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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

  Reading guide 

1 Basis of reporting 

DKK million Note   2015 2014
Revenue       2.2   14,002  12,459 
Cost of goods sold           (5,873) (5,310)
Gross profit           8,129  7,149 
Sales and distribution costs           (1,571) (1,406)
Research and development costs           (1,896) (1,841)
Administrative costs           (876) (857)
Other operating income, net       2.4   98  339 
Operating profit (EBIT)           3,884  3,384 
Exchange gains/(losses)           (158)
Tax on adjusted operating profit           (820) (780)
Share of losses in associates       3.4   (6) (21)
Adjusted operating profit (NOPAT)           2,900  2,589 
Average invested capital           11,213  11,203 
ROIC           25.9% 23.1%

2.1 Segments 

2.2 Revenue 

2.3 Employees 

2.4 Other operating income, net 

2.5 Tax 

2.6 Earnings per share 

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DKK million Note   2015 2014
Intangible assets 3.1   2,676  2,954 
Property, plant and equipment 3.2   8,162  7,498 
Investments in associates 3.4   91  24 
Net working capital (see Net working capital section)     1,708  1,059 
Financial assets, non-interest-bearing     20  17 
Provisions 3.3   (241) (279)
Other non-current financial liabilities, non-interest-bearing     (14) (17)
Other financial liabilities, non-interest-bearing     (42) (136)
Tax, net 2.5   (469) (585)
Invested capital     11,891  10,535 
Average invested capital     11,213  11,203 

3.1 Intangible assets and impairment test of goodwill 

3.2 Property, plant and equipment 

3.3 Provisions 

3.4 Joint operations and associates 

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DKK million Note   2015 2014
Other receivables, non-current 4.3   116  125 
Inventories 4.1   2,281  2,184 
Trade receivables 4.2   2,558  2,244 
Other receivables 4.3   294  228 
Other liabilities, non-current     (12) (17)
Deferred income 4.4   (992) (1,208)
Trade payables     (1,189) (1,122)
Other liabilities 4.5   (1,348) (1,375)
Net working capital     1,708  1,059 
         
Average net working capital     1,384  1,900 

4.1 Inventories 

4.2 Trade receivables 

4.3 Other receivables 

4.4 Deferred income 

4.5 Other liabilities 

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5.1 Financial risk factors and risk management 

5.2 Financial income and Financial costs 

5.3 Other financial liabilities 

5.4 Derivatives – hedge accounting 

5.5 Common stock and treasury stock 

5.6 Financial assets and liabilities by category 

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6.1 Management remuneration 

6.2 Stock-based payment 

6.3 Commitments and contingencies 

6.4 Related party transactions 

6.5 Fees to statutory auditor 

6.6 Cash flow 

6.7 Events after the reporting date 

6.8 Group companies 

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7.1 Climate change impact 

7.2 Energy 

7.3 Greenhouse gas emissions 

7.4 Water 

7.5 Wastewater 

7.6 Production inputs 

7.7 Waste and by-products 

7.8 Environmental compliance, etc. 

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8.1 Developments in the work force 

8.2 Occupational accidents and occupational diseases 

8.3 Training and compliance 

8.4 Corporate citizenship