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Click below to download The Novozymes Report 2015 in PDF format.

  •  The big picture
  •  Our business
  •  Governance
  •  Accounts and performance
  •  Supplementary

Total assets

 ###ROIC and Invested capital graph###

Total assets decreased from DKK 18,426 million at year-end 2014 to DKK 17,791 million at December 31, 2015, mainly driven by a decrease in cash and cash equivalents.

Cash and cash equivalents at December 31, 2015, amounted to DKK 839 million, down from DKK 2,535 million at year-end 2014. The main reasons for the decrease are the completion of a stock buyback program in which Novozymes bought back B shares with a transaction value of DKK 2,000 million and dividend payments of DKK 925 million.


 

Invested capital

Invested capital increased from DKK 10,535 million in 2014 to DKK 11,891 million in 2015, while invested capital increased from DKK 11,203 million to DKK 11,213 million.

ROIC

Return on invested capital (ROIC), including goodwill, was 25.9%, up 2.8 percentage points from 23.1% in 2014. The increase in ROIC was a result of higher net profit and only a minor increase in average invested capital.

Net working capital

 ###Working capital graph###

Novozymes’ net working capital increased to DKK 1,708 million, up from DKK 1,059 million in 2014, mainly due to a growing business and currency developments.

Net interest-bearing debt

Novozymes had net interest-bearing debt of DKK 437 million at year-end 2015, compared with net positive cash holdings of DKK 716 million at December 31, 2014. This was driven by cash flows from dividend payouts of DKK 925 million, stock buybacks of DKK 2,000 million, net investments of DKK 1,015 million and repayments of borrowings of DKK 484 million, which more than offset cash flows from operating activities.

Net interest-bearing debt-to-EBITDA

 ###NIBD and NIBD-EBITDA graph###

Net interest-bearing debt-to-EBITDA was 0.1 at year-end 2015, compared with -0.2 at December 31, 2014.

Consolidated balance sheet

ASSETS
             
DKK million Note   Dec. 31, 2015 Dec. 31, 2014
             
Intangible assets   2.1, 3.1   2,676  2,954 
Land and buildings   2.1, 3.2   2,665  2,537 
Plant and machinery   2.1, 3.2   4,237  3,884 
Other equipment   2.1, 3.2   611  553 
Assets under construction and prepayments   2.1, 3.2   649  524 
Deferred tax assets     2.5   459  485 
Other financial assets         139  29 
Investments in associates     3.4   91  24 
Other receivables     4.3   116  125 
Non-current assets         11,643  11,115 
             
Inventories     4.1   2,281  2,184 
Trade receivables     4.2   2,558  2,244 
Tax receivables     2.5   156  103 
Other receivables     4.3   294  228 
Other financial assets         20  17 
Cash and cash equivalents     6.6   839  2,535 
Current assets         6,148  7,311 
             
Assets         17,791  18,426 
             
LIABILITIES AND SHAREHOLDERS' EQUITY
             
DKK million Note   Dec. 31, 2015 Dec. 31, 2014
             
Common stock     5.5   626  639 
Currency translation adjustments         538  431 
Cash flow hedges         20  (10)
Retained earnings         10,396  10,209 
Equity attributable to shareholders in Novozymes A/S 11,580  11,269 
Non-controlling interests         13  11 
Shareholders' equity         11,593  11,280 
             
Deferred tax liabilities     2.5   715  784 
Provisions     3.3   186  212 
Deferred income     4.4   769  950 
Other liabilities         12  17 
Other financial liabilities     5.3   1,216  1,242 
Non-current liabilities         2,898  3,205 
             
Provisions     3.3   55  67 
Other financial liabilities   5.3, 5.4   116  730 
Trade payables         1,189  1,122 
Deferred income     4.4   223  258 
Tax payables     2.5   369  389 
Other liabilities     4.5   1,348  1,375 
Current liabilities         3,300  3,941 
             
Liabilities         6,198  7,146 
             
Liabilities and shareholders' equity 17,791  18,426