of raw materials, more than 20 key suppliers were engaged in 2017 to work on energy efficiency and use of renewable energy.</td></tr><tr><td colspan="1">CO2 emissions from business flights are estimated to be 44,000 tons in 2017, the same as in 2016. Novo Nordisk encourages employees to use virtual meetings instead of travelling, and in 2017 virtual meetings increased by 25%. CO2 emissions from company cars, mainly used by the sales force, showed a decrease of 7% from 68,000 tons to 63,000 tons in 2017, due to a reduction in the number of cars and a shift to more fuel efficient cars. In November 2017, Novo Nordisk adopted new global guidelines for company cars, which is guiding the shift towards electric and hybrid cars. Based on these guidelines, local car policies will be implemented in 2018.</td></tr><tr><td colspan="1">Emissions from product distribution increased by 3% compared with 2016. Emissions from air and ground transport remained stable. More products were distributed by sea. Distributing as many products as possible by sea remains a priority for Novo Nordisk, as sea transport reduces both CO2 emissions and costs relative to product volume.</td></tr><tr><td colspan="1">Waste increased by 3% compared with 2016, primarily due to increased amounts of organic residues from fermentation processes. The energy from these residues is recovered in biogas plants, and the digested slurry is used as fertiliser on local farmland. Overall, 96% of all the waste is recycled, used for biogas production or incinerated in plants where the energy is used for producing heat or power.</td></tr><tr><td colspan="1">LONG-TERM ENVIRONMENTAL TARGETS</td></tr><tr><td colspan="1">Novo Nordisk has three long-term environmental targets related to share of power from renewable sources, energy use and water use.</td></tr><tr><td colspan="1">In 2015, Novo Nordisk set a target for all production sites to run solely on power from renewable sources by 2020. The company has signed up to the RE100 initiative, led by The Climate Group in partnership with CDP, a not-for-profit organisation responsible for managing the global disclosure system for environmental impacts. Novo Nordisk is well on track to meet the target.</td></tr><tr><td colspan="1">With the decrease in energy and water use in 2017, the long-term targets for reducing consumption of energy and water were met and will be discontinued. Experience has shown that a target correlated with sales does not drive performance towards becoming a sustainable business.</td></tr><tr><td colspan="1">New long-term targets will be developed as a result of a strategy process in 2018.</td></tr><tr><td colspan="1">Long-term environmental targets support long-term financial performance, balancing responsibility with profitability, with the aim of creating sustainable value for shareholders and other stakeholders. These targets reflect strategic priorities to be a sustainable business: aiming to manage the use of natural resources with respect to ecosystems and not encroach on ecosystems or communities.</td></tr><tr><td colspan="1">For further information about environmental performance, see the Consolidated environmental statement on pp 104â106 and the Communication on Progress at novonordisk.com/annual report.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<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 BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ON THE ANNUAL REPORT</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">Today, the Board of Directors and Executive Management approved the Annual Report of Novo Nordisk A/S for the year 2017. The Board of Directors and Executive Management are jointly responsible for ensuring the integrity and quality of the report.</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 Annual Report has been prepared in accordance with the International Integrated Reporting Framework.</td></tr><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.</td></tr><tr><td colspan="1">Further, the Financial statements of the parent company and Managementâs review have 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 Consolidated financial statements and the Financial statements of the parent company give a true and fair view of the financial position at 31 December 2017, the results of the Groupâs and parent companyâs operations, and consolidated cash flows for the financial year 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">Furthermore, in our opinion, Management's review includes a true and fair account of the development in the operations and financial circumstances, 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">Novo Nordiskâs Consolidated social and environmental statements have been prepared in accordance with the reporting principles of materiality, inclusivity and responsiveness of AA1000APS(2008), and social and environmental accounting policies. They give a true and fair account and a balanced and reasonable presentation of the organisationâs social and environmental performance in accordance with these principles.</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 General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Bagsværd</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-02-01</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 Novo Nordisk 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 31 December 2017 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 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 31 December 2017 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2017 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is 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 Novo Nordisk A/S for the financial year 1 January to 31 December 2017, pp. 58-94, comprise the income statement and statement of comprehensive income, cash flow statement, balance sheet, equity statement and the notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">The Parent Company Financial Statements of Novo Nordisk A/S for the financial year 1 January to 31 December 2017, pp. 114-118, comprise the income statement, balance sheet, equity statement and the notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">Collectively referred to as the âFinancial Statementsâ.</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 first appointed auditors of Novo Nordisk A/S in April 1982 for the financial year 1982. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 36 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 judgement, were of most significance in our audit of the Financial Statements for 2017. 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 relating to rebates and discounts in the US business</td></tr><tr><td>The Group sells to various customers in the US, which can fall under certain commercial and government mandated contracts and reimbursement arrangements, of which the most significant are Managed Care, Medicare, Medicaid and charge-backs to wholesalers.</td><td>We have obtained Managementâs calculations for accruals under applicable schemes and assessed the significance of assumptions applied by comparing them to the Groupâs stated commercial policies, the terms of the applicable contracts, third party data and historical levels of paid rebates and discounts in the US business.</td></tr><tr><td>These arrangements result in deductions to gross sales in arriving at net sales and give rise to obligations for the Group to provide customers with rebates, discounts and allowances, which for unsettled amounts are recognised as an accrual.</td><td>We have compared the assumptions to contracted prices, historical rebates, discounts, allowances and to current payment trends. We have also considered the historical accuracy of the Groupâs estimates in previous years.</td></tr><tr><td>We have focused on this area because rebates, discounts and allowances are complex and because establishing an appropriate accrual requires significant judgment and estimation by Management. This judgment is particularly complex in a US healthcare environment in which competitive pricing pressure and product discounting are growing trends.</td><td>We have formed an independent assessment of the most significant elements of the accrual at 31 December 2017 using third party data and compared this expectation to the actual accrual recognised by the Group.</td></tr><tr><td colspan="2">Refer to Note 2.1 and Note 3.6.</td></tr><tr><td colspan="2">Litigations</td></tr><tr><td>The pharmaceuticals industry is heavily regulated which increases inherent litigation risk and litigation and contingent liabilities may arise from product-specific and general legal proceedings, from guarantees, marketing practices, unethical behaviour or government investigations connected with the Groupâs activities.</td><td>We have discussed the status of significant known actual and potential litigation with in-house legal counsel. We have obtained and substantively tested evidence to support the decisions and rationale for provisions held or decisions not to recognise provisions, including correspondence with external legal counsel and other counter-parties to litigations and considered Managementâs assessment of the probability of defending any litigation and the reliability of estimating any provisions.</td></tr><tr><td>We have focused on this area as the amounts involved are potentially material and the valuation of the provision is based on application of material judgment and estimation and therefore is associated with uncertainty. Accordingly, unexpected adverse outcomes could significantly impact the Groupâs reported profit and statement of financial position.</td><td>We have developed an independent expectation of the litigation provision based on litigation history and other available evidence to assess the valuation and completeness of the provisions recognised by the Group. We have obtained confirmations from external legal counsel to confirm our understanding of settled and outstanding litigation and asserted claims. We have evaluated significant adjustments to legal provisions recorded during the year to determine if they were indicative of management bias.</td></tr><tr><td>Refer to Note 3.6.</td><td>We have tested the completeness of the external legal counsels from whom we have asked for direct confirmation by testing legal expenses on a sample basis and comparing to internal documents.</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, pp 1-56 and pp 95-97.</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 has been prepared in accordance with the requirements of the Danish Financial Statement 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 responsibilities for the Financial Statements</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">In preparing the Financial Statements, Management is responsible for assessing the Groupâs and 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 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</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements 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.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements under Danish audit regulation, we exercise professional judgement and maintain professional scepticism 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 (the Board of Directors) 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">Bagsværd</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-02-01</arr:SignatureOfAuditorsDate>
<ifrs-dk:NetSales contextRef="ctx1" unitRef="vDKK" decimals="-6">111696000000</ifrs-dk:NetSales>
<ifrs-full:CostOfSales contextRef="ctx1" unitRef="vDKK" decimals="-6">17632000000</ifrs-full:CostOfSales>
<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vDKK" decimals="-6">94064000000</ifrs-full:GrossProfit>
<ifrs-dk:SalesCostAndDistributionsCosts contextRef="ctx1" unitRef="vDKK" decimals="-6">28340000000</ifrs-dk:SalesCostAndDistributionsCosts>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx1" unitRef="vDKK" decimals="-6">14014000000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:AdministrativeExpense contextRef="ctx1" unitRef="vDKK" decimals="-6">3784000000</ifrs-full:AdministrativeExpense>
<ifrs-full:OtherIncome contextRef="ctx1" unitRef="vDKK" decimals="-6">1041000000</ifrs-full:OtherIncome>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">48967000000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vDKK" decimals="-6">1246000000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vDKK" decimals="-6">1533000000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-6">48680000000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx1" unitRef="vDKK" decimals="-6">10550000000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx1" unitRef="vDKK" decimals="-6">38130000000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">15.4200</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">15.3900</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans contextRef="ctx1" unitRef="vDKK" decimals="-6">103000000</ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-6">-632000000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-6">-1955000000</ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax>
<ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-6">1987000000</ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax>
<ifrs-dk:OtherComprehensiveIncomeOtherCost contextRef="ctx1" unitRef="vDKK" decimals="-6">577000000</ifrs-dk:OtherComprehensiveIncomeOtherCost>
<ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome contextRef="ctx1" unitRef="vDKK" decimals="-6">1041000000</ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx1" unitRef="vDKK" decimals="-6">1795000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx1" unitRef="vDKK" decimals="-6">39925000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx1" unitRef="vDKK" decimals="-6">10550000000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx1" unitRef="vDKK" decimals="-6">3182000000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx1" unitRef="vDKK" decimals="-6">2027000000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx1" unitRef="vDKK" decimals="-6">-3634000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">101000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">87000000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">9101000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">41168000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">0</ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">1022000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">9000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">7626000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">73000000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">40000000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:DividendsReceivedClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">26000000</ifrs-full:DividendsReceivedClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">-6571000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx1" unitRef="vDKK" decimals="-6">16845000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">18844000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vDKK" decimals="-6">-35689000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="-6">-1092000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="-6">-211000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">24256790</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="en">Novo Nordisk A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="en">Novo Allé 1</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="en">2880 Bagsværd</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2016-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2016-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="en">Lars Fruergaard Jørgensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="en">Jesper Brandgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" xml:lang="en">Lars Green</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx5" xml:lang="en">Camilla Sylvest</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx6" xml:lang="en">Mads Krogsgaard Thomsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx7" xml:lang="en">Henrik Wulff</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="en">Göran Ando</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" xml:lang="en">Jeppe Christiansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx9" xml:lang="en">Vice chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" xml:lang="en">Brian Daniels</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" xml:lang="en">Sylvie Grégoire</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx12" xml:lang="en">Liz Hewitt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx13" xml:lang="en">Liselotte Hyveled</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx14" xml:lang="en">Kasim Kutay</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx15" xml:lang="en">Anne Marie Kverneland</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx16" xml:lang="en">Helge Lund</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="en">Søren Thuesen Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx18" xml:lang="en">Stig Strøbæk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx19" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx19">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx19" xml:lang="en">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx19" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx19">mne21404</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx20" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx20" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx20">mne18651</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx20">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx20" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<ifrs-dk:NetSales contextRef="ctx21" unitRef="vDKK" decimals="-6">111780000000</ifrs-dk:NetSales>
<ifrs-full:CostOfSales contextRef="ctx21" unitRef="vDKK" decimals="-6">17183000000</ifrs-full:CostOfSales>
<ifrs-full:GrossProfit contextRef="ctx21" unitRef="vDKK" decimals="-6">94597000000</ifrs-full:GrossProfit>
<ifrs-dk:SalesCostAndDistributionsCosts contextRef="ctx21" unitRef="vDKK" decimals="-6">28377000000</ifrs-dk:SalesCostAndDistributionsCosts>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx21" unitRef="vDKK" decimals="-6">14563000000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:AdministrativeExpense contextRef="ctx21" unitRef="vDKK" decimals="-6">3962000000</ifrs-full:AdministrativeExpense>
<ifrs-full:OtherIncome contextRef="ctx21" unitRef="vDKK" decimals="-6">737000000</ifrs-full:OtherIncome>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">48432000000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:FinanceIncome contextRef="ctx21" unitRef="vDKK" decimals="-6">92000000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx21" unitRef="vDKK" decimals="-6">726000000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx21" unitRef="vDKK" decimals="-6">47798000000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx21" unitRef="vDKK" decimals="-6">9873000000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx21" unitRef="vDKK" decimals="-6">37925000000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx21" unitRef="share" decimals="4">14.9900</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx21" unitRef="share" decimals="4">14.9600</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans contextRef="ctx21" unitRef="vDKK" decimals="-6">-205000000</ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx21" unitRef="vDKK" decimals="-6">-7000000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax contextRef="ctx21" unitRef="vDKK" decimals="-6">-682000000</ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax>
<ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax contextRef="ctx21" unitRef="vDKK" decimals="-6">-1911000000</ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax>
<ifrs-dk:OtherComprehensiveIncomeOtherCost contextRef="ctx21" unitRef="vDKK" decimals="-6">74000000</ifrs-dk:OtherComprehensiveIncomeOtherCost>
<ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome contextRef="ctx21" unitRef="vDKK" decimals="-6">-324000000</ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx21" unitRef="vDKK" decimals="-6">-1191000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx21" unitRef="vDKK" decimals="-6">36734000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx21" unitRef="vDKK" decimals="-6">9873000000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx21" unitRef="vDKK" decimals="-6">3193000000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx21" unitRef="vDKK" decimals="-6">3882000000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx21" unitRef="vDKK" decimals="-6">-3708000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">114000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">66000000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">2899000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">48314000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">0</ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">1199000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">7000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">7068000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">23000000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">112000000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:DividendsReceivedClassifiedAsInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">26000000</ifrs-full:DividendsReceivedClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">-6790000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx21" unitRef="vDKK" decimals="-6">15057000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">23830000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx21" unitRef="vDKK" decimals="-6">-38887000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx21" unitRef="vDKK" decimals="-6">2637000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx21" unitRef="vDKK" decimals="-6">-26000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-dk:NetSales contextRef="ctx22" unitRef="vDKK" decimals="-6">107927000000</ifrs-dk:NetSales>
<ifrs-full:CostOfSales contextRef="ctx22" unitRef="vDKK" decimals="-6">16188000000</ifrs-full:CostOfSales>
<ifrs-full:GrossProfit contextRef="ctx22" unitRef="vDKK" decimals="-6">91739000000</ifrs-full:GrossProfit>
<ifrs-dk:SalesCostAndDistributionsCosts contextRef="ctx22" unitRef="vDKK" decimals="-6">28312000000</ifrs-dk:SalesCostAndDistributionsCosts>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx22" unitRef="vDKK" decimals="-6">13608000000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:AdministrativeExpense contextRef="ctx22" unitRef="vDKK" decimals="-6">3857000000</ifrs-full:AdministrativeExpense>
<ifrs-full:OtherIncome contextRef="ctx22" unitRef="vDKK" decimals="-6">3482000000</ifrs-full:OtherIncome>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">49444000000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:FinanceIncome contextRef="ctx22" unitRef="vDKK" decimals="-6">85000000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx22" unitRef="vDKK" decimals="-6">6046000000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx22" unitRef="vDKK" decimals="-6">43483000000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx22" unitRef="vDKK" decimals="-6">8623000000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx22" unitRef="vDKK" decimals="-6">34860000000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx22" unitRef="share" decimals="4">13.5600</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx22" unitRef="share" decimals="4">13.5200</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans contextRef="ctx22" unitRef="vDKK" decimals="-6">-37000000</ifrs-dk:OtherComprehensiveIncomeBeforeTaxActuarialGainsLossesOnDefinedBenefitPlans>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx22" unitRef="vDKK" decimals="-6">-669000000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax contextRef="ctx22" unitRef="vDKK" decimals="-6">-2216000000</ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax>
<ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax contextRef="ctx22" unitRef="vDKK" decimals="-6">-681000000</ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax>
<ifrs-dk:OtherComprehensiveIncomeOtherCost contextRef="ctx22" unitRef="vDKK" decimals="-6">-366000000</ifrs-dk:OtherComprehensiveIncomeOtherCost>
<ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome contextRef="ctx22" unitRef="vDKK" decimals="-6">87000000</ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx22" unitRef="vDKK" decimals="-6">1108000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx22" unitRef="vDKK" decimals="-6">35968000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx22" unitRef="vDKK" decimals="-6">8623000000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx22" unitRef="vDKK" decimals="-6">2959000000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx22" unitRef="vDKK" decimals="-6">5908000000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx22" unitRef="vDKK" decimals="-6">-2157000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">55000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">61000000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">9374000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">38287000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">2303000000</ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">1182000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">15000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">5224000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">32000000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">9000000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:DividendsReceivedClassifiedAsInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">0</ifrs-full:DividendsReceivedClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">-6098000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx22" unitRef="vDKK" decimals="-6">17196000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">12905000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx22" unitRef="vDKK" decimals="-6">-30101000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx22" unitRef="vDKK" decimals="-6">2088000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx22" unitRef="vDKK" decimals="-6">86000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx23" unitRef="vDKK" decimals="-6">3325000000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx23" unitRef="vDKK" decimals="-6">35247000000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInAssociates contextRef="ctx23" unitRef="vDKK" decimals="-6">784000000</ifrs-full:InvestmentsInAssociates>
<ifrs-full:DeferredTaxAssets contextRef="ctx23" unitRef="vDKK" decimals="-6">1941000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:OtherNoncurrentFinancialAssets contextRef="ctx23" unitRef="vDKK" decimals="-6">978000000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx23" unitRef="vDKK" decimals="-6">42275000000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx23" unitRef="vDKK" decimals="-6">15373000000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx23" unitRef="vDKK" decimals="-6">20165000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx23" unitRef="vDKK" decimals="-6">958000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx23" unitRef="vDKK" decimals="-6">2428000000</ifrs-full:OtherCurrentReceivables>
<ifrs-dk:CurrentSecurities contextRef="ctx23" unitRef="vDKK" decimals="-6">0</ifrs-dk:CurrentSecurities>
<ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue contextRef="ctx23" unitRef="vDKK" decimals="-6">2304000000</ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue>
<ifrs-full:Cash contextRef="ctx23" unitRef="vDKK" decimals="-6">18852000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx23" unitRef="vDKK" decimals="-6">60080000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx23" unitRef="vDKK" decimals="-6">102355000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx23" unitRef="vDKK" decimals="-6">500000000</ifrs-full:IssuedCapital>
<ifrs-dk:ReserveForTreasuryShares contextRef="ctx23" unitRef="vDKK" decimals="-6">11000000</ifrs-dk:ReserveForTreasuryShares>
<ifrs-full:RetainedEarnings contextRef="ctx23" unitRef="vDKK" decimals="-6">48977000000</ifrs-full:RetainedEarnings>
<ifrs-full:OtherReserves contextRef="ctx23" unitRef="vDKK" decimals="-6">349000000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="ctx23" unitRef="vDKK" decimals="-6">49815000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">846000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx23" unitRef="vDKK" decimals="-6">1336000000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentProvisions contextRef="ctx23" unitRef="vDKK" decimals="-6">3302000000</ifrs-full:NoncurrentProvisions>
<ifrs-full:NoncurrentLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">5484000000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:OtherCurrentPayables contextRef="ctx23" unitRef="vDKK" decimals="-6">1694000000</ifrs-full:OtherCurrentPayables>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx23" unitRef="vDKK" decimals="-6">5610000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx23" unitRef="vDKK" decimals="-6">4242000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">14446000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">309000000</ifrs-full:CurrentDerivativeFinancialLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx23" unitRef="vDKK" decimals="-6">20755000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">47056000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">52540000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx23" unitRef="vDKK" decimals="-6">102355000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx23" unitRef="vDKK" decimals="-6">17158000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx24" unitRef="vDKK" decimals="-6">2714000000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx24" unitRef="vDKK" decimals="-6">30179000000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInAssociates contextRef="ctx24" unitRef="vDKK" decimals="-6">809000000</ifrs-full:InvestmentsInAssociates>
<ifrs-full:DeferredTaxAssets contextRef="ctx24" unitRef="vDKK" decimals="-6">2683000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:OtherNoncurrentFinancialAssets contextRef="ctx24" unitRef="vDKK" decimals="-6">1388000000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx24" unitRef="vDKK" decimals="-6">37773000000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx24" unitRef="vDKK" decimals="-6">14341000000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx24" unitRef="vDKK" decimals="-6">20234000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx24" unitRef="vDKK" decimals="-6">1552000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx24" unitRef="vDKK" decimals="-6">2411000000</ifrs-full:OtherCurrentReceivables>
<ifrs-dk:CurrentSecurities contextRef="ctx24" unitRef="vDKK" decimals="-6">2009000000</ifrs-dk:CurrentSecurities>
<ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue contextRef="ctx24" unitRef="vDKK" decimals="-6">529000000</ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue>
<ifrs-full:Cash contextRef="ctx24" unitRef="vDKK" decimals="-6">18690000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx24" unitRef="vDKK" decimals="-6">59766000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx24" unitRef="vDKK" decimals="-6">97539000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx24" unitRef="vDKK" decimals="-6">510000000</ifrs-full:IssuedCapital>
<ifrs-dk:ReserveForTreasuryShares contextRef="ctx24" unitRef="vDKK" decimals="-6">9000000</ifrs-dk:ReserveForTreasuryShares>
<ifrs-full:RetainedEarnings contextRef="ctx24" unitRef="vDKK" decimals="-6">46111000000</ifrs-full:RetainedEarnings>
<ifrs-full:OtherReserves contextRef="ctx24" unitRef="vDKK" decimals="-6">-1343000000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="ctx24" unitRef="vDKK" decimals="-6">45269000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">13000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx24" unitRef="vDKK" decimals="-6">1451000000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentProvisions contextRef="ctx24" unitRef="vDKK" decimals="-6">3370000000</ifrs-full:NoncurrentProvisions>
<ifrs-full:NoncurrentLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">4834000000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:OtherCurrentPayables contextRef="ctx24" unitRef="vDKK" decimals="-6">229000000</ifrs-full:OtherCurrentPayables>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx24" unitRef="vDKK" decimals="-6">6011000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx24" unitRef="vDKK" decimals="-6">3976000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">14181000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">2578000000</ifrs-full:CurrentDerivativeFinancialLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx24" unitRef="vDKK" decimals="-6">20461000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">47436000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">52270000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx24" unitRef="vDKK" decimals="-6">97539000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx24" unitRef="vDKK" decimals="-6">18461000000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" xml:lang="en">Net profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" unitRef="vDKK" decimals="-6">38130000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" xml:lang="en">Net profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" unitRef="vDKK" decimals="-6">37925000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx27" xml:lang="en">Net profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx27" unitRef="vDKK" decimals="-6">34860000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx28" xml:lang="en">Non-recurring income from the partial divestment of NNIT A/S included in Other operating income</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx28" unitRef="vDKK" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx29" xml:lang="en">Non-recurring income from the partial divestment of NNIT A/S included in Other operating income</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx29" unitRef="vDKK" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx30" xml:lang="en">Non-recurring income from the partial divestment of NNIT A/S included in Other operating income</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx30" unitRef="vDKK" decimals="-6">-2526000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx31" xml:lang="en">Sale of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx31" unitRef="vDKK" decimals="-6">2009000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx32" xml:lang="en">Sale of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx32" unitRef="vDKK" decimals="-6">2064000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx33" xml:lang="en">Sale of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx33" unitRef="vDKK" decimals="-6">1500000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx34" xml:lang="en">Purchase of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx34" unitRef="vDKK" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx35" xml:lang="en">Purchase of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx35" unitRef="vDKK" decimals="-6">-531000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx36" xml:lang="en">Purchase of marketable securities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx36" unitRef="vDKK" decimals="-6">-3533000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx37" unitRef="vDKK" decimals="-6">18461000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx38" unitRef="vDKK" decimals="-6">15850000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx39" unitRef="vDKK" decimals="-6">13676000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx40" unitRef="vDKK" decimals="-6">15850000000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>