SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
11 August 2004
NOVO
NORDISK A/S
(Exact name of Registrant as specified in its charter)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
| Form 20-F [X] | Form 40-F [ ] |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes [ ] | No [X] |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-_____________________
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
| Date: 11 August 2004 |
NOVO NORDISK A/S Lars Rebien Sørensen, President and Chief Executive Officer |
Stock
Exchange Announcement
Financial statement for the first half of 2004
11 August 2004
Novo Nordisk increased operating profit by 12%
Operating profit for 2004 is now expected to grow by slightly more than 5%
| • | Sales increased by 14% measured in local currencies in the first half of 2004. Measured in Danish kroner sales increased by 10%. |
| • | Sales of insulin analogues increased by 90% measured in local currencies. In the US, analogue sales more than doubled. |
| • | NovoSeven® sales increased by 17% measured in local currencies. |
| • | Operating profit increased by 12% to DKK 3,427 million, whereas net profit of DKK 2,367 million was in line with net profit in the first half of 2003. Earnings per share (diluted) increased by 1% to DKK 6.97. |
| • | Lars Rebien Sørensen, president & CEO, said, "Strategically important products like the insulin analogues and NovoSeven® continue to drive sales growth and enable us to raise our expectations for growth in underlying operating profit in 2004.” |
| • | Following consultation with the European regulatory authorities, Novo Nordisk expects to file an application for marketing approval in Europe for the use of NovoSeven® in connection with blunt trauma. Filing is expected in the first quarter of 2005 and could lead to an approval for the blunt trauma indication later in 2005. |
| • | Despite a continued challenging currency environment, the expectation for sales growth in 2004 remains around 10%, whereas operating profit now is expected to grow by slightly more than 5%. |
| Stock Exchange Announcement No 43 / 2004 | Page 1 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Financial statement first half 2004
As of 1 January 2004, the accounting policies have been changed to comply with International Financial Reporting Standards (IFRS). The accounting policies used in this unaudited interim financial report are consistent with those used in the Annual Financial Report 2003 except for the changes described in the section ‘Adoption of IFRS in 2004’ in the Annual Financial Report 2003, which describes the changes from the historically applied Danish GAAP to IFRS. Free cash flow is defined as cash flow from operating activities plus cash flow from investing activities less net change in marketable securities (>3 months).
(Amounts below in DKK million except average number of shares outstanding, earnings per share and full-time employees).
| Income statement | H1 2004 | H1 2003 | % change H1 2003 to H1 2004 |
||
|---|---|---|---|---|---|
| Sales | 13,789 | 12,533 | 10% | ||
| Gross profit | 9,996 | 9,067 | 10% | ||
| Gross margin | 72.5% | 72.3% | |||
| Sales and distribution costs | 3,963 | 3,626 | 9% | ||
| Percent of sales | 28.7% | 28.9% | |||
| Research and development costs | 2,013 | 1,906 | 6% | ||
| Percent of sales | 14.6% | 15.2% | |||
| Administration costs | 896 | 870 | 3% | ||
| Percent of sales | 6.5% | 6.9% | |||
| Licence fees and other operating income | 303 | 397 | (24%) | ||
| Operating profit | 3,427 | 3,062 | 12% | ||
| Operating margin | 24.9% | 24.4% | |||
| Share of profit in associated companies | (109) | (97) | (12%) | ||
| Other net financial income | 216 | 618 | (65%) | ||
| Profit before tax | 3,534 | 3,583 | (1%) | ||
| Net profit | 2,367 | 2,361 | 0% | ||
| Net profit margin | 17.2% | 18.8% | |||
| Other key numbers | |||||
| Earnings per share (in DKK) - diluted | 6.97 | 6.87 | 1% | ||
| Average number of shares outstanding (million) - diluted | 339.8 | 342.0 | |||
| Depreciation, amortisation and impairment losses | 767 | 665 | 15% | ||
| Capital expenditure | 1,034 | 985 | 5% | ||
| Cash flow from operating activities | 3,060 | 3,611 | (15%) | ||
| Free cash flow | 1,842 | 2,617 | (30%) | ||
| Equity | 24,928 | 22,807 | 9% | ||
| Equity ratio | 72.8% | 68.9% | |||
| Total assets | 34,248 | 33,103 | 3% | ||
| Full-time employees at the end of the period | 19,631 | 18,465 | 6% |
To facilitate the performance evaluation in the first half of 2004 all relevant quarterly numbers and ratios for 2003 and 2004 using IFRS have been made available in the appendices to this announcement.
| Stock Exchange Announcement No 43 / 2004 | Page 2 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Sales development by segments
Sales increased by 14% measured in local currencies. Growth was realised both within the diabetes care and the biopharmaceuticals segments - primarily driven by strategically important products like the insulin analogues NovoRapid®and NovoMix® 30 as well as NovoSeven® and Norditropin®SimpleXx®.
| Sales H1 2004 DKK mn |
Growth as reported |
Growth in local currencies |
Share of growth in local currencies |
||||
|---|---|---|---|---|---|---|---|
| The diabetes care segment | |||||||
| Insulin analogues | 1,938 | 82% | 90% | 55% | |||
| Human insulin and insulin-related sales | 6,901 | (3%) | 0% | 0% | |||
| Oral antidiabetic products | 801 | 21% | 28% | 10% | |||
| Diabetes care - total | 9,640 | 9% | 13% | 65% | |||
| The biopharmaceuticals segment | |||||||
| NovoSeven® | 2,120 | 10% | 17% | 18% | |||
| Growth hormone therapy | 1,116 | 7% | 10% | 6% | |||
| Other products | 913 | 19% | 24% | 11% | |||
| Biopharmaceuticals - total | 4,149 | 11% | 16% | 35% | |||
| Total sales | 13,789 | 10% | 14% | 100% |
Sales growth was realised in all regions; especially North America, constituting 26% of total sales, experienced strong growth.
The diabetes care segment
Sales of diabetes care products grew by 13% measured in local currencies compared to the first half of 2003 and by 9% measured in Danish kroner to DKK 9,640 million.
Insulin analogues, human insulin and insulin-related products
Sales of insulin analogues, human insulin and insulin-related products increased by 12% measured in local currencies and by 9% to DKK 8,839 million measured in Danish kroner. All regions contributed to growth both measured in local currencies and in Danish kroner.
Sales of insulin analogues increased by 90% measured in local currencies and by 82% in Danish kroner to DKK 1,938 million in the first half of 2004. Novo Nordisk’s insulin analogue market share continues to increase - and now exceeds 25% of the world market. Solid growth rates were realised in all regions with North America as the primary growth driver followed by Europe. Sales of insulin analogues continue to drive growth and constitute more than 20% of Novo Nordisk’s total sales of all insulin products.
The feedback from the Swiss market since the launch of Novo Nordisk’s long-acting insulin analogue, Levemir®, has been positive and the product currently has a market share of about 10% of the long-acting segment. Towards the end of June, Levemir® was launched in the UK and recently in Finland. Novo Nordisk still expects to launch Levemir® in other key European markets later this year.
North America
Sales in North America
increased by 26% in local currencies in the first half of 2004 and by 15% measured in
Danish kroner. Sales growth was driven by a solid underlying market growth
| Stock Exchange Announcement No 43 / 2004 | Page 3 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
as well as gain of market share. The increasing market share was primarily driven by NovoLog® and NovoLog® Mix, reflecting market share gains in the retail segment.
Europe
Sales in Europe increased by
5% measured in both local currencies and in Danish kroner. Growth is driven by sales of
the insulin analogues NovoRapid® and NovoMix® 30 within the short-acting and
premixed segments, which in total constitute some 70% of the European insulin market. In
the first half of 2004 growth in insulin sales continued to be negatively impacted by
price-focused healthcare reforms in some countries.
Japan & Oceania
Sales in Japan & Oceania
increased by 13% in both local currencies and in Danish kroner. Growth is driven by sales
of NovoRapid® and NovoRapid® Mix 30, the latter launched in Japan in late 2003.
Both analogues are launched in FlexPen® which, together with InnoLet®,
facilitates the conversion from durable to disposable devices.
International Operations
Sales
within International Operations increased by 13% in local currencies and by 7% measured
in Danish kroner. The main growth driver within International Operations is sales of
human insulin, driven especially by China and Brazil. However, also insulin analogues are
adding to growth, driven by a strong performance particularly in Turkey. Also Novo Nordisk’s
insulin delivery systems continued to penetrate the markets within International
Operations, as about 55% of sales were realised in devices compared to around 45% in the
first half of 2003.
Oral antidiabetic products
Sales of oral antidiabetic products increased in all regions and in total by 28% measured in local currencies and 21% measured in Danish kroner to DKK 801 million. This development was partly caused by a low level of sales in the first half of 2003 in the US, due to a relatively low inventory level at wholesalers at the end of the first half of 2003.
The biopharmaceuticals segment
Sales within the biopharmaceuticals segment increased by 16% in local currencies compared to the first half of 2003 and by 11% measured in Danish kroner to DKK 4,149 million.
NovoSeven®
Sales of NovoSeven® increased by 17% in local currencies compared to the same period last year. Measured in Danish kroner sales increased by 10% to DKK 2,120 million. Sales growth for NovoSeven® was primarily driven by Europe and North America.
A number of factors contributed to the NovoSeven® sales growth in the first half of 2004. Due to the high penetration within spontaneous bleeds for congenital inhibitor patients, the predominant part of the growth within the inhibitor segment has been generated by treatment of acquired haemophilia patients and usage of NovoSeven® in connection with elective surgery. Treatment of spontaneous bleeds for congenital inhibitor patients remains the largest area of use. In addition, sales are perceived to have been positively affected by increased investigational use of NovoSeven®.
Growth hormone therapy (Norditropin® and Norditropin® SimpleXx®)
In local currencies sales of Norditropin® and Norditropin®SimpleXx® products increased by 10% compared to the first half of 2003. Measured in Danish kroner sales increased by 7% to DKK 1,116 million and were driven by Europe and North America, whereas sales in Japan
| Stock Exchange Announcement No 43 / 2004 | Page 4 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
decreased partly due to the government-mandated reduction in reimbursement prices as of April 2004.
Other products
Sales of other products within the biopharmaceuticals segment, which predominantly consists of hormone replacement therapy (HRT) related products, grew by 24% in local currencies and by 19% in Danish kroner to DKK 913 million.
Sales growth in the first half of 2004 was positively impacted by the change in July 2003 of the US distribution set-up for Novo Nordisk’s HRT products and by the continued market penetration of the low-dose continuous combined product Activella® and the local oestrogen product Vagifem®. In the regions outside North America, sales decreased by 20% measured in Danish kroner, broadly in line with the contraction in the overall HRT market.
Costs
The cost of goods sold increased by 9% to DKK 3,793 million, leaving the gross margin at 72.5%, an increase from 72.3% in the first half of 2003. The gross margin continued to show a positive development, reflecting continued productivity improvements and a more favourable product mix. The positive development was to some extent countered by the lower average exchange rates for especially the US dollar and US dollar-related currencies compared to the first half of 2003.
Total non-production-related costs increased by 7% to DKK 6,872 million. The increase in non-production-related costs reflects especially costs related to sales and distribution. Costs of sales and distribution increased in line with sales - partly related to the increased sales force in the US.
Net financials
Net financials showed a net income of DKK 107 million in the first half of 2004 compared to DKK 521 million in the same period in 2003. Included in net financials are foreign exchange hedging gains, primarily related to the hedging of the US dollar, of DKK 174 million compared to DKK 843 million in the first half of 2003.
Outlook 2004
Novo Nordisk now expects 11-14% growth in sales for 2004 measured in local currencies based on continued market penetration of Novo Nordisk’s insulin analogue portfolio, combined with expectations of increasing NovoSeven® and Norditropin® SimpleXx® sales. Operating profit for 2004, measured in local currencies and excluding the impact from non-recurring items, is now expected to grow by 17-20%. In April 2004, the corresponding expectation for operating profit growth was around 15%
The increased expectation to operating profit growth in 2004 reflects a continued solid development in sales, supported by a sound overall development in costs. A changed phasing for some development projects will result in research and development costs growing at a somewhat lower rate than forecasted for reported sales.
Despite a continued challenging currency environment, the expectation for sales growth in 2004 measured in DKK remains around 10%, whereas operating profit now is expected to grow by slightly more than 5%.
| Stock Exchange Announcement No 43 / 2004 | Page 5 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
For 2004 Novo Nordisk now expects a net financial income of DKK 100 million. This reflects the depreciation of especially the US dollar, since April 2004, which increases the expected positive impact from hedging of currencies, and an unchanged expectation of the negative impact from Novo Nordisk’s share of the financial results from associated companies.
For 2004 Novo Nordisk still expects the tax rate to be 33%, 1 percentage point lower than the tax rate realised in 2003.
Novo Nordisk continues to plan for capital expenditure of around DKK 3 billion in 2004. Depreciations, amortisation and impairment losses are still expected to be around DKK 1.8 billion and the free cash flow to be around DKK 3 billion.
Novo Nordisk has hedged expected net cash flows in relation to US dollars, Japanese yen and British pounds. The current currency hedging periods for these main currencies are 12, 11 and 8 months, respectively. The financial impact from currency hedging is included in `Net financials’.
All of the above expectations are provided that currency exchange rates remain at the current level for the rest of 2004.
Research and development update
The diabetes care segment
In July 2004 Novo Nordisk filed for marketing approval of NovoMix® 50 and NovoMix® 70 in Europe as well as for NovoMix® 50 in Japan. NovoMix® 50 and NovoMix® 70 are completing the Novo Nordisk portfolio of premix insulin analogues that provides a mix of both rapid-acting and intermediate-acting insulin effect. Upon approval, Novo Nordisk will be the only company providing the patients with a wide range of premix insulin analogues.
The findings from the 12-month interim analysis of the meal-related plasma glucose regulation for the AERx® iDMS project are currently being evaluated by Novo Nordisk and its partner Aradigm Corporation. To support the analysis it has been decided to add a pharmacokinetic and pharmacodynamic (PK/PD) study to the recently performed phase 3 safety study. The PK/PD study is expected to report in the first half of 2005. The design and completion of the remaining phase 3 clinical studies will depend upon the outcome of these analyses.
The biopharmaceuticals segment
Novo Nordisk continues to pursue the strategy for developing NovoSeven®into the preferred haemostatic agent for critical and life-threatening bleedings.
| • | On 22 June 2004, Novo Nordisk announced that the results from a phase 2b study demonstrated that treatment with NovoSeven® of intracerebral haemorrhage patients led to a significant reduction in haemotoma growth. The key findings from the study were presented at the World Stroke Congress in Vancouver, Canada, in June. The optimal clinical and regulatory process for the use of NovoSeven® in connection with ICH is expected to be determined in collaboration with the regulatory authorities in Europe and the US in the second half of 2004. |
| Stock Exchange Announcement No 43 / 2004 | Page 6 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
| • | Based on recent consultations with the European regulatory authorities regarding the approval process for the use of NovoSeven® in connection with trauma patients, Novo Nordisk expects to file for European approval of NovoSeven® in connection with blunt trauma. The filing will be supported by the existing data from the phase 2 study concluded in December 2003. Filing, which is expected in the first quarter of 2005, is earlier than previously anticipated and could lead to an approval for the trauma indication later in 2005. |
| • | Novo Nordisk expects to initiate a study on the use of NovoSeven® in connection with trauma within the next six months in the US, following consultations with the US regulatory authorities. |
As part of the clinical expansion programme of the use of NovoSeven® in a surgical setting Novo Nordisk has initiated an exploratory phase 2a study focusing on the use of NovoSeven® in connection with spinal surgery.
Equity
Total equity was DKK 24,928 million at the end of the first half of 2004, equalling 72.8% of total assets, compared to 72.0% at the end of 2003. Please refer to appendix 5 for further elaboration hereof.
Holding of own shares
As per 11 August 2004, Novo Nordisk A/S and its wholly-owned affiliates owned 18,305,907 of its own B shares, corresponding to 5.16% of the total share capital.
Sustainable development
Novo Nordisk has reaffirmed its commitment as signatory to the UN Global Compact. At a ceremony in New York at the end of June 2004, a tenth principle was added to the UN Global Compact, specifying that `business should work against corruption in all its forms, including extortion and bribery’. Novo Nordisk reports annually on the company’s performance against the UN Global Compact, which covers human rights, labour and environment.
Legal issues update
On 2 June 2004 Novo Nordisk issued a press release in response to reports in Brazilian media according to which Novo Nordisk was one of several pharmaceutical companies being suspected of alleged illegal activities in relation to public tenders. Together with outside counsel Novo Nordisk has conducted an internal investigation regarding the alleged wrongdoings. It has been concluded, based on the information available, that neither the Brazilian affiliate nor its managers or employees have participated in any illegal acts or committed any wrongdoings. Meanwhile, the Federal Public Attorney in Sao Paulo has indicted two managers from the Brazilian affiliate. Novo Nordisk will support these managers in their defence in these cases.
In a pending lawsuit between Novo Nordisk and Bio-Technology General (Savient) / Teva, the US District Court in Delaware has ruled that Novo Nordisk’s `352 patent’ covering recombinant human growth hormone is invalid for lack of novelty, due to an error in the application process in the mid-80s. Novo Nordisk is currently considering an appeal of the US District Court decision.
| Stock Exchange Announcement No 43 / 2004 | Page 7 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Novo Nordisk’s US subsidiary, Novo Nordisk Pharmaceuticals, Inc, is, together with the majority of HRT manufacturers, defendants in a number of product liability lawsuits relating to HRT products. The products have been marketed in the US since 2000 and until July 2003, the products were sold and marketed by Pharmacia Corporation. The proceedings are currently in their preliminary stages; however, Novo Nordisk is not expecting the claims to impact Novo Nordisk’s financial outlook.
Conference call details
At 14:00 CET today, corresponding to 8:00 am New York time, a conference call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under `Investors - Conference call’. Presentation material for the conference call will be made available approximately one hour before on the same page.
Forward-looking statement
The above sections contain forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations or forecasts of events such as new product introductions, product approvals and financial performance.
Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions. This may cause actual results to differ materially from expectations. Factors that may affect future results include interest rate and currency exchange rate fluctuations, delay or failure of development projects, production problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, Novo Nordisk’s ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses.
Risks and uncertainties are further described in reports filed by Novo Nordisk with the US Securities and Exchange Commission (SEC) including the company’s Form 20-F, which was filed on 27 February 2004. Please also refer to the section `Management of risk in Novo Nordisk’ in the Annual Financial Report 2003. Novo Nordisk is under no duty to update any of the forward-looking statements or to conform such statements to actual results, unless required by law.
Bagsværd 11 August 2004
The Board of Directors
| Stock Exchange Announcement No 43 / 2004 | Page 8 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Contacts for further information
|
Media: |
Investors: |
|
Outside North America: |
Outside North America: |
|
Mike Rulis |
Peter Haahr |
| Tel (direct): (+45) 4442 3573 | Tel (direct): (+45) 4442 1207 |
|
e-mail: mike@novonordisk.com |
e-mail: pehr@novonordisk.com |
| Palle Holm Olesen | |
| Tel (direct): (+45) 4442 6175 | |
| e-mail: phoo@novonordisk.com | |
| In North America: | In North America: |
| Susan T Jackson | Christian Kanstrup |
| Tel (direct): (+1) 609 919 7776 | Tel (direct): (+1) 609 919 7937 |
| e-mail: stja@novonordisk.com | e-mail: cka@novonordisk.com |
Further information on Novo Nordisk is available on the company’s internet homepage at the address: novonordisk.com
| Stock Exchange Announcement No 43 / 2004 | Page 9 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 1:
The
Novo Nordisk Group
Quarterly numbers in DKK
(Amounts in DKK million, except number of employees, earnings per share and number of shares outstanding.)
| 2004 | 2003 | % change Q22003 - |
||||||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q2 2004 | ||||||||
|
|
|
|||||||||||||
| Sales | 7,222 | 6,567 | 7,158 | 6,655 | 6,477 | 6,056 | 12% | |||||||
| Gross profit | 5,280 | 4,716 | 5,031 | 4,847 | 4,677 | 4,390 | 13% | |||||||
| Gross margin | 73.1 | % | 71.8 | % | 70.3 | % | 72.8 | % | 72.2 | % | 72.5 | % | ||
| Sales and distribution costs | 2,037 | 1,926 | 2,097 | 1,880 | 1,854 | 1,772 | 10% | |||||||
| Percent of sales | 28.2 | % | 29.3 | % | 29.3 | % | 28.2 | % | 28.6 | % | 29.3 | % | ||
| Research and development costs | 978 | 1,035 | 1,125 | 1,012 | 969 | 937 | 1% | |||||||
| Percent of sales | 13.5 | % | 15.8 | % | 15.7 | % | 15.2 | % | 15.0 | % | 15.5 | % | ||
| Administrative expenses | 425 | 471 | 482 | 485 | 415 | 455 | 2% | |||||||
| Percent of sales | 5.9 | % | 7.2 | % | 6.7 | % | 7.3 | % | 6.4 | % | 7.5 | % | ||
| Licence fees and other operating income (net) | 71 | 232 | 423 | 216 | 226 | 171 | -69% | |||||||
| Operating profit | 1,911 | 1,516 | 1,750 | 1,686 | 1,665 | 1,397 | 15% | |||||||
| Operating margin | 26.5 | % | 23.1 | % | 24.4 | % | 25.3 | % | 25.7 | % | 23.1 | % | ||
| Share of profit in associated R&D companies | (44 | ) | (38 | ) | 78 | (45 | ) | (41 | ) | (63 | ) | 7% | ||
| Share of profit in other associated companies | 4 | (31 | ) | 7 | (2 | ) | (2 | ) | 9 | -300% | ||||
| Financial income | 104 | 178 | 438 | 177 | 446 | 421 | -77% | |||||||
| Financial expenses | 44 | 22 | 117 | 103 | 116 | 133 | -62% | |||||||
| Profit before taxation | 1,931 | 1,603 | 2,156 | 1,713 | 1,952 | 1,631 | -1% | |||||||
| Net profit | 1,293 | 1,074 | 1,413 | 1,128 | 1,288 | 1,073 | 0% | |||||||
| Depreciation, amortisation and impairment losses | 387 | 380 | 553 | 363 | 356 | 309 | 9% | |||||||
| Capital expenditure | 642 | 392 | 934 | 383 | 519 | 466 | 24 | |||||||
| Cash flow from operating activities | 1,710 | 1,350 | 221 | 2,317 | 1,437 | 2,174 | 19% | |||||||
| Free cash flow | 956 | 886 | (703 | ) | 1,932 | 910 | 1,707 | 5% | ||||||
| Equity | 24,928 | 24,048 | 24,887 | 23,700 | 22,807 | 21,829 | 9% | |||||||
| Total assets | 34,248 | 33,838 | 34,564 | 35,140 | 33,103 | 31,382 | 3% | |||||||
| Equity ratio | 72.8 | % | 71.1 | % | 72.0 | % | 67.4 | % | 68.9 | % | 69.6 | % | ||
| Full-time employees at the end of the period | 19,631 | 19,179 | 18,756 | 18,664 | 18,465 | 18,221 | 6% | |||||||
| Diluted earnings per share (in DKK)* | 3.81 | 3.16 | 4.17 | 3.31 | 3.76 | 3.11 | 1% | |||||||
| Average number of shares
outstanding (million)* - used for diluted earnings per share |
||||||||||||||
| 339.8 | 339.8 | 339.1 | 340.7 | 342.0 | 344.6 | |||||||||
| Sales by business segments: | ||||||||||||||
| Insulin analogues | 1,045 | 893 | 796 | 711 | 576 | 488 | 81% | |||||||
| Human insulin and insulin-related sales | 3,669 | 3,232 | 3,963 | 3,554 | 3,666 | 3,414 | 0% | |||||||
| Oral antidiabetic products (OAD) | 382 | 419 | 390 | 387 | 300 | 363 | 27% | |||||||
| Diabetes care total | 5,096 | 4,544 | 5,149 | 4,652 | 4,542 | 4,265 | 12% | |||||||
| NovoSeven® | 1,093 | 1,027 | 940 | 1,010 | 996 | 925 | 10% | |||||||
| Growth hormone therapy | 562 | 554 | 588 | 520 | 537 | 503 | 5% | |||||||
| Hormone replacement therapy | 392 | 342 | 399 | 361 | 292 | 279 | 34% | |||||||
| Other products | 79 | 100 | 82 | 112 | 110 | 84 | -28% | |||||||
| Biopharmaceuticals total | 2,126 | 2,023 | 2,009 | 2,003 | 1,935 | 1,791 | 10% | |||||||
| Sales by geographic segments: | ||||||||||||||
| Europe | 3,118 | 2,894 | 3,165 | 2,920 | 2,935 | 2,723 | 6% | |||||||
| North America | 1,882 | 1,769 | 1,618 | 1,674 | 1,501 | 1,566 | 25% | |||||||
| International Operations | 1,135 | 980 | 1,234 | 1,027 | 1,058 | 910 | 7% | |||||||
| Japan & Oceania | 1,087 | 924 | 1,141 | 1,034 | 983 | 857 | 11% | |||||||
| Segment operating profit: | ||||||||||||||
| Diabetes care | 954 | 693 | 966 | 755 | 784 | 691 | 22% | |||||||
| Biopharmaceuticals | 957 | 823 | 784 | 931 | 881 | 706 | 9% | |||||||
*) For Q2 2004 diluted earnings per share/ADR of a nominal value of DKK 2, which include options on Novo Nordisk’s treasury shares with an exercise price below current market value, have been based on an average number of shares of 339,780,374.
| Stock Exchange Announcement No 43 / 2004 | Page 10 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 2:
The
Novo Nordisk Group
Quarterly numbers in EUR
(Amounts
in EUR million, except number of employees, earnings per share and number of
shares outstanding.)
Key figures are translated into EUR as supplementary information - the translation
is based on average exchange rate for income statement and exchange rate at
the balance sheet date for balance sheet items.
| 2004 | 2003 | % change Q2 2003 - |
||||||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q2 2004 | ||||||||
|
|
|
|||||||||||||
| Sales | 970 | 882 | 957 | 896 | 872 | 815 | 12% | |||||||
| Gross profit | 710 | 633 | 673 | 652 | 630 | 591 | 13% | |||||||
| Gross margin | 73.1 | % | 71.8 | % | 70.3 | % | 72.8 | % | 72.2 | % | 72.5 | % | ||
| Sales and distribution costs | 273 | 259 | 281 | 253 | 250 | 238 | 10% | |||||||
| Percent of sales | 28.2 | % | 29.3 | % | 29.3 | % | 28.2 | % | 28.6 | % | 29.3 | % | ||
| Research and development costs | 131 | 139 | 150 | 136 | 131 | 126 | 1% | |||||||
| Percent of sales | 13.5 | % | 15.8 | % | 15.7 | % | 15.2 | % | 15.0 | % | 15.5 | % | ||
| Administrative expenses | 60 | 62 | 64 | 66 | 55 | 62 | 2% | |||||||
| Percent of sales | 5.9 | % | 7.2 | % | 6.7 | % | 7.3 | % | 6.4 | % | 7.5 | % | ||
| Licence fees and other operating income (net) | 10 | 31 | 56 | 30 | 30 | 23 | -69% | |||||||
| Operating profit | 256 | 204 | 234 | 227 | 224 | 188 | 15% | |||||||
| Operating margin | 26.5 | % | 23.1 | % | 24.4 | % | 25.3 | % | 25.7 | % | 23.1 | % | ||
| Share of profit in associated R&D companies | (4 | ) | (6 | ) | 10 | (6 | ) | (6 | ) | (8 | ) | 7% | ||
| Share of profit in other associated companies | - | (4 | ) | 1 | - | - | 1 | -300% | ||||||
| Financial income | 14 | 24 | 59 | 23 | 60 | 57 | -77% | |||||||
| Financial expenses | 6 | 3 | 16 | 13 | 16 | 18 | -62% | |||||||
| Profit before taxation | 260 | 215 | 288 | 231 | 262 | 220 | -1% | |||||||
| Net profit | 174 | 144 | 189 | 152 | 174 | 144 | 0% | |||||||
| Depreciation, amortisation and impairment losses | 52 | 51 | 74 | 48 | 48 | 42 | 9% | |||||||
| Capital expenditure | 86 | 53 | 125 | 51 | 70 | 63 | 24% | |||||||
| Cash flow from operating activities | 230 | 181 | 28 | 312 | 193 | 293 | 19% | |||||||
| Free cash flow | 128 | 119 | (96 | ) | 260 | 123 | 230 | 5% | ||||||
| Equity | 3,348 | 3,230 | 3,343 | 3,192 | 3,070 | 2,939 | 9% | |||||||
| Total assets | 4,600 | 4,545 | 4,643 | 4,732 | 4,455 | 4,226 | 3% | |||||||
| Equity ratio | 72.8 | % | 71.1 | % | 72.0 | % | 67.4 | % | 68.9 | % | 69.6 | % | ||
| Full-time employees at the end of the period | 19,631 | 19,179 | 18,756 | 18,664 | 18,465 | 18,221 | 6% | |||||||
| Diluted earnings per share (in EUR)* | 0.52 | 0.42 | 0.56 | 0.45 | 0.50 | 0.42 | 1% | |||||||
| Average number of shares outstanding
(million)* - used for diluted earnings per share |
||||||||||||||
| 339.8 | 339.8 | 339.1 | 340.7 | 342.0 | 344.6 | |||||||||
| Sales by business segments: | ||||||||||||||
| Insulin analogues | 140 | 120 | 106 | 96 | 77 | 66 | 81% | |||||||
| Human insulin and insulin-related sales | 491 | 435 | 529 | 479 | 494 | 459 | 0% | |||||||
| Oral antidiabetic products (OAD) | 52 | 56 | 53 | 52 | 40 | 49 | 27% | |||||||
| Diabetes care total | 683 | 611 | 688 | 627 | 611 | 574 | 12% | |||||||
| NovoSeven® | 147 | 138 | 125 | 136 | 135 | 124 | 10% | |||||||
| Growth hormone therapy | 76 | 74 | 79 | 70 | 72 | 68 | 5% | |||||||
| Hormone replacement therapy | 53 | 46 | 54 | 48 | 39 | 38 | 34% | |||||||
| Other products | 11 | 13 | 11 | 15 | 15 | 11 | -28% | |||||||
| Biopharmaceuticals total | 287 | 271 | 269 | 269 | 261 | 241 | 10% | |||||||
| Sales by geographic segments: | ||||||||||||||
| Europe | 419 | 389 | 422 | 394 | 394 | 367 | 6% | |||||||
| North America | 253 | 237 | 217 | 225 | 202 | 211 | 25% | |||||||
| International Operations | 152 | 132 | 165 | 138 | 143 | 122 | 7% | |||||||
| Japan & Oceania | 146 | 124 | 153 | 139 | 133 | 115 | 11% | |||||||
| Segment operating profit: | ||||||||||||||
| Diabetes care | 128 | 93 | 129 | 101 | 106 | 93 | 22% | |||||||
| Biopharmaceuticals | 128 | 111 | 105 | 126 | 118 | 95 | 9% | |||||||
*) For Q2 2004 diluted earnings per share/ADR of a nominal value of DKK 2, which include options on Novo Nordisk’s treasury shares with an exercise price below current market value, have been based on an average number of shares of 339,780,374.
| Stock Exchange Announcement No 43 / 2004 | Page 11 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 3:
As of 1 January 2004, the accounting policies have been changed to comply with International Financial Reporting Standards (IFRS). The accounting policies used in appendix 1 as well as all other appendices in this interim report are consistent with those used in the Annual Financial Report 2003 except for the changes described in the section ‘Adoption of IFRS in 2004’ in the Annual Financial Report 2003, which describes the changes from the historically applied Danish GAAP to IFRS.
The
Novo Nordisk Group
Consolidated income statement
| DKK million | H1 2004 |
H1 2003 |
Q2 2004 |
Q2 2003 |
||||
|
|
|
|||||||
| Sales | 13,789 | 12,533 | 7,222 | 6,477 | ||||
| Cost of goods sold | 3,793 | 3,466 | 1,942 | 1,800 | ||||
|
|
|
|||||||
| Gross profit | 9,996 | 9,067 | 5,280 | 4,677 | ||||
| Sales and distribution costs | 3,963 | 3,626 | 2,037 | 1,854 | ||||
| Research and development costs | 2,013 | 1,906 | 978 | 969 | ||||
| Administrative expenses | 896 | 870 | 425 | 415 | ||||
| Licence fees and other operating income (net) | 303 | 397 | 71 | 226 | ||||
|
|
|
|||||||
| Operating profit | 3,427 | 3,062 | 1,911 | 1,665 | ||||
| Share of profit in associated R&D companies | (82 | ) | (104 | ) | (44 | ) | (41 | ) |
| Share of profit in other associated companies | (27 | ) | 7 | 4 | (2 | ) | ||
| Financial income | 282 | 867 | 104 | 446 | ||||
| Financial expenses | 66 | 249 | 44 | 116 | ||||
|
|
|
|||||||
| Profit before taxation | 3,534 | 3,583 | 1,931 | 1,952 | ||||
| Income taxes | 1,167 | 1,222 | 638 | 664 | ||||
|
|
|
|||||||
| NET PROFIT | 2,367 | 2,361 | 1,293 | 1,288 | ||||
| Earnings per share (DKK) | 7.00 | 6.89 | 3.82 | 3.77 | ||||
| Earnings per share diluted (DKK) | 6.97 | 6.87 | 3.81 | 3.76 | ||||
| Segment sales: | ||||||||
| Diabetes care | 9,640 | 8,807 | 5,096 | 4,542 | ||||
| Biopharmaceuticals | 4,149 | 3,726 | 2,126 | 1,935 | ||||
| Segment operating profit: | ||||||||
| Diabetes care | 1,647 | 1,475 | 954 | 784 | ||||
| Biopharmaceuticals | 1,780 | 1,587 | 957 | 881 | ||||
| Stock Exchange Announcement No 43 / 2004 | Page 12 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 4:
The
Novo Nordisk Group
Consolidated balance sheet
| DKK million | 30 Jun 2004 | 31 Dec 2003 | 30 Jun 2003 | |||
|
|
||||||
| ASSETS | ||||||
| Long-term assets | ||||||
| Intangible assets | 410 | 331 | 371 | |||
| Property, plant and equipment | 16,682 | 16,342 | 16,011 | |||
| Investments in associated companies | 958 | 1,040 | 1,076 | |||
| Deferred tax assets | 532 | 579 | 553 | |||
| Long-term financial assets | 113 | 80 | 54 | |||
| TOTAL LONG-TERM ASSETS | 18,695 | 18,372 | 18,065 | |||
| Current assets | ||||||
| Inventories | 7,079 | 6,531 | 6,423 | |||
| Trade receivables | 3,834 | 3,785 | 3,514 | |||
| Tax receivables | 52 | 134 | 497 | |||
| Other receivables | 2,048 | 2,652 | 1,839 | |||
| Marketable securities | 525 | 1,828 | 216 | |||
| Cash at bank and in hand | 2,015 | 1,262 | 2,549 | |||
| TOTAL CURRENT ASSETS | 15,553 | 16,192 | 15,038 | |||
|
|
||||||
| TOTAL ASSETS | 34,248 | 34,564 | 33,103 | |||
|
|
||||||
| EQUITY AND LIABILITIES | ||||||
| Share capital | 709 | 709 | 709 | |||
| Treasury shares | (36 | ) | (33 | ) | (28 | ) |
| Share premium account | 2,565 | 2,565 | 2,565 | |||
| Retained earnings | 21,538 | 21,037 | 19,122 | |||
| Other comprehensive income | 152 | 609 | 439 | |||
|
|
||||||
| TOTAL EQUITY | 24,928 | 24,887 | 22,807 | |||
|
|
||||||
| Long-term liabilities | ||||||
| Long-term debt | 716 | 753 | 1,276 | |||
| Deferred tax liabilities | 1,576 | 1,610 | 1,289 | |||
| Provision for pensions | 275 | 222 | 300 | |||
| Other long-term provisions | 73 | 60 | 39 | |||
|
|
||||||
| Total long-term liabilities | 2,640 | 2,645 | 2,904 | |||
| Current liabilities | ||||||
| Short-term debt | 502 | 975 | 706 | |||
| Trade payables | 813 | 1,008 | 736 | |||
| Tax payables | 270 | 643 | 1,365 | |||
| Other current liabilities | 3,887 | 3,366 | 3,609 | |||
| Other short-term provisions | 1,208 | 1,040 | 976 | |||
|
|
||||||
| Total current liabilities | 6,680 | 7,032 | 7,392 | |||
| TOTAL LIABILITIES | 9,320 | 9,677 | 10,296 | |||
|
|
||||||
| TOTAL EQUITY AND LIABILITIES | 34,248 | 34,564 | 33,103 | |||
|
|
||||||
| Stock Exchange Announcement No 43 / 2004 | Page 13 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 5:
The
Novo Nordisk Group
Consolidated statement of changes in equity
| Other comprehensive income
|
||||||||||||||||
| DKK million | Share capital |
Treasury shares |
Share premium account |
Retained earnings |
Exchange rate adjustments |
Deferred gain/loss on cash flow hedges |
Other adjustments |
Total | ||||||||
|
|
||||||||||||||||
| H1 2004 | ||||||||||||||||
| Balance at the beginning of the year | 709 | (33 | ) | 2,565 | 21,037 | 33 | 513 | 63 | 24,887 | |||||||
| Net profit for the period | 2,367 | 2,367 | ||||||||||||||
| Purchase of treasury shares | (3 | ) | (425 | ) | (428 | ) | ||||||||||
| Sale of treasury shares | - | 47 | 47 | |||||||||||||
| Dividends declared | (1,488 | ) | (1,488 | ) | ||||||||||||
| Exchange rate adjustment of investments in subsidiaries | (18 | ) | (18 | ) | ||||||||||||
| Reversal of deferred (gain)/loss on cash flow
hedges at the beginning of the year |
(513 | ) | (513 | ) | ||||||||||||
| Deferred gain/(loss) on cash flow hedges at the
end of the period |
77 | 77 | ||||||||||||||
| Other adjustments | (3 | ) | (3 | ) | ||||||||||||
|
|
||||||||||||||||
| Balance at the end of the period | 709 | (36 | ) | 2,565 | 21,538 | 15 | 77 | 60 | 24,928 | |||||||
| H1 2003 | ||||||||||||||||
| Balance at the beginning of the year | 709 | (19 | ) | 2,565 | 18,968 | 27 | 391 | (45 | ) | 22,596 | ||||||
| Net profit for the period | 2,361 | 2,361 | ||||||||||||||
| Purchase of treasury shares | (9 | ) | (973 | ) | (982 | ) | ||||||||||
| Sale of treasury shares | - | 9 | 9 | |||||||||||||
| Dividends declared | (1,243 | ) | (1,243 | ) | ||||||||||||
| Exchange rate adjustment of investments in subsidiaries | (14 | ) | (14 | ) | ||||||||||||
| Reversal of deferred (gain)/loss on cash flow
hedges at the beginning of the year |
(391 | ) | (391 | ) | ||||||||||||
| Deferred gain/(loss) on cash flow hedges at the
end of the period |
461 | 461 | ||||||||||||||
| Other adjustments | 10 | 10 | ||||||||||||||
|
|
||||||||||||||||
| Balance at the end of the period | 709 | (28 | ) | 2,565 | 19,122 | 13 | 461 | (35 | ) | 22,807 | ||||||
| Stock Exchange Announcement No 43 / 2004 | Page 14 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 6:
The
Novo Nordisk Group
Condensed consolidated statements of cash flow and financial resources
| DKK million | H1 2004 | H1 2003 | ||
|
|
||||
| Net profit | 2,367 | 2,361 | ||
| Net reversals with no effect on cash flow | 2,367 | 2,032 | ||
| Income taxes paid and net interest received | (1,311 | ) | (484 | ) |
|
|
||||
| Cash flow before change in working capital | 3,423 | 3,909 | ||
| Net change in working capital | (363 | ) | (298 | ) |
|
|
||||
| Cash flow from operating activities | 3,060 | 3,611 | ||
| Net investments in intangible assets and long-term financial assets | (184 | ) | (9 | ) |
| Capital expenditure for property, plant and equipment | (1,034 | ) | (985 | ) |
| Net change in marketable securities (>3 months) | 1,304 | 101 | ||
|
|
||||
| Total cash flow from investing activities | 86 | (893 | ) | |
| Cash flow from financing activities | (2,202 | ) | (1,760 | ) |
| NET CASH FLOW | 944 | 958 | ||
| Unrealised gain/(loss) on exchange rates in cash and cash equivalents | (16 | ) | (11 | ) |
|
|
||||
| Net change in cash and cash equivalents | 928 | 947 | ||
| Cash and cash equivalents at the beginning of the year | 841 | 919 | ||
|
|
||||
| Cash and cash equivalents at the end of the period | 1,769 | 1,866 | ||
| Undrawn committed credit facilities | 6,689 | 8,966 | ||
|
|
||||
| FINANCIAL RESOURCES AT THE END OF THE PERIOD | 8,458 | 10,832 | ||
| FREE CASH FLOW* | 1,842 | 2,617 | ||
*) Cash flow from operating activities + Cash flow from investing activities - Net change in marketable securities (>3 months)
| Stock Exchange Announcement No 43 / 2004 | Page 15 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |
Appendix 7:
The
Novo Nordisk Group
Reconciliations of Danish GAAP to IFRS
Accounting policies
This unaudited interim financial report has been prepared in accordance with International Accounting Standard 34 on Interim Financial Reporting.
As of 1 January 2004, the accounting policies have been changed to comply with International Financial Reporting Standards (IFRS). The date of transition is 1 January 2002. The accounting policies used in this interim financial report are consistent with those used in the Annual Financial Report 2003 except for the changes described in the section ‘Adoption of IFRS in 2004’ in the Annual Financial report 2003, which describes the changes from the historically applied Danish GAAP to IFRS. In this interim financial report the presentation and accounting terminology comply with IFRS.
The reconciliation items in the tables below refer to descriptions of the changes in accounting policies due to IFRS adoption mentioned in the section ‘Adoption of IFRS in 2004’ in the Annual Financial Report 2003.
Effect of IFRS adoption for the quarterly financial reporting in 2003
| DKK Million | Q1 | Q2 | Q3 | Q4 | ||||
|
|
||||||||
| Operating profit - Danish GAAP | 1,320 | 1,619 | 1,636 | 1,809 | ||||
| Accounting for associated R&D companies - reclass. of share of profit or loss | 40 | 36 | 40 | 31 | ||||
| Accounting for associated R&D companies - reclass. of capital (gain)/loss | 18 | - | - | (103 | ) | |||
| Provisions for pensions | 9 | - | 1 | -- | ||||
| Borrowing costs - depreciation | 10 | 9 | 9 | 10 | ||||
| Other | - | 1 | - | 3 | ||||
| Operating profit - IFRS | 1,397 | 1,665 | 1,686 | 1,750 | ||||
| Net profit - Danish GAAP | 1,091 | 1,286 | 1,130 | 1,351 | ||||
| Accounting for associated R&D companies | (5 | ) | (5 | ) | (5 | ) | 6 | |
| Market value of currency options | (15 | ) | 17 | (13 | ) | 41 | ||
| Provisions for pensions | 5 | - | 1 | - | ||||
| Borrowing costs - depreciation | 10 | 9 | 9 | 10 | ||||
| Borrowing costs - interest expenses as incurred | (3 | ) | (3 | ) | (2 | ) | (2 | ) |
| Other | (10 | ) | (16 | ) | 8 | 7 | ||
| Net profit - IFRS | 1,073 | 1,288 | 1,128 | 1,413 | ||||
| Equity - Danish GAAP | 22,158 | 23,159 | 24,037 | 25,224 | ||||
| Accounting for associated R&D companies | 40 | 34 | 28 | 31 | ||||
| Market value of currency options | (16 | ) | (23 | ) | (18 | ) | (35 | ) |
| Provisions for pensions | (32 | ) | (30 | ) | (29 | ) | (36 | ) |
| Borrowing costs | (282 | ) | (278 | ) | (273 | ) | (268 | ) |
| Other | (39 | ) | (55 | ) | (45 | ) | (29 | ) |
| Equity - IFRS | 21,829 | 22,807 | 23,700 | 24,887 | ||||
| Effect of IFRS adoption on net profit | ||||||||
| DKK Million | 2003 | 2002 | ||||||
|
|
||||||||
| Net profit - Danish GAAP | 4,858 | 4,095 | ||||||
| Accounting for associated R&D companies | (9 | ) | (9 | ) | ||||
| Market value of currency options | 30 | 50 | ||||||
| Provisions for pensions | 6 | (7 | ) | |||||
| Borrowing costs - depreciation | 38 | 39 | ||||||
| Borrowing costs - interest expenses as incurred | (10 | ) | (14 | ) | ||||
| Other | (11 | ) | (10 | ) | ||||
| Net profit - IFRS | 4,902 | 4,144 | ||||||
| Effect of IFRS adoption on equity | ||||||||
| DKK Million | 31 Dec 2003 |
31 Dec 2002 |
1Jan 2002 |
|||||
|
|
||||||||
| Equity - Danish GAAP | 25,224 | 22,928 | 20,137 | |||||
| Accounting for associated R&D companies | 31 | 47 | 57 | |||||
| Market value of currency options | (35 | ) | (22 | ) | (22 | ) | ||
| Provisions for pensions | (36 | ) | (42 | ) | (15 | ) | ||
| Borrowing costs | (268 | ) | (287 | ) | (297 | ) | ||
| Other | (29 | ) | (28 | ) | (31 | ) | ||
| Equity - IFRS | 24,887 | 22,596 | 19,829 | |||||
| Stock Exchange Announcement No 43 / 2004 | Page 16 of 16 | |||
| Novo Nordisk A/S Investor Relations |
Novo Allé
2880 Bagsværd Denmark |
Telephone:
+45 4444 8888 Telefax: +45 4443 6633 |
Internet: www.novonordisk.com |
CVR Number:
24256790 |