Novo Nordisk Annual Report 2021
Contents
Introducing Novo Nordisk
Strategic Aspirations
Key risks Management
Consolidated statements
Additional information
Novo Nordisk Annual Report 2021 80
In 2021, Novo Nordisk A/S acquired 11,220,000 B shares, worth
DKK 6.7 billion, from Novo Holdings A/S as part of the DKK 20.0 billion share
repurchase programme. The transaction price for each transaction was
calculated as the average market price in the open window period following
the announcements of the financial results for the four quarters in 2021.
In Novo Nordisk A/S, there were no transactions with the Board of Directors
or Executive Management besides remuneration. There were no other
transactions with the Board of Directors or Executive Management of NNIT
A/S, Novozymes A/S, Novo Holdings A/S, the Novo Nordisk Foundation, Xellia
Pharmaceuticals ApS, Unchained Labs, Sonion A/S or CS Solar Fund XIV.
For information on remuneration of the Management of Novo Nordisk,
please refer to note 2.4 Employee costs. There were no loans to the Board
of Directors or Executive Management in 2021, nor were there any in 2020
or 2019.
There were no material unsettled balances with related parties at the end of
the year.
5.5 Fee to statutory auditors
DKK million
2021
2020
2019
Statutory audit
26
26
26
Audit-related services
3
3
4
Tax advisory services
4
9
11
4
4
4
37
42
45
Other services
Total fee to statutory auditors
Fees for services other than statutory audit of the financial statements
amount to DKK 11 million (DKK 16 million in 2020 and DKK 19 million in
2019).
In 2021, Deloitte Statsautoriseret Revisionspartnerselskab provided other
services in the amount of DKK 6 million which relate to tax compliance and
transfer pricing, educational training, review of ESG data, due diligence and
other assurance assessments and opinions.
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
(PricewaterhouseCoopers Denmark) provided other services in the amount
of DKK 9 million in 2020 and DKK 12 million in 2019 which relate to tax
compliance and transfer pricing, educational training, review of ESG data,
due diligence and other assurance assessments and opinions.
5.6 General accounting policies
Principles of consolidation
The consolidated financial statements incorporate the financial statements
of the parent company Novo Nordisk A/S and entities controlled by Novo
Nordisk A/S. Control exists when Novo Nordisk has effective power over
the entity and has the right to variable returns from the entity. The results
of subsidiaries acquired or disposed of during the year are included in the
consolidated income statement from the effective date of acquisition and
up to the effective date of disposal.
Functional and presentation currency
Items included in the financial statements of Novo Nordisk's entities are
measured using the currency of the primary economic environment in
which the entity operates (functional currency). The consolidated financial
statements are presented in Danish kroner (DKK), which is also the
functional and presentation currency of the parent company.
Translation of transactions and balances
Foreign currency transactions are translated into the functional currency
using the prevailing exchange rates at the transaction dates. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities are recognised in the income statement.
Foreign currency differences arising from the translation of effective
qualifying cash flow hedges are recognised in other comprehensive income.
Translation of Group companies
Financial statements of foreign subsidiaries are translated into DKK at the
exchange rates prevailing at the end of the reporting period for balance
sheet items, and at average exchange rates for income statement items.
All effects of exchange rate adjustments are recognised in other
comprehensive income.
Cash flow statement
The Cash flow statement is presented in accordance with the indirect
method commencing with net profit for the year.View entire presentation