ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
E CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5
5 INCOME TAXES - CONTINUED
Deferred (tax assets)/tax liabilities
Intangible assets
Property, plant and equipment
Inventories
Provisions
Other items
Tax loss carryforwards etc.
Research and development incentives
Deferred (tax assets)/tax liabilities
Offset within legal tax entities and jurisdictions
Total net deferred (tax assets)/tax liabilities
63/111
2021
2021
2021
2020
2020
2020
Deferred tax
assets
Deferred tax
liabilities
Deferred tax
Net
assets
Deferred tax
liabilities
Net
DKKm
DKKm
DKKm
DKKm
DKKm
DKKm
(107)
3,175
3,068
(105)
3,156
3,051
(5)
187
182
(8)
179
171
(96)
53
(43)
(94)
68
(26)
(384)
(384)
(339)
(339)
(202)
39
(163)
(195)
53
(142)
(1,318)
(1,318)
(1,330)
(1,330)
(87)
(87)
(2,199)
3,454
1,255
(4)
(2,075)
(4)
3,456
1,381
2,006
(2,006)
(193)
1,448
1,255
1,842
(233)
(1,842)
1,614
1,381
Management estimates future income according to budgets, forecasts, business plans and initiatives
scheduled for the coming years, which supports the recognition of deferred tax assets. When forecasting the
utilization of tax assets, the Group applies the same assumptions as for impairment testing. See note 6
Intangible assets.
Accordingly, at 31 December 2021, all deferred tax assets relating to tax losses carried forward in Denmark
from 2015, 2016, 2018 and 2021 were capitalized in the amount of DKK 884 million (DKK 777 million in
2020).
U.S. tax losses and tax credits stemming from acquisitions have been recognized at an amount of DKK 521
million (DKK 553 million in 2020) equalling the expected utilization within a foreseeable future, whereas an
amount of DKK 56 million (DKK 132 million in 2020) has not been recognized in the balance sheet.
Unrecognized deferred tax assets
Unrecognized deferred tax assets at 1 January
Additions through acquisitions
Prior-year adjustments
Additions
Recognized
Unrecognized deferred tax assets at 31 December
2021
2020
DKKm
DKKm
184
507
(37)
8
1
(90)
(287)
102
184
Unrecognized deferred tax assets primarily relate to net operating losses and tax credits not expected to be
utilized within a foreseeable future.View entire presentation