Novo Nordisk Annual Report 2021
Contents
Introducing Novo Nordisk
Strategic Aspirations Key risks Management
Consolidated statements
Additional information
Novo Nordisk Annual Report 2021 60
2021
47,757
2020
42,138
2019
38,951
in million
shares
2,296.6
2,333.9
2,374.3
Key accounting estimate regarding deferred income tax assets and
provisions for uncertain tax positions
Management has considered future taxable income and has estimated
the amount of deferred income tax assets that should be recognised. The
estimate is based on an assessment of whether sufficient taxable income
will be available in the future, against which the temporary differences and
unused tax losses can be utilised. The total tax value of unrecognised tax
loss carry-forwards amounts to DKK 166 million in 2021 (DKK 628 million
in 2020).
Development in deferred income tax assets and liabilities
In the course of conducting business globally, tax and transfer pricing
disputes with tax authorities may occur. Management has estimated
the expected outcome of the disputes by using the 'most probable
outcome-method to determine the provisions for uncertain tax positions.
Management considers the provisions made to be adequate. However,
the actual obligation may deviate and depends on the result of litigation
and settlements with the relevant tax authorities.
2.7 Earnings per share
Net profit
Average number of
shares outstanding
Dilutive effect of
average outstanding
share pool 1.2
Average number of
shares outstanding,
including dilutive
in million
shares
6.5
6.1
4.4
DKK million
2021
Property,
plant and
equipment
Intangible
Offset
within
assets Inventories Liabilities
Other countries
Total
effect of outstanding
in million
share pool
shares
2,303.1
2,340.0
2,378.7
Net deferred tax asset/(liability) at 1 January
(1,614)
(3,600)
2,556
4,617
1,404
3,363
Basic earnings
per share
DKK
20.79
18.05
16.41
Income/(charge) to the income statement
(330)
632
387
2,037
(781)
1,945
Diluted earnings
Income/(charge) to other comprehensive income
2
251
(41)
793
1,005
per share
DKK
20.74
18.01
16.38
Income/(charge) to equity
(2)
194
192
1. For further information on the development in treasury shares, please refer to note 4.2
2. For further information on the outstanding share pool, please refer to note 5.1.
Additions from acquisitions
(4,456)
976
(3,480)
Effect of exchange rate adjustment
(36)
49
1
319
43
Net deferred tax asset/(liability) at 31 December
(1,980)
(7,375)
3,195
6,932
2,629
376
3,401
Classified as follows:
Deferred tax asset at 31 December
Deferred tax liability at 31 December
719
109
3,210
7,223
3,541
(2,699)
(7,484)
(15)
(291)
(912)
(6,130)
6,130
8,672
(5,271)
2020
Accounting policies
Earnings per share is presented as both basic and diluted earnings per
share. Basic earnings per share is calculated as net profit divided by the
monthly average number of shares outstanding. Diluted earnings per share
is calculated as net profit divided by the sum of monthly average number
of shares outstanding, including the dilutive effect of the outstanding share
pool. Please refer to 'Financial definitions' for a description of calculation of
the dilutive effect.
Net deferred tax asset/(liability) at 1 January
(1,591)
(718)
1,811
3,452
1,087
4,041
Income/(charge) to the income statement
(47)
(2,883)
963
1,449
520
2
Income/(charge) to other comprehensive income
92
(216)
16
(469)
(577)
Income/(charge) to equity
(92)
20
(72)
Additions from acquisitions
276
276
Effect of exchange rate adjustment
24
1
(2)
(300)
(30)
(307)
Net deferred tax asset/(liability) at 31 December
(1,614)
(3,600)
2,556
4,617
1,404
3,363
Classified as follows:
Deferred tax asset at 31 December
Deferred tax liability at 31 December
755
(2,369)
46
2,568
4,895
2,903
(5,302)
5,865
(3,646)
(12)
(278)
(1,499)
5,302
(2,502)View entire presentation