Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 19697000000 | vDKK |
| ifrs-full:Assets | 2017-12-31 | 18373000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 14390000000 | vDKK |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 14531000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/72170001/ZG9rdW1lbnRsYWdlcjovLzAzLzRhL2Q2LzAwLzFmLzI1YzQtNGViNS04MTc3LTJhNzEyNzU5MjllMg.xml
Separator
The full data:
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<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><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="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Novozymes A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 Group's financial position at December 31, 2018 and of the results of the Group's operations and cash flows for the financial year January 1 to December 31, 2018 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 Company's financial position at December 31, 2018 and of the results of the Parent Company's operations for the financial year January 1 to December 31, 2018 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Consolidated environmental data and the Consolidated social and governance data for the financial year January 1 to December 31, 2018 are prepared in accordance with the accounting policies for the Consolidated environmental data and the Consolidated social and governance data.</td></tr><tr><td colspan="1">Our opinions are consistent with our Auditor's Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements of Novozymes A/S, pages 71-79 and 83-131, for the financial year January 1 to December 31, 2018 comprise the consolidated income statement and statement of comprehensive income, the consolidated balance sheet, the consolidated statement of shareholders' equity, the consolidated statement of cash flows and the notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">The Parent Company Financial Statements of Novozymes A/S, pages 160-173, for the financial year January 1 to December 31, 2018 comprise the income statement, the balance sheet, the statement of changes in equity and the notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">Collectively referred to as the âFinancial Statementsâ.</td></tr><tr><td colspan="1">The Consolidated environmental data and the Consolidated social and governance data of Novozymes A/S, pages 80-83 and 132-153, for the financial year January 1 to December 31, 2018 comprise the environmental performance and consolidated data, the social and governance performance and consolidated data and the related notes, including summary of accounting policies.</td></tr><tr><td colspan="1">These are collectively referred to as the âEnvironmental, Social and Governance Data.â</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 Auditor's 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 Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were appointed as auditors of Novozymes A/S for the first time after the initial public offering on 21 March 2001. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 18 years, including the financial year 2018.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Key audit matters</td></tr><tr><td colspan="2">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements for 2018.</td></tr><tr><td colspan="2">These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td>Key audit matter</td><td>How our audit addressed the key audit matter</td></tr><tr><td colspan="2">Revenue recognition related to partnerships and collaboration agreements</td></tr><tr><td>Novozymes has entered into several partnerships and collaboration agreements.</td><td>We tested relevant controls including applicable information systems and monitoring controls implemented, to ensure that revenue and costs from the partnerships and collaboration agreements are recognized appropriately on an ongoing basis.</td></tr><tr><td>Some of these partnerships and collaborations include complex mechanisms for sharing profit and expenses. Due to the complexity of the agreements, there are several uncertainties in relation to the interpretation of the agreements.</td><td>We obtained Management's estimate of deferred income and profit-sharing accruals under the applicable agreements, and reconciled inputs and key assumptions - from both internal and external sources - and assessed the accuracy of the accruals in previous periods.</td></tr><tr><td>We focused on this area because the agreements and the related accounting treatment of revenue recognition are complex and because establishing appropriate accruals requires significant judgement and estimation by Management.</td><td>We assessed whether the disclosures in relation to revenue were appropriate and met the requirements of accounting standards and the Danish Financial Statements Act.</td></tr><tr><td colspan="2">Refer to Note 2.2 to the Consolidated Financial Statements.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><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 Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management's Review, pages 3-70.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements and on the Environmental, Social and Governance Data does not cover Management's 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 Management's Review and, in doing so, consider whether Management's 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 Management's 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, Management's Review is in accordance with the Consolidated Financial Statements, the Parent Company Financial Statements and the Environmental, Social and Governance Data, and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management's Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><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">Management's Responsibility for the Financial Statements and the Environmental, Social and Governance Data</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">Furthermore, Management is responsible for preparing the Environmental, Social and Governance Data in accordance with the accounting policies stated in the Environmental, Social and Governance Data, and for such internal control as Management determines is necessary to enable the preparation of Environmental, Social and Governance Data that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><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">Auditor's Responsibilities for the Audit of the Financial Statements and the Environmental, Social and Governance Data</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements and the Environmental, Social and Governance Data as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements and the Environmental, Social and Governance Data.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the Financial Statements and the Environmental, Social and Governance Data, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's 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 Management's 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 Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's 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 auditor's 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, environmental, social and governance information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements and the Environmental, Social and Governance Data. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's 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="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2019-01-24</arr:SignatureOfAuditorsDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Novozymes A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="da">Krogshoejvej</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx1" xml:lang="da">36</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="da">Bagsvaerd</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="da">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">10007127</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:ReportingPeriodStartDate contextRef="ctx1">2018-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2018-12-31</gsd:ReportingPeriodEndDate>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2019-02-27</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Niels Kornerup</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of the Board of Directors and Executive Leadership Team</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Leadership Team have today considered and adopted the Annual Report of Novozymes A/S for the financial year January 1 - December 31, 2018.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Management's Review has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the accounting policies used are appropriate, and the Group's internal controls relevant to preparation and presentation of the Annual Report are adequate. The Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at December 31, 2018 of the Group and the Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial year January 1 - December 31, 2018.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><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, Management's Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year, and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Novozymes A/S adheres to the AA1000 AccountAbility principles, and environmental, social and governance data are stated in accordance with the accounting policies.</td></tr></table></sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><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 Shareholders' Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Bagsvaerd</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-01-24</sob:DateOfApprovalOfAnnualReport>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">Where we make a difference</td></tr><tr><td colspan="1">Novozymes' agricultural solutions improve crop production and enhance yields, ensuring we get more from each acre.</td></tr><tr><td colspan="1">Chairman's introduction</td></tr><tr><td colspan="1">Novozymes' Board of Directors has a collective responsibility to develop and drive company strategy, performance and accountability, to ensure that every decision lives up to our purpose and core values and is in the best interests of our stakeholders. In 2018, the Board took further steps to help Novozymes harness future opportunities.</td></tr><tr><td colspan="1">2018 was another exciting year for the Board of Novozymes. We started the year by welcoming Ms. Patricia Malarkey as a member of the Board. Patricia Malarkey is an experienced R&amp;D business leader with more than 30 years in the global agrochemical industry. The Board now has 10 members: seven elected at the Annual Shareholders' Meeting and three employee representatives.</td></tr><tr><td colspan="1">Ensuring the right competencies and composition</td></tr><tr><td colspan="1">In the past few years, the Board has welcomed some very strong, internationally experienced people, and thereby further strengthened the Board's collective executive competencies in such important areas as industrial biotech, R&amp;D within biotech, innovation pipeline management and emerging markets.</td></tr><tr><td colspan="1">We continuously evaluate the Board's balance of skills and experience, so that we have the right people in place to ensure that the Board is the best sparring partner for the Executive Leadership Team. The combined strength of all the members of Novozymes' Board is what makes it operate so effectively. Every year, we conduct an internal analysis and assessment of the Board's competencies and experience. In 2018, the Board was assisted in this task by an external facilitator, as we are every three years. The resulting assessment consisted of both a self-evaluation and an evaluation with external consultants of the composition of the Board and its talents. I am very pleased with the overall results, which are available to read in the Governance section.</td></tr><tr><td colspan="1">Effective Nomination and Remuneration Committee</td></tr><tr><td colspan="1">The Board believes that a proactive and transparent corporate governance structure promotes sustainable business behavior and long-term value creation. In 2017, we set up a Nomination and Remuneration Committee to assess the Board and its composition as well as its remuneration. In 2018, the committee contributed to the appointment of a new board member and assisted CEO Peder Holk Nielsen in developing the Executive Leadership Team, including onboarding Ms. Prisca Havranek-Kosicek as the new CFO of Novozymes. The committee also reviewed Novozymes' remuneration policy, salary increases and variable pay elements to senior management, among other matters.</td></tr><tr><td colspan="1">Closer to the business</td></tr><tr><td colspan="1">In 2018, as in previous years, the Board conducted reviews of Novozymes' business and of the mid- and long-term strategies for our industries and functions. We held three meetings outside the boardroom: at Novozymes' production site in Kalundborg, Denmark, at the future Innovation Campus in Lyngby, Denmark, and at our site in Bangalore, India. This was a great opportunity to gain an even better understanding of the challenges and opportunities facing Novozymes' employees as they work to grow the company.</td></tr><tr><td colspan="1">We spent a couple of days in Bangalore meeting employees, visiting the production site and the Detergent Design Center, and discussing priorities, growth opportunities and investments in India and the rest of Southeast Asia. I was impressed by the dedication and drive of our employees, and was thrilled to see for myself how Novozymes works with customers in emerging markets.</td></tr><tr><td colspan="1">Ensuring our competitive edge</td></tr><tr><td colspan="1">In addition to ensuring that Novozymes harnesses opportunities in both mature and new markets in the best way possible, the Board explores current and emerging trends with the potential to impact Novozymes in the years to come. By building on its enhanced competencies and strategic proximity to the business, the Board can provide guidance on how trends can be turned into competitive advantages for Novozymes.</td></tr><tr><td colspan="1">In 2018, the Board specifically focused on understanding the new technologies and ways of working in R&amp;D and production as well as on the potential that digitalization holds for our business - with and for our customers. Only by knowing as much as possible about the topic can we challenge the company's readiness and ensure that Novozymes is futureproof. This is an exciting task, and one that will require our constant vigilance for many years to come.</td></tr><tr><td colspan="1">These were just a few of the activities and matters covered by the Board during this eventful year.</td></tr><tr><td colspan="1">Jørgen Buhl Rasmussen</td></tr><tr><td colspan="1">Chairman of the Board of Directors</td></tr><tr><td colspan="1">Novozymes A/S</td></tr></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="7">Corporate governance</td></tr><tr><td colspan="7">A proactive and transparent corporate governance structure promotes sustainable business behavior and long-term value creation.</td></tr><tr><td colspan="7">Board composition and responsibilities</td></tr><tr><td colspan="7">In accordance with Danish legislation, Novozymes has a two-tier management system comprising the Board of Directors and the Executive Leadership Team, with no individual being a member of both. The division of responsibilities between the Board of Directors and the Executive Leadership Team is clearly outlined and described in the Rules of Procedure for the Board of Directors and the Rules of Procedure for the Executive Leadership Team, both available on Novozymes.com.</td></tr><tr><td colspan="7">Novozymes' Articles of Association require the Board of Directors to have four to eight members elected at the Annual Shareholders' Meeting. The Board currently has seven elected members. Individuals are elected for one year at a time and cannot be elected or re-elected after reaching the age of 70. Nominations are based on an evaluation of factors such as competencies, diversity, independence and performance.</td></tr><tr><td colspan="7">In accordance with Danish law, the Board of Directors also includes three employee-elected members, who serve four-year terms. The Board of Directors is accountable to the company's shareholders for the management of the company. The composition of the Board of Directors must therefore be such that the combined competencies of the Board enable it to inspire, guide and oversee the company's development, and diligently address and resolve the issues and challenges facing the company at any time.</td></tr><tr><td colspan="7">Audit Committee meetings</td></tr><tr><td>Committee member</td><td>Meetings attended</td></tr><tr><td>Lars Green</td><td>4</td></tr><tr><td>Agnete Raaschou-Nielsen</td><td>4</td></tr><tr><td>Jørgen Buhl Rasmussen</td><td>4</td></tr><tr><td colspan="7">Nomination and Remuneration Committee meetings</td></tr><tr><td>Committee member</td><td>Meetings attended</td></tr><tr><td>Jørgen Buhl Rasmussen</td><td>5</td></tr><tr><td>Agnete Raaschou-Nielsen</td><td>5</td></tr><tr><td>Kim Stratton</td><td>5</td></tr><tr><td colspan="7">To ensure the right competencies and promote diversity, the following targets have been set for the composition of the Board of Directors</td></tr><tr><td colspan="7">1. At least half of the shareholder-elected board members shall be independent as defined in the Danish Recommendations on Corporate Governance.</td></tr><tr><td colspan="7">2. At least 40% of the shareholder-elected board members shall have substantial international experience from the management of large corporations or institutions headquartered outside Denmark.</td></tr><tr><td colspan="7">3. One-third or more of the shareholder-elected board members shall be female, and one-third or more of the shareholder-elected board members shall be male.</td></tr><tr><td colspan="7">All three targets were met in 2018. The required competencies are defined in a competency profile that specifies various personal characteristics, skills and experience. The individual competencies of the members of the Board of Directors are shown in the presentation of the Board of Directors.</td></tr><tr><td colspan="7">The Board's main responsibilities are to</td></tr><tr><td colspan="7">⢠Ensure the right management and organizational structure</td></tr><tr><td colspan="7">⢠Supervise financial, social and environmental performance, and the Executive Leadership Team's operational management of the company</td></tr><tr><td colspan="7">⢠Decide the overall management and strategic development of the company</td></tr><tr><td colspan="7">Governance structure</td></tr><tr><td colspan="7">In accordance with the Articles of Association and the Rules of Procedure for the Board of Directors, the Board has a Chairmanship consisting of two members - the Chairman and the Vice Chairman - responsible for assisting the Board of Directors in matters concerningthe Executive Leadership Teamâs operational management of the company and for reporting back to the Board of Directors. The Chairmanship is also responsible for planning and preparing meetings of the Board of Directors.</td></tr><tr><td colspan="7">The Board of Directors has two committees, one of which is a Nomination and Remuneration Committee that assists the Board of Directors with the nomination of candidates for the Board of Directors, board committees and the Executive Leadership Team as well as with the remuneration of board members, board committee members and members of the Executive Leadership Team. In addition, the Board of Directors has an Audit Committee that assists the Board of Directors with monitoring aspects relating to accounting, auditing, internal controls and financial, environmental and social reporting. Further information about both committees can be found on Novozymes.com.</td></tr><tr><td colspan="7">As part of the internal control system, all cases of identified fraud and all concerns raised are investigated and reported to the Audit Committee and the Board of Directors. 34 cases were investigated and reported in 2018. None of the investigated fraud cases had a material financial impacton Novozymes. Further information on fraud can be found in Note 8.3 to the Consolidated financial statements.</td></tr><tr><td colspan="7">Charters and recommendations</td></tr><tr><td colspan="7">In laying down the management principles for Novozymes, the Board of Directors has followed the Recommendations on Corporate Governance that form part of the disclosure requirements applicable to companies listed on Nasdaq Copenhagen.</td></tr><tr><td colspan="7">These recommendations are available on corporategovernance.dk. A detailed review of Novozymesâ position on all of the recommendations and a description of the internal control and risk management system relating to financial reporting can be found in the statutory report on corporate governance pursuant to section 107b of the Danish Financial Statements Act at report2018.novozymes.com/governancereport2018. These recommendations require companies to explain any noncompliance. The recommendations were changed from Jan. 1, 2018. With the revised recommendations, Novozymes still follows 45 of the 47 recommendations, the exceptions being</td></tr><tr><td colspan="7">⢠The remuneration policy for the Executive Leadership Team does not contain a specific clause pertainingto the repayment of variable remuneration components paid on the basis of misstated information, as Novozymes considers the rules under Danish law to be sufficient in such cases (Recommendation 4.1.2)</td></tr><tr><td colspan="7">⢠Due to the limitations imposed by the Novo Nordisk Foundationâs Articles of Association and Novozymesâ ownership structure, the Board of Directors reserves the right in certain circumstances to reject takeover bids without consulting shareholders (Recommendation 1.3.1)</td></tr><tr><td colspan="7">Furthermore, under the Danish Financial Statements Act (sections 99a and 99b), it is mandatory for large companies to report on corporate responsibility and equal opportunities. As a member of the UN Global Compact, Novozymes prepares a Communication on Progress, which is available under Sustainability indices &amp; data at report2018.novozymes.com/sustainability/engagement. Together with our integrated financial, environmental and social reporting, the Communication on Progress meets both the requirements for reporting on corporate responsibility and equal opportunities, and the UN Global Compact's advanced reporting criteria.</td></tr><tr><td colspan="7">Novozymes also works within the parameters of Touch the World, the company's values and commitments, and has committed to the principles of the UN Global Compact and the UN Convention on Biological Diversity.</td></tr><tr><td colspan="7">Other Board-related information</td></tr><tr><td colspan="7">The Board of Directors held seven meetings in 2018, with an overall attendance rate of 99%.</td></tr><tr><td colspan="7">Any changes to the Articles of Association require that shareholders representing at least two-thirds of the total number of votes in the company are represented at the Shareholders' Meeting, and that at least two-thirds of the votes cast, as well as two-thirds of the voting capital represented at the meeting, are in favor of the proposal to change the Articles of Association.</td></tr><tr><td colspan="7">The Annual Shareholders' Meeting has authorized the Board of Directors to allow the company to acquire treasury stock on an ongoing basis, provided the nominal value of the company's total holding of treasury stock does not exceed 10% of its share capital at any time, cf. section 198 of the Danish Companies Act.</td></tr><tr><td colspan="7">The purchase price must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen on the date of acquisition. This authorization applies until April 1, 2019. In addition, the Board of Directors is authorized to reduce the share capital.</td></tr><tr><td colspan="7">Each year, one of the responsibilities of the Board of Directors is to assess whether the capital and share structure of Novozymes is optimal. The Board of Directors remains of the opinion that the share structure with A and B common stock is the best way to safeguard Novozymes' long-term strategy and development to the benefit of the company's shareholders and other stakeholders. Regarding capital structure, Novozymes will continue to favor a rather conservative balance sheet, reflected by a target for net interest-bearing debt of 0-1x EBITDA. This target was met in 2018.</td></tr><tr><td colspan="7">Novozymes is party to a number of partnership contracts that can be terminated by the other party in the event of significant changes to the ownership or control of Novozymes. A few of these contracts contain provisions that restrict Novozymes' licenses to use specific forms of technology in such situations.</td></tr><tr><td colspan="7">Evaluation of the Board of Directors</td></tr><tr><td colspan="7">In 2018, the annual evaluation of the Board of Directors 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 the Executive Leadership Team. The evaluation also resulted in increased focus on strategy development, the company culture and the risk management review by the Board of Directors.</td></tr><tr><td>Board member</td><td>Audit Committee member</td><td>Nomination and Remuneration Committee member</td><td>Nationality</td><td>Board meetings attended</td><td>Board tenure</td><td>Election period</td></tr><tr><td>Jørgen Buhl Rasmussen (Chairman)1,2</td><td>x</td><td>x</td><td>Danish</td><td>7 out of 7</td><td>2011</td><td>1 year</td></tr><tr><td>Agnete Raaschou-Nielsen (Vice Chairman)1,2</td><td>x</td><td>x</td><td>Danish</td><td>7 out of 7</td><td>2011</td><td>1 year</td></tr><tr><td>Lars Green1</td><td>x</td><td /><td>Danish</td><td>7 out of 7</td><td>2014</td><td>1 year</td></tr><tr><td>Kasim Kutay1</td><td /><td /><td>British</td><td>7 out of 7</td><td>2017</td><td>1 year</td></tr><tr><td>Patricia Malarkey1,2,3</td><td /><td /><td>British</td><td>7 out of 7</td><td>2018</td><td>1 year</td></tr><tr><td>Kim Stratton1,2</td><td /><td>x</td><td>Australian</td><td>7 out of 7</td><td>2017</td><td>1 year</td></tr><tr><td>Mathias Uhlén1,2</td><td /><td /><td>Swedish</td><td>6 out of 7</td><td>2007</td><td>1 year</td></tr><tr><td>Lena Bech Holskov3 3 4</td><td /><td /><td>Danish</td><td>7 out of 7</td><td>2013</td><td>4 years</td></tr><tr><td>Anders Hentze Knudsen4</td><td /><td /><td>Danish</td><td>7 out of 7</td><td>2013</td><td>4 years</td></tr><tr><td>Lars Bo Køppler4</td><td /><td /><td>Danish</td><td>7 out of 7</td><td>2010</td><td>4 years</td></tr><tr><td colspan="7">1. Elected at the Shareholders' Meeting.</td></tr><tr><td colspan="7">2. Independent.</td></tr><tr><td colspan="7">3. Elected to the Board on March 13, 2018 and attended first two meetings as observer.</td></tr><tr><td colspan="7">4. Employee representative.</td></tr></table></mrv:CorporateGovernanceReport>
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<ifrs-full:Equity contextRef="ctx18" unitRef="vDKK" decimals="-6">11438000000</ifrs-full:Equity>
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<ifrs-full:Equity contextRef="ctx19" unitRef="vDKK" decimals="-6">11267000000</ifrs-full:Equity>
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<ifrs-full:CurrentFinancialLiabilities contextRef="ctx19" unitRef="vDKK" decimals="-6">979000000</ifrs-full:CurrentFinancialLiabilities>
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<easyx:EasyX_1840608788 contextRef="ctx19" unitRef="vDKK" decimals="-6">0</easyx:EasyX_1840608788>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx19" unitRef="vDKK" decimals="-6">205000000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
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<ifrs-full:CurrentLiabilities contextRef="ctx19" unitRef="vDKK" decimals="-6">4577000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx19" unitRef="vDKK" decimals="-6">7106000000</ifrs-full:Liabilities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" xml:lang="da">Net profit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx23" xml:lang="da">Cash flow before change in working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" xml:lang="da">Increase/(decrease) in payables, deferred income and contract liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" xml:lang="da">Currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" unitRef="vDKK" decimals="-6">13000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx27" xml:lang="da">Currency translation adjustments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx29" xml:lang="da">Business acquisitions, divestments and purchase of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx29" unitRef="vDKK" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx30" xml:lang="da">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx31" xml:lang="da">Sale of treasury stock</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx31" unitRef="vDKK" decimals="-6">179000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
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