| DKK million | 2017 | 2016 | 2015 | 2014 | 2013 |
| Income statement | |||||
| Revenue | 14,531 | 14,142 | 14,002 | 12,459 | 11,746 |
| Gross profit | 8,413 | 8,126 | 8,129 | 7,149 | 6,716 |
| EBITDA | 5,114 | 4,960 | 5,011 | 4,400 | 3,639 |
| Operating profit / EBIT | 4,047 | 3,946 | 3,884 | 3,384 | 2,901 |
| Financial items, net | (157) | (34) | (257) | (84) | (134) |
| Net profit | 3,120 | 3,050 | 2,825 | 2,525 | 2,201 |
| Balance sheet | |||||
| Total assets | 18,373 | 18,659 | 17,791 | 18,426 | 16,506 |
| Shareholders' equity | 11,267 | 11,745 | 11,593 | 11,280 | 11,066 |
| Invested capital | 12,880 | 12,584 | 11,891 | 10,535 | 11,871 |
| Net interest-bearing debt | 1,642 | 990 | 437 | (716) | 805 |
| Investments and cash flows | |||||
| Cash flow from operating activities | 4,063 | 3,840 | 3,339 | 4,525 | 2,599 |
| Purchases of property, plant and equipment | 1,593 | 1,076 | 968 | 703 | 762 |
| Net investments excluding acquisitions* | 1,665 | 1,188 | 1,015 | 715 | 783 |
| Free cash flow before net acquisitions and securities | 2,398 | 2,652 | 2,324 | 4,229 | 1,816 |
| Business acquisitions, divestments and purchase of financial assets | 3 | 161 | 242 | 14 | 640 |
| Free cash flow | 2,395 | 2,491 | 2,082 | 4,215 | 1,176 |
| * Excluding The BioAg Alliance impact |
| 2017 | 2016 | 2015 | 2014 | 2013 | ||
| Key ratios | ||||||
| Revenue growth, DKK | % | 3 | 1 | 12 | 6 | 5 |
| Revenue growth, organic | % | 4 | 2 | 4 | 7 | 7 |
| R&D costs (% of revenue) | % | 13.2 | 13.2 | 13.5 | 14.8 | 13.0 |
| Gross margin | % | 57.9 | 57.5 | 58.1 | 57.4 | 57.2 |
| EBITDA margin | % | 35.2 | 35.1 | 35.8 | 35.3 | 31.0 |
| EBIT margin | % | 27.9 | 27.9 | 27.7 | 27.2 | 24.7 |
| Effective tax rate | % | 19.5 | 21.4 | 22.0 | 23.0 | 20.2 |
| Equity ratio | % | 61.3 | 62.9 | 65.2 | 61.2 | 67.0 |
| NIBD/EBITDA | 0.3 | 0.2 | 0.1 | (0.2) | 0.2 | |
| Return on equity | % | 27.1 | 26.1 | 24.7 | 22.6 | 21.3 |
| ROIC including goodwill | % | 25.6 | 25.1 | 25.9 | 23.1 | 20.0 |
| WACC after tax | % | 6.5 | 6.5 | 5.3 | 3.7 | 4.7 |
| Earnings per share (EPS), diluted | DKK | 10.49 | 10.06 | 9.12 | 8.02 | 6.93 |
| Dividend per share (2017 proposed) | DKK | 4.50 | 4.00 | 3.50 | 3.00 | 2.50 |
| Key ratios have been prepared in accordance with The Danish Finance Society's "Recommendations & Financial Ratios 2015 Nordic Edition" as well as certain key figures for the Novozymes Group as described in the Glossary. | ||||||
| Environmental and social data | ||||||
| Total number of employees | No. | 6,245 | 6,441 | 6,485 | 6,454 | 6,236 |
| Rate of employee turnover | % | 11.9 | 10.4 | 9.1 | 8.1 | 7.5 |
| Frequency of accidents with absence per million working hours | 1.6 | 2.2 | 2.5 | 1.7 | 2.4 | |
| Women in senior management | % | 26 | 25 | 24 | 23 | 23 |
| Estimated CO2 reductions from customers' application of Novozymes' products* | Mill. tons | 76 | 69 | 60 | 60 | 52 |
| * Data for 2013 have been calculated based on life cycle assessment data from 2008. | ||||||
Sales to the Technical & Pharma industries increased by 13% organically and by 8% in DKK compared with 2015. The strong growth was mainly driven by sales of enzymes for pharmaceutical production, sales of hyaluronic acid and contributions from the royalty agreement with GSK.
Sales to the Technical & Pharma industries increased by 13% organically and by 8% in DKK compared with 2015. The strong growth was mainly driven by sales of enzymes for pharmaceutical production, sales of hyaluronic acid and contributions from the royalty agreement with GSK.
Sales to the Technical & Pharma industries increased by 13% organically and by 8% in DKK compared with 2015. The strong growth was mainly driven by sales of enzymes for pharmaceutical production, sales of hyaluronic acid and contributions from the royalty agreement with GSK.
Sales to the Technical & Pharma industries increased by 13% organically and by 8% in DKK compared with 2015. The strong growth was mainly driven by sales of enzymes for pharmaceutical production, sales of hyaluronic acid and contributions from the royalty agreement with GSK.
Sales in emerging and developed markets
In 2017, Novozymes generated value of
DKK 14,621 million. 87% of this amount
was returned to society. The remaining 13%
was reinvested in Novozymes to develop the
company, and ensure competitiveness and
future value generation for distribution among
key stakeholders.
In addition to the 10% returned to capital
providers, Novozymes bought back shares
worth DKK 2 billion in 2017.
A positive tax contribution
Novozymes’ overall tax strategy and
transfer-pricing policy support a positive tax
contribution to society and governments in
the countries in which Novozymes operates.
Novozymes continuously works to fulfill
its tax obligations in the countries where it
operates. We seek to obtain a competitive tax
level in a fair and responsible way, and with
full regard to national and international laws
and regulations. Besides taxes, our economic
contributions include duties, VAT, employee
taxes, employee pension and benefit programs,
procurement from local vendors and job
creation.
In 2017, Novozymes incurred corporate income
taxes, and other taxes and duties that came to
approximately DKK 1,375 million. In addition,
Novozymes collected and withheld tax
contributions on dividends and wages totaling
approximately DKK 1,375 million. Novozymes’
total tax contribution therefore amounted to
approximately DKK 2,750 million, compared
with approximately DKK 2,725 million in 2016.
