ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
= CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17
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17 BANK DEBT, BOND DEBT AND BORROWINGS
2021
2020
Bank debt and bond debt maturing within below periods from the balance sheet date
DKKm
DKKm
Within one year
2,000
The USD funding has been swapped into fixed interest rates by interest rate swaps. The nominal amounts
of the interest rate swaps follow the expected repayment profile of the USD debt until they expire in 2023.
The total outstanding amount of the interest rate swaps as of 31 December 2021 was USD 305 million, and
the average interest rate was 1.56% for the fixed legs and 0.12% for the floating legs.
Between three and four years
1,083
1,698
After more than five years
3,700
3,699
The eurobond is issued with a fixed coupon until October 2027.
Bank debt and bond debt at 31 December
4,783
7,397
Amortized cost is calculated as the proceeds received less instalments paid, plus or minus amortization of
capital gains or losses
Bank debt and bond debt break down as follows:
Non-current bank debt and bond debt
Current bank debt and bond debt
Bank debt and bond debt at 31 December
4,783
5,397
Development in bank debt, bond debt and borrowings
2,000
Balance at
4,783
7,397
1 January
Cash
inflow
Cash
outflow
Non-cash
flow
Balance at
31 December
Development in bank debt, bond debt and
borrowings
DKKm
DKKm
DKKm
DKKm
DKKm
For maturity analysis of loans, see note 19 Financial instruments.
2021
Bank loans
3,698
400
(3,123)
108
1,083
Weighted
Issued bonds
3,699
1
3,700
average
Total bank debt and bond debt
7,397
400
(3,123)
109
4,783
Currency
Expiry of
commitment
Fixed/
floating
effective
interest rate
Amortized
Nominal
Fair
cost
value
value
DKKm
DKKm
DKKm
2020
2021
Bank loans
9,062
(5,169)
(195)
3,698
Bank loan
USD
Issued bonds
EUR
Jun 2025
Oct 2027
Floating
Fixed
0.93
1,083
1,083
1,083
Issued bonds
3,701
(2)
3,699
0.88
3,700
3,718
3,755
Total bank debt and bond debt
9,062
3,701
(5,169)
(197)
7,397
Total
4,783
4,801
4,838
2020
Bank loan
DKK
Oct 2021
Floating
0.80
2,000
2,000
2,000
Bank loan
USD
Jun 2024
Floating
1.11
1,698
1,698
1,698
Issued bonds
EUR
Oct 2027
Fixed
0.88
3,699
3,720
3,781
Total
7,397
7,418
7,479
The DKK 2 billion bank loan was fully repaid in February 2021.View entire presentation