Novo Nordisk Financial Results 1994.NEW YORK--(BUSINESS WIRE)--March 8, 1995-- - Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales increased by 11% to DKK DKK In currencies, this is the abbreviation for the Danish Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 13,524 million. - Health Care Business sales up by 12%. - Enzyme enzyme, biological catalyst. The term enzyme comes from zymosis, the Greek word for fermentation, a process accomplished by yeast cells and long known to the brewing industry, which occupied the attention of many 19th-century chemists. Business sales up by 8%. - Other businesses sales up by 11%. - Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased by 6% to DKK 2,050 million. - Income before tax was in line with expectations and increased by 4% to DKK 1,932 million. - Net income was DKK 1,432 million, level with that of 1993. - Capital expenditure for fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → amounted to DKK 1,738 million. - Return on stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was 11.4%. Novo Nordisk Wikipedia is not the place for advertisement or self-advertising. Novo Nordisk (, NYSE: NVO) manufactures and markets pharmaceutical products and services. Founded in Denmark in 1923, the company has since become a world leader in diabetes care with the broadest Financial Results 1994 (Amounts in DKK million, except earnings per share/ADS, number of shares outstanding and number of employees) Change 93-94 1994 1993 1992 1991 1990 % Net turnover 13,524 12,163 10,699 9,361 8,066 11 Operating income 2,050 1,937 1,677 1,401 1,054 6 Net financials (118) (71) -- 59 85 66 Income before tax 1,932 1,866 1,677 1,460 1,138 4 Taxation 500 440 401 531 378 14 Net income 1,432 1,426 1,276 928 760(a) -- Stockholders' equity 13,136 11,914 10,584 9,484 7,034 10 Total assets 21,137 19,176 16,821 15,246 12,510 10 R&D expenditure 1,896 1,669 1,522 1,347 1,195 14 Depreciation 1,055 797 695 591 521 32 Expenditures for property, plant and equipment (net) 1,738 2,392 1,957 1,348 1,172 (27) Average number of employees 12,448 11,191 10,180 9,185 8,412 11 Earnings per share 38.17 38.01 34.12 27.02 24.05(b) -- Earnings per ADS(c) 9.54 9.50 8.53 6.76 6.01(b) -- Average number of shares outstanding (million)(d) 37.5 37.5 37.4 34.4 31.6 --
As from 1994 the company has changed its method for valuation of
inventories by including direct labor costs; formerly, only direct
materials and energy were included.
(a) Exclusive of extraordinary items amounting to DKK 18 million.
(b) Inclusive of extraordinary items, earnings per share amounted
to DKK 24.62 (DKK 6.16 per ADS).
(c) Effective April 18, 1994, the ratio of Novo Nordisk's B
shares to ADSs was changed to 1:4 - one B share representing four
ADSs.
(d) The average number of shares outstanding calculated as a
weighted average without adjustment factor.
Novo Nordisk Financial Results 1994 (Amounts in USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. million, except earnings per share/ADS, number of shares outstanding and number of employees) (Translated for convenience at the December December: see month. 31, 1994 exchange rate of USD 1.00 = DKK 6.083) Change 93-94 1994 1993 1992 1991 1990 % Net turnover 2,223 2,000 1,759 1,539 1,326 11 Operating income 337 318 276 230 173 6 Net financials (19) (11) 0 10 14 66 Income before tax 318 307 276 240 187 4 Taxation 83 73 66 87 62 14 Net income 235 234 210 153 125(a) -- Stockholders' equity 2,160 1,959 1,740 1,559 1,156 10 Total assets 3,475 3,152 2,765 2,506 2,057 10 R&D expenditure 312 274 250 221 196 14 Depreciation 174 131 114 97 86 32 Expenditures for property, plant and equipment (net) 286 393 322 222 193 (27) Average number of employees 12,448 11,191 10,180 9,185 8,412 11 Earnings per share 6.27 6.25 5.61 4.44 3.95(b) -- Earnings per ADS(c) 1.57 1.56 1.40 1.11 0.99(b) -- Average number of shares outstanding (million)(d) 37.5 37.5 37.4 34.4 31.6 --
As from 1994 the company has changed its inventory valuation
method by including direct labor costs; formerly, only direct
materials and energy were included.
(a) Exclusive of extraordinary items amounting to USD 3 million.
(b) Inclusive of extraordinary items, earnings per share amounted
to USD 4.05 (USD 1.01 per ADS)
(c) Effective April 18, 1994, the ratio of Novo Nordisk's B
shares to ADSs was changed to 1:4 - one B share representing four
ADSs.
(d) The average number of shares outstanding calculated as a
weighted average without adjustment factor
The Novo Nordisk Group 1994
Income before tax was DKK 1,932 million, an increase of 4%
compared with 1993. Net income was DKK 1,432 million, level with
that of 1993. Return on stockholders' equity was 11.4%.
Consolidated sales rose to DKK 13,524 million in 1994 from DKK
12,163 million in 1993, an increase of 11%. Sales of Health Care
Business and of Enzyme Business increased by 12% and 8%,
respectively, compared with 1993. For other businesses, sales were
11% higher in 1994 than in 1993.
The increase in consolidated sales was almost exclusively
attributable to larger volumes sold and product mix improvements.
The weighted average value of Novo Nordisk's invoicing currencies in
1994 was 0.25% higher than the comparable average in 1993.
As previously announced, in 1994 the company changed its method
for valuation of inventories by including direct labour costs.
Formerly, only direct materials and energy were included. This
change, which is in conformity with Danish Accounting Guidelines No
8, has increased operating income by DKK 77 million and net income by
DKK 51 million. The comparative figures for 1993 and earlier years
have not been conformed, because the net effect on each year is
considered insignificant.
In addition, the company has changed the classification of costs
and expenses in the net income statement from type of expense to
function (see Appendix 1) to facilitate comparison with other
companies.
"Production costs" (cost of materials and direct labour)
increased by 8%, resulting in a slight increase in the contribution
margin in relation to 1993. However, if direct labour had not been
included in the valuation of inventories, the increase would have
been 11%.
Total capacity costs including "production overheads" increased
by just under 15% from DKK 7,980 million in 1993 to DKK 9,138 million
in 1994. Excluding "restructuring and other exceptional charges
(net)" as mentioned below, the increase was less than 13%.
Production overheads rose by 19% over 1993. The considerable
growth is due to a significant staff increase necessitated by the
growing demand, running-in of several new production plants, and
costs directly or indirectly resulting from quality assurance
activities. Finally, depreciation within the production area rose by
30% to DKK 584 million.
Despite continued expansion of the international sales
organisation, "sales and distribution costs" only increased by 8%.
This mainly reflects the fact that Novo Nordisk has replaced
marketing agreements with independent agents and distributors by
in-house sales organisations in several countries.
"Research and development expenditure" rose by 14% in 1994 to
DKK 1,896 million, corresponding to 14% of net turnover, from DKK
1,669 million in 1993.
"Administrative expenses" increased by 17% over 1993. In 1994
these expenses were significantly affected by increased provisions
for debt relating to customers in countries subject to special
economic and political risks. In contrast, these provisions fell in
1993. Adjusted for the above provisions, the cost increase was 7%.
Total employee costs rose by 14% to DKK 4,549 million in 1994
from DKK 3,981 million in 1993, due primarily to a 10% increase in
the number of employees. At the end of 1994 the total number of
employees was 12,847. The staff increases occurred mainly within
production and quality assurance, as well as in the international
sales organisation.
Depreciation in 1994 totalled DKK 1,055 million, an increase of
32% over 1993. The significant increase reflects initiation of
depreciation on a number of newly completed facilities and production
plants.
In 1994 Novo Nordisk took a number of steps to implement a more
focused business strategy and to create a more efficient
organisational structure. As a result, the cost development was
affected by restructuring and other special events; hence Novo
Nordisk has elected to present these incomes and costs in the annual
accounts under a separate caption, "restructuring and other
exceptional charges", which amounted to DKK 134 million. The item
comprises:
- Divestiture of the bulk antibiotics business, termination of
certain product lines, and rationalisation of the sale and
distribution network.
- Provision of DKK 84 million to meet expected relocation costs,
severance pay, and depreciation on property relating to the merger of
two US companies in 1995.
- Substantial one-time costs incurred in connection with certain
legal matters in the US and increasingly stringent quality assurance
and documentation requirements of the US health authorities (FDA).
"Other operating income" rose from DKK 227 million in 1993 to
DKK 342 million in 1994, an increase of 51%. The predominant factor
behind this growth was the development in licence fees which grew by
DKK 141 million to DKK 277 million. Of total licence fees
approximately two thirds came from SeroxatR/PaxilR.
Net financial costs were DKK 118 million compared with DKK 71
million in 1993.
Income taxes for 1994 have been provided at DKK 500 million,
corresponding to 25.9% of income before tax. The increase in the
effective tax rate is due among other things to lower than expected
capital expenditure for fixed assets in 1994.
The cash flow improved significantly in 1994 compared with 1993,
mainly as a result of the lower level of capital expenditure. The
net cash flow was DKK (85) million compared with DKK (1,021) million
in 1993.
Stockholders' equity rose to DKK 13,136 million at the end of
1994 from DKK 11,914 million at the beginning of 1994. The increase
in stockholders' equity contains the inclusion of direct labour costs
in inventories as of 1 January 1994 at the amount of DKK 224 million.
Stockholders' equity accounted for approximately 62% of total assets
at year-end 1994.
Outlook for 1995
For 1995, Novo Nordisk expects its operations to develop
favourably, envisaging continued sales growth of its core products in
key geographic markets.
For 1995, Novo Nordisk expects a sales increase of up to 10%.
These expectations assume that exchange rates of Novo Nordisk's
invoicing currencies stabilise at the average level of the initial
months of the year, and that no significant new governmental measures
to reduce the price of pharmaceutical products are introduced.
Owing to ongoing investment projects, Novo Nordisk expects a net
interest expense in 1995 versus a net interest income in 1994.
Developments in gains and losses on foreign currency and on Novo
Nordisk's portfolio of marketable securities will chiefly depend on
developments in the international currency and securities markets.
On this background Novo Nordisk expects an increase in income
before tax at the level of the sales increase. Earnings in 1995
could be affected by non-recurring income or costs resulting from
implementation of the newly published corporate strategy.
In accordance with current Danish and international tax rules,
Novo Nordisk's effective tax rate is expected to increase gradually
towards 30% over the next years. For 1995 the effective tax rate is
expected to be at the level of 25-27%. If the proposed bill on
international taxation, L35, is passed by the Danish Folketing
(Parliament) in its present form, the consequences will be increased
taxes for the company.
Capital expenditure for property, plant and equipment in 1995 is
expected to be at the level of DKK 2 billion.
1994
Health Care Business (HCB)
Total HCB sales increased from DKK 8,225 million in 1993 to DKK
9,236 million in 1994. The 12% sales growth reflects changes in
volume/product mix, while overall developments in prices and currency
exchange rates only contributed modestly to the positive development.
Sales of Diabetes Care products rose by 9% to DKK 6,499 million from
1993 to 1994. The progress is mainly attributable to a better
product mix and increasing market shares in several markets, notably
Japan and Germany. In contrast, market shares declined in the US,
due primarily to a difficult supply situation in 1994. Diabetes
Care's contribution to HCB's total turnover amounted to 70% in 1994
against 72% in 1993.
Sales of HRT (hormone replacement therapy) products rose by 21%
to DKK 671 million in 1994 due to larger volumes sold in a number of
markets, notably Germany and the Nordic countries.
Sales of hGH (human growth hormone - NorditropinR) increased by
16% to DKK 1,337 million in 1994. The positive development is
attributable to larger volumes sold in a number of European markets
and in Japan. As Japan is still by far the most important market,
the 6% increase in the value of JPY vis- -vis DKK also had a
significant positive effect.
Sales of other Health Care products increased by 30% to DKK 729
million in 1994. A major reason for the progress was the fact that
sales of SeroxatR in the Nordic countries more than doubled.
Enzyme Business (EB)
EB sales increased by 8%, from DKK 3,202 million in 1993 to DKK
3,472 million in 1994, due solely to volume/product mix changes. The
overall price development was negative, and currency developments
were marginally unfavourable to EB in 1994.
The sales growth was unevenly split on EB's two core product
areas: enzymes for the detergent industry and enzymes for the process
industries.
Detergent enzymes recorded a limited sales increase. The reason
was falling prices particularly of proteases, combined with the fact
that the launch of new enzyme- containing laundry and dishwashing
detergents by some of EB's customers occurred later than expected.
The relative increase in sales of enzymes for the process
industries was somewhat bigger than EB's total sales growth. This is
primarily due to volume/mix improvements for a number of industries,
notably the textile, animal feed and baking industries. The dairy
industry was the only major industry segment that recorded a decline
compared with 1993.
Other businesses
For other businesses as a whole, sales increased by 11% to DKK
816 million in 1994. Other businesses comprise mainly Ferrosan,
Plant Protection and the bulk antibiotics business.
Ferrosan's sales rose by approximately 15%, due primarily to
sales of products taken over as part of a company acquisition in
April 1993. Ferrosan's sales account for approximately 75% of the
total sales of other businesses.
Sales of biological plant protection agents increased by
approximately 50%, due among other things to sales for forestry pest
management programmes in Poland.
As a result of reduced production during the running-in period of
the new plant in Anagni, Italy, sales of bulk antibiotics decreased
significantly compared with 1993. The bulk antibiotics business was
divested with effect from year-end 1994, but will continue in a
transition period until 1 July 1996 to produce bulk antibiotics for
the buyer of the business under a toll manufacturing agreement.
Net financials
Net financials encompass pre-tax income of investments in
associated and other companies, net interest income and expenses,
gains and losses on marketable securities, foreign exchange gains and
losses on accounts receivable and payable and bank deposits etc
denominated in foreign currency, and other financial income and
expenses. In 1994, Novo Nordisk had net financial costs of DKK 118
million compared with net financial costs of DKK 71 million in 1993.
Net interest income decreased from DKK 52 million in 1993 to DKK 26
million in 1994. This includes approximately DKK 20 million from
interest allowance on company tax overpayment in previous years. The
total net loss on marketable securities in 1994 amounted to DKK 153
million, a result that is largely a consequence of negative
developments in the Danish bond market in 1994. In 1993 net gains on
marketable securities amounted to DKK 109 million. Novo Nordisk's
bond portfolio at the end of 1994 had an adjusted duration of 2.6
years.
Novo Nordisk posted a net foreign exchange gain in 1994 of DKK 88
million on amounts receivable and payable and bank deposits etc
denominated in foreign currency, compared with a net foreign exchange
loss of DKK 160 million in 1993. The gain was primarily due to the
relatively low levels of several currencies, including USD and JPY,
compared with the forward rates at the beginning of the year.
Capital expenditure
Following completion of several large projects in 1992 and 1993,
Novo Nordisk's capital expenditure for property, plant and equipment
decreased from DKK 2,392 million in 1993 to DKK 1,738 million in
1994. A contributing factor behind the lower level of capital
expenditure was the postponement of certain projects due to increased
focus on quality assurance.
Approximately 75% of the capital expenditure was related to
projects in Denmark. Many of the projects aim to expand production
capacity, necessitated by the sales growth. Major ongoing projects
in Denmark include completion of a plant in Hillerod for the
manufacture of NovoLetR and a plant in M lov for the production of
HRT products. Major investments were also made in new enzyme
purification capacity at the Kalundborg plant.
Major ongoing projects outside Denmark include second phase of
the enzyme production facility in Franklinton, North Carolina, US.
Furthermore, planning and design of the enzyme production plant in
Tianjin, China, has been initiated. A new research centre for
ZymoGenetics in Seattle, US, was completed.
Capital expenditure for intangible and financial assets totalled
DKK 169 million. This included among other things the purchase of an
equity interest in the Scotland-based company PPL Therapeutics plc.
Holding of own B shares
As of 31 December 1994, Novo Nordisk's holding of its own shares
(treasury shares) was 295,950 B shares, unchanged from 31 December
1993.
Proposals for the AGM of Novo Nordisk A/S
The dividend has remained unchanged at DKK 4 per share since
1983. The Board of Directors will propose to the shareholders that
the dividend for 1994 be increased to DKK 5 per share of DKK 20
nominal value (DKK 1.25 per ADS). No further changes of the dividend
rate are to be expected in the next few years.
At the Annual General Meeting on 25 April 1995, the Board of
Directors will further propose renewed authorisation for the company,
in the period until the next AGM, to purchase own shares, up to 10%
of the share capital, at a price deviating up to 10% from the
prevailing market price at the time of purchase.
Annual Report Novo Nordisk's 1994 Annual Report will be available from 30 March 1995. Bagsv rd, 8 March 1995 The Board of Directors Novo Nordisk A/S
Enclosed
Novo Nordisk's 1994 Statement of Income and Balance Sheet and for
comparative purposes two tables showing the distribution of turnover
reflecting Novo Nordisk's new reporting structure.
Quarterly Results for Novo Nordisk in 1994 and 1993 (unaudited) (Amounts in DKK million, except earnings per share/ADS and number of shares outstanding)
1994 1993 %(a)
4th 3rd 2nd 1st 4th 3rd 2nd 1st
Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr
Net turnover 3,579 3,369 3,441 3,135 3,318 3,110 2,978 2,757 8 Operating income 670 524 445 411 515 562 475 385 30 Net financials 17 (13) (71) (51) 27 (26) (92) 20 (37) Income before tax 687 511 374 360 542 536 383 405 27 Taxation 189 127 94 90 116 131 92 101 63 Net income 498 384 280 270 426 405 291 304 17 Earnings per share 13.27 10.24 7.46 7.20 11.34 10.80 7.76 8.11 17 Earnings per ADS(a) 3.32 2.56 1.87 1.80 2.84 2.70 1.94 2.03 17 Average number of shares outstanding (million)(c) 37.5 37.5 37.5 37.5 37.5 37.5 37.5 37.5 - (a) Development 4th Qtr 1993 to 4th Qtr 1994. (b) Effective 18 April 1994, the ratio of Novo Nordisk's B shares to ADSs was changed to 1:4 - one B share representing four ADSs. (c) The average number of shares outstanding calculated as a weighted average without adjustment factor. Novo Nordisk 4th quarter 1994 Financial Results (Amounts in millions, except earnings per share/ADS)
4th Quarter 1994 4th Quarter 1993 %-Change
DKK USD(a) DKK USD(a)
Net turnover 3,579 588 3,318 545 8 Operating income 670 110 515 85 30 Net financials 17 3 27 4 (37) Income before tax 687 113 542 89 27 Taxation 189 31 116 19 63 Net income 498 82 426 70 17 Earnings per share 13.27 2.18 11.34 1.86 17 Earnings per ADS (b) 3.32 .55 2.84 .47 17 Average number of shares outstanding 37.5 37.5 37.5 37.5 -- (millions) (a) Translated for convenience at the December 31, 1994 exchange rate of USD 1.00 = DKK 6.083. (b) Effective April 18, 1994, the ratio of Novo Nordisk's B shares to ADSs was changed to 1:4 - one B share representing four ADSs.
Novo Nordisk
Net turnover (1990-1994)
TURNOVER (DKK million) 1990 1991 1992 1993 1994 Diabetes Care 4,586 5,069 5,366 5,960 6,499 Hormone Replacement Therapy 215 319 433 554 671 Human Growth Hormone 293 524 738 1,151 1,337 Other Health Care 607 470 547 560 729 Health Care Business 5,701 6,382 7,084 8,225 9,236 Enzyme Business (a) 1,948 2,400 2,819 3,202 3,472 Other businesses (b) 417 579 796 736 816 TOTAL TURNOVER NOVO NORDISK 8,066 9,361 10,699 12,163 13,524 (a) Includes the activities of the former Detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. Enzyme Division and Enzyme Process Division. (b) Includes Ferrosan, Plant Protection, Biochemicals Division (divested in December 1994) and FeF Chemicals.
NOVO NORDISK
Quarterly net turnover (year-to-date)
TURNOVER (DKK MILLION) 1st Qtr93 2nd Qtr93 3rd Qtr93 4th Qtr93
YTD YTD YTD YTD
Diabetes Care 1,377 2,837 4,311 5,960 Hormone Replacement Therapy 120 249 393 554 Human Growth Hormone 217 476 820 1,151 Other Health Care 116 250 394 560 Health Care Business 1,830 3,812 5,918 8,225 Enzyme Business (a) 775 1,559 2,375 3,202 Other businesses (b) 152 364 552 736 TOTAL TURNOVER NOVO NORDISK 2,757 5,735 8,845 12,163
TURNOVER (DKK MILLION) 1st Qtr94 2nd Qtr94 3rd Qtr94 4th Qtr94
YTD YTD YTD YTD
Diabetes Care 1,490 3,081 4,739 6,499 Hormone Replacement Therapy 150 307 479 671 Human Growth Hormone 275 657 969 1,337 Other Health Care 150 328 506 729 Health Care Business 2,065 4,373 6,693 9,236 Enzyme Business (a) 875 1,774 2,641 3,472 Other businesses (b) 195 429 611 816 TOTAL TURNOVER NOVO NORDISK 3,135 6,576 9,945 13,524 YTD See Year-to-date. YTD See year to date (YTD). = Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. (a) Includes the activities of the former Detergent Enzyme Division and Enzyme Process Division. (b) Includes Ferrosan, Plant Protection, Biochemicals Division (divested in December 1994) and FeF Chemicals. Statement of income and retained earnings for the year ended December 31, 1994 THE COMPANY THE GROUP 1993 1994 Note 1994 1993 DKK DKK DKK DKK mill mill mill mill
7,979 9,425 1 Net turnover 13,524 12,163
1,964 2,425 2 Production costs 2,679 2,473
6,015 7,000 CONTRIBUTION 10,845 9,690
1,546 1,659 2,3 Production overheads 2,211 1,860
4,469 5,341 GROSS INCOME 8,634 7,830
1,106 1,202 2,3 Sales and distribution costs 3,521 3,271
1,398 1,575 2,3 Research and development expediture 1,896 1,669
932 1,185 2,3,4 Administrative expenses 1,375 1,178
-- 50 3,5 Restructuring and other exceptional
charges 134 --
242 317 6 Other operating income 342 226
1,275 1,646 OPERATING INCOME 2,050 1,938
697 266 7 Profit of subsidiary companies before tax
7 3 Share of net income in associated
companies, etc. 3 7
330 274 8 Interest income and similar income 263 470
443 257 9 Interest expense and similar expense 384 549
1,866 1,932 INCOME BEFORE TAX 1,932 1,866
440 500 10 Income taxes 500 440
1,426 1,432 OPERATING INCOME BEFORE MINORITY
INTERESTS 1,432 1,426
-- -- Minority interest share of subsidiary
companies' results -- --
1,426 1,432 NET INCOME 1,432 1,426
Proposed appropriation of net income:
149 186 Dividends, 25% (1993: 20%) 186 149
-- -- Net proceeds of share issue -- --
Transfer to Reserve for revaluation (net)
54 45 according to the equity method -- --
1,223 1,201 Unappropriated retained earnings 1,246 1,277
1,426 1,432 1,432 1,426
Development in stockholders' equity
10,584 11,914 Stockholders' equity at beginning
of year 11,914 10,584
-- 224 Regulation of wages in production
at beginning of year --
1,426 1,432 Net income 224 --
(149) (186) Dividends 1,432 1,426
-- -- Net proceeds of employee share issue -- --
Adjustment of intangible fixed assets
from acquisition and disposal of
-- (70) subsidiary companies (net) (142) (90)
Adjustment of value of investments
in subsidiary companies and other
53 (178) companies, etc. (106) 143
11,914 13,136 Stockholders' equity at end of year 13,136 11,914
Balance sheet at Dec. 31, 1994 THE COMPANY THE GROUP 1993 1994 Note 1994 1993 DKK DKK DKK DKK mill mill mill mill ASSETS 72 84 24 Intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. 189 188 3,184 3,673 Land and buildings 4,762 4,024 1,611 2,300 Plant and machinery 2,544 1,896 874 845 Other equipment 1,175 1,177 1,198 1,149 Construction in progress 1,659 2,499 6,867 7,967 25 Property, plant and equipment 10,140 9,596 3,905 4,362 Investments in subsidiary companies 938 357 Advances to subsidiary companies 47 62 Investments in associated companies associated company associate n → Partnerfirma f associated company n → società collegata 64 47 61 10 Other investments and advances 46 65 110 110 23 Holding of own B shares 110 110 5,061 4,901 26 Investments and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 220 222 12,000 12,952 TOTAL FIXED ASSETS 10,549 10,006 568 494 Raw materials and consumables 650 697 868 1,181 Work in process 1,266 878 297 302 Finished goods 564 476 1,733 1,977 11 Inventories 2,480 2,051 911 987 Trade accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 2,748 2,653 1,414 1,558 Amounts owed by subsidiary companies 1 1 Amounts owed by associated companies 1 1 270 539 12 Other accounts receivable 752 481 362 368 16 Income tax receivable - net 542 425 2,958 3,453 Accounts receivable 4,043 3,560 1,641 1,916 13 Marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has 3,067 2,765 393 356 Cash and bank balances 998 794 6,725 7,702 TOTAL CURRENT ASSETS Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 10,588 9,170 18,725 20,654 TOTAL ASSETS 21,137 19,176 THE COMPANY THE GROUP 1993 1994 Note 1994 1993 DKK DKK DKK DKK mill mill mill mill
LIABILITIES AND STOCKHOLDERS' EQUITY
750 750 17 Capital stock 750 750
2,539 2,539 18 Additional paid-in capital 2,539 2,539
110 110 19 Reserve for holding of own B Shares 110 110
54 99 20 Revaluation reserve for investments
in subsidiaries, etc.
8,461 9,638 21 Unappropriated retained earnings 9,737 8,515
11,914 13,136 TOTAL STOCKHOLDERS' EQUITY 13,136 11,914
MINORITY INTERESTS
1,015 1,228 Provision for unrealised profit in
inventories
8 17 Pensions and similar obligations 104 90
150 191 Provision for returned products, etc. 206 159
1,173 1,436 TOTAL PROVISIONS 310 249
2,930 2,721 15 Bank and other debt 3,109 3,333 219 139 Amounts owed to subsidiary companies 3,149 2,860 TOTAL LONG-TERM DEBT 3,109 3,333
595 952 16 Bank and other short-term debt 1,438 954
5 4 Prepayments from customers 9 5
670 747 Trade accounts payable 1,030 924
- - Trade notes payable 9 3
241 303 Amounts owed to subsidiary companies
- - Amounts owed to associated companies - -
- 121 Income taxes 322 164
829 909 Other accounts payable 1,587 1,480
149 186 Proposed dividends 186 149
- - Unclaimed dividends - -
2,489 3,222 TOTAL CURRENT LIABILITIES 4,581 3,679
TOTAL LIABILITIES AND
18,725 20,654 STOCKHOLDERS' EQUITY 21,137 19,176
CONTACT: Novo Nordisk of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. Carsten Boess, 212/867-0123 |
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