Novo Nordisk Annual Report 2021
Contents
Introducing Novo Nordisk
Strategic Aspirations
Key risks Management
Consolidated statements
Additional information
Novo Nordisk Annual Report 2021
72
4.5 Borrowings
Issued bonds
Contractual undiscounted cash flows
2021
2020
DKK million
Leases
Issued
bonds
Bank
Bank
Issue date
Loans overdrafts1
Within 1 year
946
12,503
359
Total
13,808
Leases
855
Loans overdrafts¹
5,577
Total
Maturity date
1,107
7,539
Interest type
1-3 years
1,475
4,854
6,329
1,247
1,247
Coupon interest rate
3-5 years
942
942
694
694
More than 5 years
1,266
4,800
6,066
1,241
1,241
Carrying amount
Total contractual undiscounted cash
Fair value
flows at the end of the year
4,629
9,654
12,503
359
27,145
4,037
5,577
1,107
10,721
Contractual discounted cash flows
included in the balance sheet at the
end of the year
4,129
9,654
12,503
359
26,645
3,672
5,577
1,107
Non-current liabilities
3,307
9,654
12,961
2,897
Current liabilities
822
12,503
359
13,684
775
5,577
1,107
10,356
2,897
7,459
Reconciliation of liabilities arising from financing activities
Non-cash movements
Beginning of
the year
Re-
payments
Proceeds Additions²
Disposals
Exchange
rates
Other
End of the
year
DKK million
2021
Lease liabilities
3,672
(874)
1,183
Issued bonds
9,657
Loans
5,577
(5,577) 12,503
Bank overdrafts¹
576
(238)
Liabilities arising from financing activities
9,825
(6,689) 22,160
1,183
Bank overdrafts¹
531
(527)
Total borrowings
10,356
(7,216) 22,160
1,183
2020
| | | |
146
ཚེ | 8 ཟ | | ཅི
163
2
4,129
(3)
9,654
12,503
32
358
1
26,644
(3)
163
(1)
26,645
ནྱ།
576
Lease liabilities
3,824
(950)
978
(171)
(9)
3,672
Loans
5,582
(5)
5,577
Bank overdrafts1
595
100
(119)
Liabilities arising from financing activities
4,419
(950)
5,682
978
(295)
(9)
9,825
Bank overdrafts¹
64
467
531
Total borrowings
4,483
(950)
6,149
10,356
978
(295)
(9)
1. Bank overdrafts includes DKK 358 million classified as financing activities (DKK 576 million in 2020) and DKK 1 million classified as cash and cash equivalents (DKK 531 million in 2020).
2. Includes additions from acquisitions of businesses.
EUR 650
million (2024) million (2028)
EUR 650
4 June 2021
4 June 2021
4 June 2024
4 June 2028
Fixed
Fixed
0.000%
0.125%
4,854
4,800
4,850
4,794
In 2021 Novo Nordisk launched its first Euro Medium Term Note (EMTN)
programme in two tranches with an aggregate principal amount of EUR
1.3 billion corresponding to DKK 9.7 billion. Net proceeds of the issuances
have been used by Novo Nordisk for general corporate purposes, including
refinancing of the bridge loan facility established in connection with Novo
Nordisk's acquisition of Emisphere Technologies Inc. in 2020. The bonds
are listed on Euronext Dublin.
Accounting policies
The lease liabilities are related to IFRS 16 leases, primarily for premises and
company cars and include the present value of future lease payments during
the lease term. Lease liabilities are initially measured at the present value
of the lease payments outstanding at the commencement date, discounted
using the incremental borrowing rate. The lease liability is measured using
the effective interest method. The lease liability is subsequently remeasured
to reflect changes in future lease payments, e.g. changes in lease terms.
Issued bonds, loans and bank overdrafts are initially recognised at the
fair value of the proceeds received less transaction costs. In subsequent
periods these are measured at amortised cost using the effective interest
method. The difference between the proceeds received and the nominal
value is recognised in financial income or financial expenses over the term
of the loan.
As part of bridge funding the acquisition of Dicerna Pharmaceuticals, Inc.,
Novo Nordisk entered into a sale and repurchase agreement of marketable
securities (REPO). On 31 December 2021, the carrying amount of the assets
transferred is DKK 5,937 million, and the associated liabilities amounts to
DKK 5,937 million. The repurchase is fixed, and Novo Nordisk has therefore
retained full exposure from fair value changes of the marketable securities.View entire presentation