ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTES 19-20
19 FINANCIAL INSTRUMENTS - CONTINUED
Financial assets and financial liabilities measured
or disclosed at fair value
2021
Financial assets
Other financial assets¹
Derivatives¹
Total
Level 1
Level 2
Level 3
DKKm
DKKm
DKKm
22
22
35
41
22
41
35
83/111
amounts to a net loss of DKK 133 million and is the result of changes in the time value of the contingent
value rights and of the sales milestones dependent on predefined milestones being reached. Total
contingent consideration amounted to DKK 1,623 million at 31 December 2021 (DKK 1,108 million at 31
December 2020). Besides the fair value adjustment and the adjustment of the sales milestone (see note 18
Other payables), the only change in contingent consideration is exchange rate adjustments of DKK 109
million.
The carrying amount of other receivables, trade receivables, prepayments, bank debt, other debt, trade
payables and other payables is believed to be equal to or close to fair value.
Financial liabilities
Contingent consideration'
Derivatives1
Bank debt²
Bond debt²
Total
1,623
20 AUDIT FEES
243
1,083
3,755
3,755
1,326
1,623
Statutory audit
Assurance engagements other than audit
2020
Tax advisory
Financial assets
Other services
Other financial assets¹
81
35
Fee to PricewaterhouseCoopers
Derivatives¹
697
Total
81
697
35
Financial liabilities
Contingent consideration¹
Derivatives¹
Bank debt²
Bond debt²
Total
1) Measured at fair value.
2) Disclosed at fair value..
1,108
365
3,698
3,781
3,781
4,063
1,108
The fair value of securities is based on publicly quoted prices of the invested assets. The fair value of
derivatives is calculated by applying recognized measurement techniques, whereby assumptions are
based on the market conditions prevailing at the balance sheet date. The fair value of contingent
consideration is calculated as the discounted cash outflows (DCF method) from future milestone payments,
taking probability of success into consideration. The fair value adjustment of contingent consideration
2021
2020
DKKm
9
DKKm
10
1
2
4
4
1
16
15
The fee for non-audit services provided to the Group by PricewaterhouseCoopers Statsautoriseret
Revisionspartnerselskab, Denmark, amounted to DKK 3 million (DKK 4 million in 2020) and consisted of
people service project, other assurance services and other accounting and tax advisory services.
Certain subsidiaries of the Group are not subject to audit by PricewaterhouseCoopers.View entire presentation