Novo Nordisk Annual Report 2021
Financial statements of the parent company
9 Derivatives
13 Fee to statutory auditors
For information on derivative financial instruments, please refer to note 4.4
to the consolidated financial statements.
10 Borrowings
DKK million
Statutory audit
Audit-related services
DKK million
Within 1 year
1-5 years
More than 5 years
Total borrowings
Tax advisory services
2021
2020
Other services
12,648
6,275
Total fee to statutory auditors
5,282
470
4,829
126
14 Commitments and contingencies
22,759
6,871
DKK million
Commitments
2021
2020
8
2
2
2
14
17
8357
2021
2020
11 Other provisions
Provisions for pending litigations are recognised as other provisions.
For information on pending litigations, please refer to note 3.4 to the
consolidated financial statements. Furthermore, as part of normal business
Novo Nordisk issues credit notes for expired goods. Consequently, a
provision for future returns is made, based on historical product return
statistics.
12 Related party transactions
For information on transactions with related parties, please refer to note 5.4
to the consolidated financial statements.
The parent company's share of services provided by NNIT Group amounts to
DKK 490 million (DKK 638 million in 2020).
Novo Nordisk A/S is included in the consolidated financial statements of the
Novo Nordisk Foundation.
Leases
Potential milestone payments²
Guarantees given for subsidiaries
Other guarantees
117
137
11,978
6,794
19,141
8,490
112
101
1. Lease commitments predominantly relate to estimated variable property taxes and low
value assets.
2. Potential milestone payments are associated with uncertainty as they are linked
to successful achievements in research activities; please refer to note 5.2 to the
consolidated financial statements.
Novo Nordisk A/S and its Danish subsidiaries are jointly taxed with the
Danish companies in Novo Holdings A/S. The joint taxation also covers
withholding taxes in the form of dividend tax, royalty tax and interest tax.
The Danish companies are jointly and severally liable for the joint taxation.
Any subsequent adjustments to income taxes and withholding taxes may
lead to a larger liability. The tax for the individual companies is allocated in
full on the basis of the expected taxable income.
For information on pending litigation and other contingencies, please refer
to notes 3.4 and 5.2 to the consolidated financial statements.
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