Form 20-F [X]
|
Form 40-F [ ]
|
Yes [ ]
|
No [X]
|
●
|
Sales of Victoza® increased by 36% (18% in local currencies).
|
●
|
Sales of Levemir® increased by 31% (13% in local currencies).
|
●
|
Sales in North America increased by 34% (11% in local currencies).
|
●
|
Sales in International Operations increased by 22% (12% in local currencies).
|
●
|
Sales in Region China increased by 31% (11% in local currencies).
|
Novo Nordisk A/S
Investor Relations
|
Novo Allé
2880 Bagsværd
Denmark
|
Telephone:
+45 4444 8888
www.novonordisk.com
|
CVR No:
24 25 67 90
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 2 of 29
|
6 August 2015
|
Financial statement for the first six months of 2015
|
|
29 October 2015
|
Financial statement for the first nine months of 2015
|
|
3 February 2016
|
Financial statement for 2015
|
Media:
|
||
Katrine Sperling
|
+45 30796718
|
krsp@novonordisk.com
|
Ken Inchausti (US)
|
+1 609 514 8316
|
kiau@novonordisk.com
|
Investors:
|
||
Kasper Roseeuw Poulsen
|
+45 3079 4303
|
krop@novonordisk.com
|
Daniel Bohsen
|
+45 3079 6376
|
dabo@novonordisk.com
|
Melanie Raouzeos
|
+45 3075 3479
|
mrz@novonordisk.com
|
Frank Daniel Mersebach (US)
|
+1 609 235 8567
|
fdni@novonordisk.com
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 3 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
PROFIT AND LOSS
DKK million
|
Q1 2015 | Q1 2014 |
% change
Q1 2014
to Q1 2015
|
|||||||||
Net sales
|
25,200 | 20,343 | 24 | % | ||||||||
Gross profit
|
21,326 | 16,877 | 26 | % | ||||||||
Gross margin
|
84.6 | % | 83.0 | % | ||||||||
Sales and distribution costs
|
6,147 | 5,086 | 21 | % | ||||||||
Percent of sales
|
24.4 | % | 25.0 | % | ||||||||
Research and development costs
|
3,250 | 3,168 | 3 | % | ||||||||
Percent of sales
|
12.9 | % | 15.6 | % | ||||||||
Administrative costs
|
854 | 805 | 6 | % | ||||||||
Percent of sales
|
3.4 | % | 4.0 | % | ||||||||
Other operating income, net
|
2,782 | 215 | N/A | |||||||||
Hereof non-recurring income from the initial public offering of NNIT A/S
|
2,376 | - | N/A | |||||||||
Operating profit
|
13,857 | 8,033 | 73 | % | ||||||||
Operating margin
|
55.0 | % | 39.5 | % | ||||||||
Net financials
|
(1,372 | ) | 268 | N/A | ||||||||
Profit before income taxes
|
12,485 | 8,301 | 50 | % | ||||||||
Income taxes
|
2,609 | 1,843 | 42 | % | ||||||||
Effective tax rate
|
20.9 | % | 22.2 | % | ||||||||
Net profit
|
9,876 | 6,458 | 53 | % | ||||||||
Net profit margin
|
39.2 | % | 31.7 | % | ||||||||
OTHER KEY NUMBERS
|
||||||||||||
Depreciation, amortisation and impairment losses
|
663 | 657 | 1 | % | ||||||||
Capital expenditure 1)
|
764 | 693 | 10 | % | ||||||||
Net cash generated from operating activities
|
4,106 | 4,069 | 1 | % | ||||||||
Free cash flow
|
5,643 | 3,272 | 72 | % | ||||||||
Total assets
|
77,457 | 63,241 | 22 | % | ||||||||
Equity
|
32,108 | 33,583 | (4 | %) | ||||||||
Equity ratio
|
41.5 | % | 53.1 | % | ||||||||
Average number of diluted shares outstanding (million)
|
2,604.2 | 2,653.1 | (2 | %) | ||||||||
Diluted earnings per share / ADR (in DKK)
|
3.79 | 2.43 | 56 | % | ||||||||
Diluted earnings per share / ADR adjusted for non-recurring income from NNIT IPO (in DKK)
|
3.02 | 2.43 | 24 | % | ||||||||
Full-time equivalent employees end of period 2)
|
39,062 | 39,579 | (1 | %) |
1) Investment in tangible assets |
2) Full-time equivalent employees in Q1 2014 in NNIT A/S was 2,190 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 5 of 29
|
The diabetes care segment
|
Sales Q1 2015
DKK
million
|
Growth
as reported
|
Growth
in local
currencies
|
Share of
growth
in local
currencies
|
||||||||||||
New-generation insulin 1)
|
271 | N/A | N/A | 10 | % | |||||||||||
Modern insulin
|
11,498 | 23 | % | 8 | % | 39 | % | |||||||||
- NovoRapid ®
|
4,682 | 20 | % | 6 | % | 12 | % | |||||||||
- NovoMix ®
|
2,744 | 16 | % | 3 | % | 4 | % | |||||||||
- Levemir ®
|
4,072 | 31 | % | 13 | % | 23 | % | |||||||||
Human insulin
|
2,897 | 13 | % | 0 | % | 0 | % | |||||||||
Victoza®
|
3,957 | 36 | % | 18 | % | 28 | % | |||||||||
Other diabetes care
|
1,195 | 18 | % | 6 | % | 3 | % | |||||||||
Diabetes care total
|
19,818 | 24 | % | 9 | % | 80 | % | |||||||||
The biopharmaceuticals segment
|
||||||||||||||||
Haemophilia
|
2,734 | 21 | % | 6 | % | 8 | % | |||||||||
- Hereof NovoSeven ®
|
2,647 | 18 | % | 3 | % | 4 | % | |||||||||
Norditropin®
|
1,830 | 22 | % | 9 | % | 7 | % | |||||||||
Other biopharmaceuticals
|
818 | 30 | % | 14 | % | 5 | % | |||||||||
Biopharmaceuticals total
|
5,382 | 23 | % | 8 | % | 20 | % | |||||||||
Total sales
|
25,200 | 24 | % | 9 | % | 100 | % |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 6 of 29
|
INSULIN MARKET SHARES
(volume, MAT)
|
Novo Nordisk’s share
of total insulin market
|
Novo Nordisk’s share
of the modern insulin and
new-generation insulin market
|
||||||||||||||
February
2015
|
February
2014
|
February
2015
|
February
2014
|
|||||||||||||
Global
|
47 | % | 47 | % | 45 | % | 46 | % | ||||||||
USA
|
36 | % | 37 | % | 38 | % | 38 | % | ||||||||
Europe
|
47 | % | 48 | % | 47 | % | 48 | % | ||||||||
International Operations*
|
55 | % | 55 | % | 52 | % | 53 | % | ||||||||
China**
|
57 | % | 58 | % | 63 | % | 64 | % | ||||||||
Japan
|
52 | % | 52 | % | 50 | % | 48 | % |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 7 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 8 of 29
|
GLP-1 MARKET SHARES
(value, MAT)
|
GLP-1 share of total
diabetes care market
|
Victoza® share
of GLP-1 market
|
||||||||||||||
February
2015
|
February
2014
|
February
2015
|
February
2014
|
|||||||||||||
Global
|
7.0 | % | 6.8 | % | 71 | % | 72 | % | ||||||||
USA
|
8.3 | % | 8.4 | % | 69 | % | 69 | % | ||||||||
Europe
|
8.2 | % | 7.7 | % | 78 | % | 78 | % | ||||||||
International Operations*
|
2.3 | % | 2.5 | % | 75 | % | 75 | % | ||||||||
China**
|
0.7 | % | 0.6 | % | 56 | % | 67 | % | ||||||||
Japan
|
2.2 | % | 2.0 | % | 61 | % | 68 | % |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 9 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 10 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 11 of 29
|
Expectations are as reported,
if not otherwise stated
|
Current expectations
30 April 2015
|
Previous expectations
30 January 2015
|
||
Sales growth
|
||||
in local currencies
|
7-9%
|
6-9%
|
||
as reported
|
Around 16 percentage points higher
|
Around 12 percentage points higher
|
||
Operating profit growth
|
||||
in local currencies
|
Around 17%
|
Around 10%
|
||
as reported
|
Around 25 percentage points higher
|
Around 19 percentage points higher
|
||
Net financials
|
Loss of around DKK 6 billion
|
Loss of around DKK 5 billion
|
||
Effective tax rate
|
Around 21%
|
Around 22%
|
||
Capital expenditure
|
Around DKK 5.0 billion
|
Around DKK 5.0 billion
|
||
Depreciation, amortisation and impairment losses
|
Around DKK 3.0 billion
|
Around DKK 3.0 billion
|
||
Free cash flow
|
DKK 32-34 billion
|
DKK 29-31 billion
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 12 of 29
|
Key invoicing
Currencies
|
Annual impact on Novo Nordisk’s
operating profit of a 5%
movement in currency
|
Hedging period
(months)
|
||
USD
|
DKK 1,675 million
|
10
|
||
CNY
|
DKK 270 million
|
10*
|
||
JPY
|
DKK 115 million
|
12
|
||
GBP
|
DKK 80 million
|
11
|
||
CAD
|
DKK 60 million
|
11
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 13 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 14 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 15 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 16 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 17 of 29
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 18 of 29
|
·
|
Lars Rebien Sørensen, president, chief executive officer
|
·
|
Jesper Brandgaard, EVP, chief financial officer
|
·
|
Maziar Mike Doustdar, EVP, International Operations
|
·
|
Jerzy Gruhn, EVP, Europe
|
·
|
Jesper Høiland, EVP, US
|
·
|
Lars Fruergaard Jørgensen, EVP, Corporate Development
|
·
|
Jakob Riis, EVP, China, Pacific & Marketing
|
·
|
Mads Krogsgaard Thomsen, EVP, chief science officer
|
·
|
Henrik Wulff, EVP, Product Supply
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 19 of 29
|
●
|
statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto
|
●
|
statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures
|
●
|
statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings
|
●
|
statements regarding the assumptions underlying or relating to such statements.
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 20 of 29
|
Executive Management:
|
||
Lars Rebien Sørensen
CEO
|
Kåre Schultz
President and COO
|
Jesper Brandgaard
CFO
|
Lars Fruergaard Jørgensen
|
Jakob Riis
|
Mads Krogsgaard Thomsen
|
Board of Directors:
|
||
Göran Ando
Chairman
|
Jeppe Christiansen
Vice chairman
|
Bruno Angelici
|
Sylvie Grégoire
|
Liz Hewitt
|
Liselotte Hyveled
|
Thomas Paul Koestler
|
Eivind Kolding
|
Anne Marie Kverneland
|
Søren Thuesen Pedersen
|
Stig Strøbæk
|
Mary Szela
|
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 21 of 29
|
QUARTERLY NUMBERS IN DKK
|
2015 | 2014 |
% change
Q1 2015 vs
|
||||||||||||||||||||||
Q1 | Q4 | Q3 | Q2 | Q1 |
Q1 2014
|
|||||||||||||||||||
Net sales
|
25,200 | 24,585 | 22,249 | 21,629 | 20,343 | 24 | % | |||||||||||||||||
Gross profit
|
21,326 | 20,586 | 18,823 | 17,958 | 16,877 | 26 | % | |||||||||||||||||
Gross margin
|
84.6 | % | 83.7 | % | 84.6 | % | 83.0 | % | 83.0 | % | ||||||||||||||
Sales and distribution costs
|
6,147 | 6,679 | 5,899 | 5,559 | 5,086 | 21 | % | |||||||||||||||||
Percentage of sales
|
24.4 | % | 27.2 | % | 26.5 | % | 25.7 | % | 25.0 | % | ||||||||||||||
Research and development costs
|
3,250 | 3,865 | 3,654 | 3,075 | 3,168 | 3 | % | |||||||||||||||||
Hereof costs related to discontinuation of activities within inflammatory disorders
|
- | - | 600 | - | - | N/A | ||||||||||||||||||
Percentage of sales
|
12.9 | % | 15.7 | % | 16.4 | % | 14.2 | % | 15.6 | % | ||||||||||||||
Administrative costs
|
854 | 1,067 | 870 | 795 | 805 | 6 | % | |||||||||||||||||
Percentage of sales
|
3.4 | % | 4.3 | % | 3.9 | % | 3.7 | % | 4.0 | % | ||||||||||||||
Other operating income, net
|
2,782 | 182 | 169 | 204 | 215 | N/A | ||||||||||||||||||
Hereof non-recurring income from the initial public offering of NNIT A/S
|
2,376 | - | - | - | - | N/A | ||||||||||||||||||
Operating profit
|
13,857 | 9,157 | 8,569 | 8,733 | 8,033 | 73 | % | |||||||||||||||||
Operating margin
|
55.0 | % | 37.2 | % | 38.5 | % | 40.4 | % | 39.5 | % | ||||||||||||||
Financial income
|
285 | (1,141 | ) | 326 | 396 | 586 | (51 | %) | ||||||||||||||||
Financial expenses
|
1,657 | (336 | ) | 441 | 140 | 318 | N/A | |||||||||||||||||
Net financials
|
(1,372 | ) | (805 | ) | (115 | ) | 256 | 268 | N/A | |||||||||||||||
Profit before income taxes
|
12,485 | 8,352 | 8,454 | 8,989 | 8,301 | 50 | % | |||||||||||||||||
Income taxes
|
2,609 | 1,823 | 1,954 | 1,995 | 1,843 | 42 | % | |||||||||||||||||
Net profit
|
9,876 | 6,529 | 6,500 | 6,994 | 6,458 | 53 | % | |||||||||||||||||
Depreciation, amortisation and impairment losses 1)
|
663 | 928 | 1,183 | 667 | 657 | 1 | % | |||||||||||||||||
Capital expenditure
|
764 | 1,505 | 986 | 802 | 693 | 10 | % | |||||||||||||||||
Net cash generated from operating activities
|
4,106 | 7,301 | 12,197 | 8,125 | 4,069 | 1 | % | |||||||||||||||||
Free cash flow
|
5,643 | 5,717 | 11,157 | 7,250 | 3,272 | 72 | % | |||||||||||||||||
Total assets
|
77,457 | 77,062 | 71,283 | 63,681 | 63,241 | 22 | % | |||||||||||||||||
Total equity
|
32,108 | 40,294 | 37,967 | 36,661 | 33,583 | (4 | %) | |||||||||||||||||
Equity ratio
|
41.5 | % | 52.3 | % | 53.3 | % | 57.6 | % | 53.1 | % | ||||||||||||||
Full-time equivalent employees end of period
|
39,062 | 40,957 | 40,700 | 40,226 | 39,579 | (1 | %) | |||||||||||||||||
Basic earnings per share/ADR (in DKK)
|
3.80 | 2.51 | 2.49 | 2.66 | 2.44 | 56 | % | |||||||||||||||||
Diluted earnings per share/ADR (in DKK)
|
3.79 | 2.51 | 2.47 | 2.66 | 2.43 | 56 | % | |||||||||||||||||
Average number of shares outstanding (million)
|
2,596.7 | 2,599.7 | 2,613.9 | 2,628.9 | 2,642.4 | (2 | %) | |||||||||||||||||
Average number of diluted shares outstanding (million)
|
2,604.2 | 2,608.2 | 2,622.2 | 2,637.3 | 2,653.1 | (2 | %) | |||||||||||||||||
Sales by business segment: | ||||||||||||||||||||||||
New-generation insulin
|
271 | 262 | 175 | 141 | 80 | N/A | ||||||||||||||||||
Modern insulin (insulin analogues)
|
11,498 | 11,168 | 10,641 | 10,351 | 9,377 | 23 | % | |||||||||||||||||
Human insulin
|
2,897 | 2,772 | 2,478 | 2,475 | 2,573 | 13 | % | |||||||||||||||||
Victoza®
|
3,957 | 4,010 | 3,441 | 3,059 | 2,916 | 36 | % | |||||||||||||||||
Other diabetes care
|
1,195 | 1,064 | 953 | 1,031 | 1,013 | 18 | % | |||||||||||||||||
Diabetes care total
|
19,818 | 19,276 | 17,688 | 17,057 | 15,959 | 24 | % | |||||||||||||||||
Haemophilia
|
2,734 | 2,610 | 2,112 | 2,327 | 2,255 | 21 | % | |||||||||||||||||
Norditropin®
|
1,830 | 1,811 | 1,686 | 1,509 | 1,500 | 22 | % | |||||||||||||||||
Other biopharmaceuticals 2)
|
818 | 888 | 763 | 736 | 629 | 30 | % | |||||||||||||||||
Biopharmaceuticals total
|
5,382 | 5,309 | 4,561 | 4,572 | 4,384 | 23 | % | |||||||||||||||||
Sales by geographic segment: | ||||||||||||||||||||||||
North America
|
12,455 | 12,164 | 11,133 | 10,561 | 9,265 | 34 | % | |||||||||||||||||
Europe
|
4,977 | 5,413 | 5,045 | 4,989 | 4,703 | 6 | % | |||||||||||||||||
International Operations
|
3,684 | 3,602 | 2,938 | 2,968 | 3,032 | 22 | % | |||||||||||||||||
Region China
|
2,847 | 2,089 | 1,881 | 1,947 | 2,171 | 31 | % | |||||||||||||||||
Japan & Korea
|
1,237 | 1,317 | 1,252 | 1,164 | 1,172 | 6 | % | |||||||||||||||||
Segment operating profit:
|
||||||||||||||||||||||||
Diabetes care
|
7,950 | 6,383 | 6,989 | 6,376 | 5,785 | 37 | % | |||||||||||||||||
Biopharmaceuticals
|
3,531 | 2,774 | 1,580 | 2,357 | 2,248 | 57 | % | |||||||||||||||||
Income from the initial public offering of NNIT A/S (unallocated to segments)
|
2,376 | - | - | - | - | N/A |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 22 of 29
|
APPENDIX 2: |
STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
|
Q1 | Q1 | |||||||
DKK million
|
2015 | 2014 | ||||||
Income statement
|
||||||||
Net sales
|
25,200 | 20,343 | ||||||
Cost of goods sold
|
3,874 | 3,466 | ||||||
Gross profit
|
21,326 | 16,877 | ||||||
Sales and distribution costs
|
6,147 | 5,086 | ||||||
Research and development costs
|
3,250 | 3,168 | ||||||
Administrative costs
|
854 | 805 | ||||||
Other operating income, net
|
2,782 | 215 | ||||||
Hereof non-recurring income from the initial public offering of NNIT A/S
|
2,376 | - | ||||||
Operating profit
|
13,857 | 8,033 | ||||||
Financial income
|
285 | 586 | ||||||
Financial expenses
|
1,657 | 318 | ||||||
Profit before income taxes
|
12,485 | 8,301 | ||||||
Income taxes
|
2,609 | 1,843 | ||||||
NET PROFIT
|
9,876 | 6,458 | ||||||
Basic earnings per share (DKK)
|
3.8 | 2.44 | ||||||
Diluted earnings per share (DKK)
|
3.79 | 2.43 | ||||||
Segment Information
|
||||||||
Segment sales:
|
||||||||
Diabetes care
|
19,818 | 15,959 | ||||||
Biopharmaceuticals | 5,382 | 4,384 | ||||||
Segment operating profit:
|
||||||||
Diabetes care
|
7,950 | 5,785 | ||||||
Operating margin
|
40.10 | % | 36.20 | % | ||||
Biopharmaceuticals
|
3,531 | 2,248 | ||||||
Operating margin
|
65.60 | % | 51.30 | % | ||||
Income from the initial public offering of NNIT A/S (unallocated to segments)
|
2,376 | - | ||||||
Total segment operating profit
|
13,857 | 8,033 | ||||||
Statement of comprehensive income
|
||||||||
Net profit for the period
|
9,876 | 6,458 | ||||||
Other comprehensive income
|
||||||||
Remeasurements on defined benefit plans
|
(162 | ) | (42 | ) | ||||
Items that will not subsequently be reclassified to the Income statement
|
(162 | ) | (42 | ) | ||||
Exchange rate adjustments of investments in subsidiaries
|
(338 | ) | 56 | |||||
Cash flow hedges, realisation of previously deferred (gains)/losses
|
980 | (526 | ) | |||||
Cash flow hedges, deferred gains/(losses) incurred during the period
|
(3,377 | ) | (25 | ) | ||||
Other items
|
118 | 158 | ||||||
Items that will be reclassified subsequently to the Income statement, when specific conditions are met
|
(2,617 | ) | (337 | ) | ||||
Other comprehensive income before tax
|
(2,779 | ) | (379 | ) | ||||
Tax on other comprehensive income, income/(expense)
|
920 | 125 | ||||||
Other comprehensive income for the period, net of tax
|
(1,859 | ) | (254 | ) | ||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
|
8,017 | 6,204 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 23 of 29
|
BALANCE SHEET
|
DKK million
|
31 Mar 2015
|
31 Dec 2014
|
||||||
ASSETS
|
||||||||
Intangible assets
|
1,372 | 1,378 | ||||||
Property, plant and equipment
|
23,464 | 23,136 | ||||||
Investment in associated company
|
798 | - | ||||||
Deferred income tax assets
|
7,317 | 5,399 | ||||||
Other financial assets
|
1,045 | 856 | ||||||
TOTAL NON-CURRENT ASSETS
|
33,996 | 30,769 | ||||||
Inventories
|
12,288 | 11,357 | ||||||
Trade receivables
|
14,648 | 13,041 | ||||||
Tax receivables
|
6,623 | 3,210 | ||||||
Other receivables and prepayments
|
2,460 | 2,750 | ||||||
Marketable securities
|
1,204 | 1,509 | ||||||
Derivative financial instruments
|
254 | 30 | ||||||
Cash at bank and on hand
|
5,984 | 14,396 | ||||||
TOTAL CURRENT ASSETS
|
43,461 | 46,293 | ||||||
TOTAL ASSETS
|
77,457 | 77,062 | ||||||
EQUITY AND LIABILITIES
|
||||||||
Share capital
|
530 | 530 | ||||||
Treasury shares
|
(13 | ) | (11 | ) | ||||
Retained earnings
|
34,790 | 41,277 | ||||||
Other reserves
|
(3,199 | ) | (1,502 | ) | ||||
TOTAL EQUITY
|
32,108 | 40,294 | ||||||
Deferred income tax liabilities
|
42 | 7 | ||||||
Retirement benefit obligations
|
1,280 | 1,031 | ||||||
Provisions
|
2,038 | 2,041 | ||||||
Total non-current liabilities
|
3,360 | 3,079 | ||||||
Current debt
|
594 | 720 | ||||||
Trade payables
|
4,014 | 4,950 | ||||||
Tax payables
|
3,232 | 2,771 | ||||||
Other liabilities
|
14,051 | 11,051 | ||||||
Derivative financial instruments
|
6,050 | 2,607 | ||||||
Provisions
|
14,048 | 11,590 | ||||||
Total current liabilities
|
41,989 | 33,689 | ||||||
TOTAL LIABILITIES
|
45,349 | 36,768 | ||||||
TOTAL EQUITY AND LIABILITIES
|
77,457 | 77,062 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 24 of 29
|
STATEMENT OF CASH FLOWS
|
DKK million
|
Q1 2015 | Q1 2014 | ||||||
Net profit
|
9,876 | 6,458 | ||||||
Adjustment for non-cash items:
|
||||||||
Income taxes
|
2,609 | 1,843 | ||||||
Depreciation, amortisation and impairment losses
|
663 | 657 | ||||||
NNIT non-recurring income included in 'other operating income' 1)
|
(2,526 | ) | - | |||||
Other non-cash items
|
2,319 | (477 | ) | |||||
Change in working capital
|
(2,864 | ) | (1,188 | ) | ||||
Interest received
|
22 | 56 | ||||||
Interest paid
|
(11 | ) | (8 | ) | ||||
Income taxes paid
|
(5,982 | ) | (3,272 | ) | ||||
Net cash generated from operating activities
|
4,106 | 4,069 | ||||||
Proceeds from the partial divestment of NNIT A/S 2)
|
2,303 | - | ||||||
Proceeds from sale of other financial assets
|
28 | - | ||||||
Purchase of intangible assets and other financial assets
|
(30 | ) | (104 | ) | ||||
Proceeds from sale of property, plant and equipment
|
3 | 4 | ||||||
Purchase of property, plant and equipment
|
(767 | ) | (697 | ) | ||||
Sale/(purchase) of marketable securities
|
305 | 1,213 | ||||||
Net cash generated from investing activities
|
1,842 | 416 | ||||||
Purchase of treasury shares, net
|
(3,799 | ) | (3,412 | ) | ||||
Dividends paid
|
(12,905 | ) | (11,866 | ) | ||||
Withheld dividend tax
|
2,340 | 2,102 | ||||||
Net cash used in financing activities
|
(14,364 | ) | (13,176 | ) | ||||
NET CASH GENERATED FROM ACTIVITIES
|
(8,416 | ) | (8,691 | ) | ||||
Cash and cash equivalents at the beginning of the year
|
13,676 | 10,513 | ||||||
Exchange gain/(loss) on cash and cash equivalents
|
130 | 14 | ||||||
Cash and cash equivalents at the end of the period
|
5,390 | 1,836 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 25 of 29
|
STATEMENT OF CHANGES IN EQUITY
|
Other reserves
|
||||||||||||||||||||||||
DKK million
|
Share
capital
|
Treasury
shares
|
Retained
earnings
|
Exchange
rate adjust-
ments
|
Cash flow
hedges
|
Tax and
other
items
|
Total other
reserves
|
Total
|
||||||||||||||||
Q1 2015
|
||||||||||||||||||||||||
Balance at the beginning of the period
|
530 | (11 | ) | 41,277 | (248 | ) | (2,221 | ) | 967 | (1,502 | ) | 40,294 | ||||||||||||
Net profit for the period
|
9,876 | 9,876 | ||||||||||||||||||||||
Other comprehensive income for the period
|
(162 | ) | (338 | ) | (2,397 | ) | 1,038 | (1,697 | ) | (1,859 | ) | |||||||||||||
Total comprehensive income for the period
|
9,714 | (338 | ) | (2,397 | ) | 1,038 | (1,697 | ) | 8,017 | |||||||||||||||
Transactions with owners, recognised directly in equity:
|
||||||||||||||||||||||||
Dividends
|
(12,905 | ) | (12,905 | ) | ||||||||||||||||||||
Share-based payment
|
95 | 95 | ||||||||||||||||||||||
Tax credit related to share-based payment scheme
|
406 | 406 | ||||||||||||||||||||||
Purchase of treasury shares
|
(3 | ) | (3,829 | ) | (3,832 | ) | ||||||||||||||||||
Sale of treasury shares
|
1 | 32 | 33 | |||||||||||||||||||||
Balance at the end of the period
|
530 | (13 | ) | 34,790 | (586 | ) | (4,618 | ) | 2,005 | (3,199 | ) | 32,108 | ||||||||||||
Other reserves
|
||||||||||||||||||||||||
DKK million
|
Share capital
|
Treasury shares
|
Retained earnings
|
Exchange
rate adjust-
ments
|
Cash flow
hedges
|
Tax
and other
items
|
Total other
reserves
|
Total
|
||||||||||||||||
Q1 2014
|
||||||||||||||||||||||||
Balance at the beginning of the period
|
550 | (21 | ) | 41,137 | (209 | ) | 1,233 | (121 | ) | 903 | 42,569 | |||||||||||||
Net profit for the period
|
6,458 | 6,458 | ||||||||||||||||||||||
Other comprehensive income for the period
|
(42 | ) | 56 | (551 | ) | 283 | (212 | ) | (254 | ) | ||||||||||||||
Total comprehensive income for the period
|
6,416 | 56 | (551 | ) | 283 | (212 | ) | 6,204 | ||||||||||||||||
Transactions with owners, recognised directly in equity:
|
||||||||||||||||||||||||
Dividends
|
(11,866 | ) | (11,866 | ) | ||||||||||||||||||||
Share-based payment
|
88 | 88 | ||||||||||||||||||||||
Purchase of treasury shares
|
(3 | ) | (3,444 | ) | (3,447 | ) | ||||||||||||||||||
Sale of treasury shares
|
1 | 34 | 35 | |||||||||||||||||||||
Balance at the end of the period
|
550 | (23 | ) | 32,365 | (153 | ) | 682 | 162 | 691 | 33,583 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 26 of 29
|
REGIONAL SALES SPLIT
|
DKK million
|
Total
|
North
America
|
Europe
|
Inter-
national
Operations
|
Region
China
|
Japan &
Korea
|
||||||||||||||||||
The diabetes care segment
|
||||||||||||||||||||||||
Modern insulin
|
11,498 | 6,238 | 2,229 | 1,442 | 1,184 | 405 | ||||||||||||||||||
% change in local currencies
|
8 | % | 8 | % | 2 | % | 20 | % | 18 | % | (16 | %) | ||||||||||||
NovoRapid ®
|
4,682 | 2,766 | 995 | 487 | 229 | 205 | ||||||||||||||||||
% change in local currencies
|
6 | % | 2 | % | 7 | % | 29 | % | 22 | % | (11 | %) | ||||||||||||
NovoMix ®
|
2,744 | 611 | 540 | 595 | 845 | 153 | ||||||||||||||||||
% change in local currencies
|
3 | % | (13 | %) | (4 | %) | 24 | % | 18 | % | (18 | %) | ||||||||||||
Levemir ®
|
4,072 | 2,861 | 694 | 360 | 110 | 47 | ||||||||||||||||||
% change in local currencies
|
13 | % | 21 | % | 0 | % | 6 | % | 15 | % | (31 | %) | ||||||||||||
Human insulin
|
2,897 | 497 | 501 | 794 | 1,027 | 78 | ||||||||||||||||||
% change in local currencies
|
0 | % | 5 | % | (7 | %) | 6 | % | 0 | % | (17 | %) | ||||||||||||
Victoza®
|
3,957 | 2,770 | 805 | 230 | 58 | 94 | ||||||||||||||||||
% change in local currencies
|
18 | % | 20 | % | 13 | % | 9 | % | 14 | % | 39 | % | ||||||||||||
Other diabetes care 1)
|
1,466 | 223 | 292 | 262 | 512 | 177 | ||||||||||||||||||
% change in local currencies
|
22 | % | (7 | %) | 33 | % | 28 | % | 22 | % | 37 | % | ||||||||||||
Diabetes care total
|
19,818 | 9,728 | 3,827 | 2,728 | 2,781 | 754 | ||||||||||||||||||
% change in local currencies
|
9 | % | 10 | % | 5 | % | 15 | % | 11 | % | (3 | %) | ||||||||||||
The biopharmaceuticals segment
|
||||||||||||||||||||||||
Haemophilia
|
2,734 | 1,304 | 557 | 655 | 60 | 158 | ||||||||||||||||||
% change in local currencies
|
6 | % | 7 | % | 5 | % | 8 | % | (4 | %) | 7 | % | ||||||||||||
Norditropin®
|
1,830 | 869 | 422 | 236 | 4 | 299 | ||||||||||||||||||
% change in local currencies
|
9 | % | 22 | % | 2 | % | (9 | %) | 0 | % | 4 | % | ||||||||||||
Other biopharmaceuticals
|
818 | 554 | 171 | 65 | 2 | 26 | ||||||||||||||||||
% change in local currencies
|
14 | % | 20 | % | 9 | % | 2 | % | 100 | % | (17 | %) | ||||||||||||
Biopharmaceuticals total
|
5,382 | 2,727 | 1,150 | 956 | 66 | 483 | ||||||||||||||||||
% change in local currencies
|
8 | % | 14 | % | 5 | % | 3 | % | (2 | %) | 4 | % | ||||||||||||
Total sales
|
25,200 | 12,455 | 4,977 | 3,684 | 2,847 | 1,237 | ||||||||||||||||||
% change in local currencies
|
9 | % | 11 | % | 5 | % | 12 | % | 11 | % | 0 | % | ||||||||||||
% change as reported
|
24 | % | 34 | % | 6 | % | 22 | % | 31 | % | 6 | % | ||||||||||||
Share of growth
|
100 | % | 56 | % | 11 | % | 20 | % | 13 | % | 0 | % |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 27 of 29
|
KEY CURRENCY ASSUMPTIONS
|
DKK per 100
|
2014 average
exchange rates
|
YTD 2015 average
exchange rates
as of 27 April 2015
|
Current exchange rates
as of 27 April 2015
|
|||||||||
USD
|
562 | 669 | 689 | |||||||||
CNY
|
91.2 | 107.4 | 110.8 | |||||||||
JPY
|
5.32 | 5.61 | 5.77 | |||||||||
GBP
|
925 | 1,010 | 1,042 | |||||||||
CAD
|
509 | 540 | 567 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 28 of 29
|
QUARTERLY NUMBERS IN USD (ADDITIONAL INFORMATION)
|
2015
|
2014
|
% change
Q1 2015 vs
|
||||||||||||||||||||||
Q1 | Q4 | Q3 | Q2 | Q1 |
Q1 2014
|
|||||||||||||||||||
Net sales
|
3,808 | 4,143 | 3,957 | 3,975 | 3,734 | 24 | % | |||||||||||||||||
Gross profit
|
3,222 | 3,469 | 3,349 | 3,301 | 3,097 | 26 | % | |||||||||||||||||
Gross margin
|
84.6 | % | 83.7 | % | 84.6 | % | 83.0 | % | 83.0 | % | ||||||||||||||
Sales and distribution costs
|
928 | 1,128 | 1,051 | 1,021 | 933 | 21 | % | |||||||||||||||||
Percentage of sales
|
24.4 | % | 27.2 | % | 26.5 | % | 25.7 | % | 25.0 | % | ||||||||||||||
Research and development costs
|
491 | 652 | 651 | 566 | 581 | 3 | % | |||||||||||||||||
Hereof costs related to discontinuation of activities within inflammatory disorders
|
- | - | 109 | - | - | N/A | ||||||||||||||||||
Percentage of sales
|
12.9 | % | 15.7 | % | 16.4 | % | 14.2 | % | 15.6 | % | ||||||||||||||
Administrative costs
|
129 | 181 | 155 | 146 | 148 | 6 | % | |||||||||||||||||
Percentage of sales
|
3.4 | % | 4.3 | % | 3.9 | % | 3.7 | % | 4.0 | % | ||||||||||||||
Other operating income, net
|
420 | 30 | 30 | 38 | 39 | N/A | ||||||||||||||||||
Hereof non-recurring income from the initial public offering of NNIT A/S
|
359 | - | - | - | - | N/A | ||||||||||||||||||
Operating profit
|
2,094 | 1,538 | 1,522 | 1,606 | 1,474 | 73 | % | |||||||||||||||||
Operating margin
|
55.0 | % | 37.2 | % | 38.5 | % | 40.4 | % | 39.5 | % | ||||||||||||||
Financial income
|
43 | (208 | ) | 58 | 72 | 108 | (51 | %) | ||||||||||||||||
Financial expenses
|
251 | (63 | ) | 79 | 26 | 58 | N/A | |||||||||||||||||
Net financials
|
(208 | ) | (145 | ) | (21 | ) | 46 | 50 | N/A | |||||||||||||||
Profit before income taxes
|
1,886 | 1,393 | 1,501 | 1,652 | 1,524 | 50 | % | |||||||||||||||||
Income taxes
|
393 | 303 | 348 | 366 | 339 | 42 | % | |||||||||||||||||
Net profit
|
1,492 | 1,090 | 1,153 | 1,286 | 1,185 | 53 | % | |||||||||||||||||
Depreciation, amortisation and impairment losses 1)
|
100 | 156 | 212 | 122 | 121 | 1 | % | |||||||||||||||||
Capital expenditure
|
115 | 259 | 176 | 148 | 127 | 10 | % | |||||||||||||||||
Net cash generated from operating activities
|
620 | 1,211 | 2,191 | 1,493 | 747 | 1 | % | |||||||||||||||||
Free cash flow
|
853 | 939 | 2,005 | 1,332 | 601 | 72 | % | |||||||||||||||||
Total assets
|
11,157 | 12,589 | 12,051 | 11,666 | 11,679 | 22 | % | |||||||||||||||||
Total equity
|
4,625 | 6,582 | 6,419 | 6,716 | 6,202 | (4 | %) | |||||||||||||||||
Equity ratio
|
41.5 | % | 52.3 | % | 53.3 | % | 57.6 | % | 53.1 | % | ||||||||||||||
Full-time equivalent employees end of period
|
39,062 | 40,957 | 40,700 | 40,226 | 39,579 | (1 | %) | |||||||||||||||||
Basic earnings per share/ADR (in USD)
|
0.57 | 0.42 | 0.44 | 0.49 | 0.45 | 56 | % | |||||||||||||||||
Diluted earnings per share/ADR (in USD)
|
0.57 | 0.42 | 0.44 | 0.48 | 0.45 | 56 | % | |||||||||||||||||
Average number of shares outstanding (million)
|
2,596.7 | 2,599.7 | 2,613.9 | 2,628.9 | 2,642.4 | (2 | %) | |||||||||||||||||
Average number of diluted shares outstanding (million)
|
2,604.2 | 2,608.2 | 2,622.2 | 2,637.3 | 2,653.1 | (2 | %) | |||||||||||||||||
Sales by business segment:
|
||||||||||||||||||||||||
New-generation insulin
|
41 | 45 | 31 | 26 | 15 | N/A | ||||||||||||||||||
Modern insulin (insulin analogues)
|
1,736 | 1,879 | 1,893 | 1,902 | 1,721 | 23 | % | |||||||||||||||||
Human insulin
|
438 | 466 | 440 | 455 | 472 | 13 | % | |||||||||||||||||
Victoza®
|
598 | 679 | 614 | 562 | 535 | 36 | % | |||||||||||||||||
Other diabetes care
|
181 | 178 | 170 | 189 | 186 | 18 | % | |||||||||||||||||
Diabetes care total
|
2,994 | 3,247 | 3,148 | 3,134 | 2,929 | 24 | % | |||||||||||||||||
Haemophilia
|
413 | 441 | 373 | 427 | 415 | 21 | % | |||||||||||||||||
Norditropin®
|
277 | 305 | 300 | 278 | 275 | 22 | % | |||||||||||||||||
Other biopharmaceuticals 2)
|
124 | 150 | 136 | 136 | 115 | 30 | % | |||||||||||||||||
Biopharmaceuticals total
|
814 | 896 | 809 | 841 | 805 | 23 | % | |||||||||||||||||
Sales by geographic segment: | ||||||||||||||||||||||||
North America
|
1,882 | 2,054 | 1,981 | 1,940 | 1,702 | 34 | % | |||||||||||||||||
Europe
|
752 | 910 | 897 | 917 | 863 | 6 | % | |||||||||||||||||
International Operations
|
557 | 608 | 522 | 546 | 556 | 22 | % | |||||||||||||||||
Region China
|
430 | 350 | 334 | 358 | 398 | 31 | % | |||||||||||||||||
Japan & Korea
|
187 | 221 | 223 | 214 | 215 | 6 | % | |||||||||||||||||
Segment operating profit:
|
||||||||||||||||||||||||
Diabetes and obesity care
|
1,201 | 1,067 | 1,244 | 1,173 | 1,061 | 37 | % | |||||||||||||||||
Biopharmaceuticals
|
534 | 471 | 278 | 433 | 413 | 57 | % | |||||||||||||||||
Income from the initial public offering of NNIT A/S (unallocated to segments)
|
359 | - | - | - | - | N/A |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
|
Legal
|
Financial
information
|
Company announcement No 31 / 2015
|
Financial report for the period 1 January 2015 to 31 March 2015
|
Page 29 of 29
|
DIVESTMENT OF NNIT A/S
|
Net gain from partial divestment
|
DKK million
|
|||
Gain from divestment of 74.5% of NNIT A/S
|
1,882 | |||
Fair value remeasurement of retained investment in NNIT A/S
|
644 | |||
Costs related to the divestment
|
(150 | ) | ||
Net gain recognised in the Income statement as part of ‘Other operating income, net’
|
2,376 |
Financial
performance
|
Outlook
|
R&D
|
Sustainability
|
Equity
|
Corporate
Governance
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Legal
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Financial
information
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Company announcement No 31 / 2015
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Date: April 30, 2015
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NOVO NORDISK A/S
Lars Rebien Sørensen,
Chief Executive Officer
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