ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTES 11-12
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11 CASH RESOURCES - CONTINUED
In October 2020, Lundbeck issued a seven-year eurobond in the amount of EUR 500 million with a fixed
coupon of 0.875%. The bond was issued under Lundbeck's euro medium-term note (EMTN) program of
EUR 2 billion.
In addition, Lundbeck has a number of uncommitted credit facilities to cover the day-to-day operations. At 31
December 2021 and 31 December 2020, these credit facilities were unutilized.
When managing the capital structure, Lundbeck's main objective is to support the Expand and invest to grow
strategy; use capital resources for required research and development and for investments to realize the
strategy; and to generate long-term attractive return for the shareholders. Lundbeck also wishes to be a
strong financial counterparty to debt providers and other stakeholders by maintaining the investment grade
credit rating (BBB-).
To maintain or adjust the capital structure, Lundbeck may adjust dividends paid to shareholders, return
capital to shareholders, issue new shares, sell assets to reduce debt or increase debt. To minimize the
refinancing risk, Lundbeck strives to have diversified funding, both in terms of duration and source.
Lundbeck defines capital as total equity and net interest-bearing debt (see notes 17 Bank debt, bond debt
and borrowings and 8 Right-of-use assets and lease liabilities) and after deducting cash resources. At 31
December 2021, total equity amounted to DKK 18,279 million compared with DKK 16,973 million at 31
December 2020. Net interest-bearing debt amounted to DKK 3,189 million at 31 December 2021 compared
with DKK 4,106 million at 31 December 2020.
12 EQUITY
Share capital
The share capital of DKK 996 million at 31 December 2021 is divided into 199,148,222 shares at a nominal
value of DKK 5 each.
Share capital
At 1 January
Capital increase through exercise of warrants
At 31 December
Issued shares
At 1 January
Capital increase through exercise of warrants
At 31 December
Treasury shares
2021
2020
DKKm
DKKm
996
996
996
996
2021
Number
2020
Number
199,148,222
199,148,222
199,136,725
11,497
199,148,222
Shares of
Nominal
DKK 5 nom.
value
Proportion of
share capital
Number
DKKM
%
Cost
DKKm
Treasury shares
2021
Shareholding at 1 January
449,896
2
0.23
135
Share buyback
144,000
1
0.07
34
Shares used for funding incentive programmes
Shareholding at 31 December
(91,781)
(0.05)
(31)
502,115
3
0.25
138
2020
Shareholding at 1 January
435,019
2
0.22
135
Share buyback
114,000
1
0.06
Shares used for funding incentive programmes
(99,123)
(1)
(0.05)
Shareholding at 31 December
449,896
2
0.23
135
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