Investor Presentaiton
Novo Nordisk Annual Report 2023
Introducing Novo Nordisk Strategic Aspirations
Risks
Management
Consolidated statements
Additional information.
KEY ACCOUNTING ESTIMATES REGARDING DEFERRED INCOME TAX ASSETS
AND PROVISIONS FOR UNCERTAIN TAX POSITIONS
Management has considered future taxable income and has estimated the amount
of deferred income tax assets that should be recognised. The estimate is based on an
assessment of whether sufficient taxable income will be available in the future, against
which the temporary differences and unused tax losses can be utilised. The total tax
value of unrecognised tax loss carry-forwards amounts to DKK 360 million in 2023
(DKK 318 million in 2022).
In the course of conducting business globally, tax and transfer pricing disputes with
tax authorities may occur. Management has estimated the expected outcome of the
disputes by using the 'most likely outcome' method to determine the provisions for
uncertain tax positions. Management considers the provisions made to be adequate.
However, the actual obligation may deviate and depends on the result of litigation
and settlements with the relevant tax authorities.
Development in deferred income tax assets and liabilities
DKK million
2023
Net deferred tax asset/(liability) at the beginning of the year
Income/(charge) to the income statement
Income/(charge) to other comprehensive income
Income/(charge) to equity
Additions from acquisitions
Effect of exchange rate adjustment
Property,
plant and
equipment
Offset
Intangible
assets Inventories Liabilities
Other
within
countries
Total
60
60
(2,402)
(213)
(8,279)
(2,106)
2,595
(645)
11,007
3,922
6,843
3,973
3,002
4,011
(224)
(6)
(129)
(359)
(120)
(120)
62
62
54
144
(9)
(547)
139
(219)
Net deferred tax asset/(liability) at the end of the year
Classified as follows:
(2,561)
(10,241)
1,717
14,427
6,876
10,218
Deferred tax asset at the end of the year
Deferred tax liability at the end of the year
433
245
1,820
14,792
6,986
(3,896)
20,380
(2,994)
(10,486)
(103)
(365)
(110)
3,896
(10,162)
2022
Net deferred tax asset/(liability) at the beginning of the year
(1,980)
(7,375)
3,195
6,932
2,629
3,401
Income/(charge) to the income statement
(413)
674
(465)
3,999
836
4,631
Income/(charge) to other comprehensive income
(130)
(141)
(608)
(879)
Income/(charge) to equity
234
234
Additions from acquisition of businesses (note 5.3)¹
(1,475)
766
(709)
Effect of exchange rate adjustment¹
Net deferred tax asset/(liability) at the end of the year¹
(9)
(2,402)
(103)
(8,279)
(5)
217
65
165
2,595
11,007
3,922
6,843
Deferred tax asset at the end of the year¹
579
195
2,627
11,027
4,646
(5,170)
13,904
Deferred tax liability at the end of the year
(2,981)
(8,474)
(32)
(20)
(724)
5,170
(7,061)
1. Comparatives were restated to reflect change in the provisional valuation of net identifiable assets from a business combination completed in 2022. Reference is made to note 5.3.
Classified as follows:View entire presentation