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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

Shareholders' equity

 ###Shareholders return graph###

At December 31, 2015, shareholders’ equity was DKK 11,593 million, up 3% from DKK 11,280 million at year-end 2014, as comprehensive income more than offset dividend payments and stock buyback in 2015.

Equity ratio

Shareholders’ equity represented 65% of the balance sheet total, up from 61% at year-end 2014.

Return on equity

Return on equity was 24.7%, up 2.1 percentage points from 22.6% in 2014. The increase was a result of higher net profit and only a minor increase in equity.

 

Dividend

###Payout ratio and dividend growth graph###

The Board of Directors proposes that the Annual Shareholders' Meeting approve a dividend of DKK 3.50 per share for the 2015 financial year, an increase of 17% compared with 2014. This will result in an expected total dividend payment of approximately DKK 1,062 million, corresponding to a payout ratio of 37.6%.

Treasury stock

At December 31, 2015, the holding of treasury stock was 9.6 million B shares, equivalent to 3.1% of the common stock.

Stock buyback program

In 2015, Novozymes bought back 6.4 million B shares with a transaction value of DKK 2,000 million under the stock buyback program initiated on February 2, 2015, and completed on November 23, 2015. The shares acquired within the program will be used to reduce the common stock and to meet obligations arising from employee share-based incentive programs.

Consolidated statement of shareholders' equity

    Attributable to shareholders in the company    
DKK million   Common stock Currency translation adjustments Cash flow hedges Retained earnings Total Non-controlling interests Total equity
                 
Shareholders' equity at January 1, 2015   639  431  (10) 10,209  11,269  11  11,280 
                 
Net profit for the year         2,823  2,823  2,825 
Other comprehensive income for the year     107  30    - 137    - 137 
Total comprehensive income for the year     - 107  30  2,823  2,960  2,962 
                 
Purchase of treasury stock         (2,000) (2,000)   (2,000)
Sale of treasury stock         126  126    126 
Write-down of common stock   (13)     13    -     -
Dividend         (925) (925)   - (925)
Stock-based payment         101  101    101 
Tax related to equity items         49  49    49 
Changes in shareholders' equity   (13) 107  30  187  311  313 
Shareholders' equity at December 31, 2015 626  538  20  10,396  11,580  13  11,593 
           
Shareholders' equity at January 1, 2014   639  74  95  10,246  11,054  12  11,066 
                 
Net profit for the year         2,526  2,526  (1) 2,525 
Other comprehensive income for the year     357  (105)   - 252  253 
Total comprehensive income for the year     - 357  (105) 2,526  2,778    - 2,778 
                 
Purchase of treasury stock         (2,000) (2,000)   (2,000)
Sale of treasury stock         85  85    85 
Dividend         (787) (787) (1) (788)
Stock-based payment         91  91    91 
Tax related to equity items         48  48    48 
Changes in shareholders' equity     -  357  (105) (37) 215  (1) 214 
Shareholders' equity at December 31, 2014 639  431  (10) 10,209  11,269  11  11,280 
The proposed dividend of DKK 1,062 million for 2015 is included in Retained earnings.