Rethink Tomorrow

Balance sheet and financial position

Consolidated balance sheet

Total assets

Total assets increased from DKK 17,791 million at year-end 2015 to DKK 18,659 million at December 31, 2016. 



Return on invested capital (ROICEBIT after tax as a percentage of average invested capital. EBIT is adjusted for net foreign exchange gains/losses.), including goodwill, was 25.1%, down 0.8 percentage points from 25.9% in 2015. The decrease was mainly a result of a higher capital base, due to higher NWC, investment in land for the new innovation campus and the acquisition of Organobalance GmbH.  


Invested capital

Invested capital increased from DKK 11,891 million in 2015 to DKK 12,584 million in 2016 driven by higher net working capital, investment in land and the acquisition of Organobalance GmbH. 


Net working capital 

Novozymes’ net working capital increased to DKK 2,088 million, up from DKK 1,708 million in 2015, mainly due to increase in Inventories and release of deferred income. 



Net interest-bearing debt

Novozymes had net interest-bearing debtThe market value of interest-bearing liabilities (financial liabilities) less the market value of cash at bank and in hand and other easily convertible interest-bearing current assets. of DKK 990 million at year-end 2016, compared with DKK 437 million at December 31, 2015. This was a result of cash flowsThe difference between the available cash at the beginning and the end of an accounting period. from dividend payments of DKK 1,061 million, stock buybacks of DKK 2,000 million and net investments of DKK 1,188 million, which more than offset cash flows from operating activities.


Net interest-bearing debt-to-EBITDA

Net interest-bearing debt-to-EBITDA was 0.2 at year-end 2016, compared with 0.1 at December 31, 2015. 



Consolidated balance sheet

DKK millionNoteDec. 31, 2016Dec. 31, 2015
Intangible assets2.1, 3.12,7372,676
Land and buildings2.1, 3.22,9312,665
Plant and machinery2.1, 3.24,2394,237
Other equipment2.1, 3.2615611
Assets under construction and prepayments2.1, 3.2856649
Deferred tax assets2.6607459
Other financial assets151139
Investments in associates3.47391
Other receivables4.357116
Non-current assets12,26611,643
Trade receivables4.22,6802,558
Tax receivables2.6142156
Other receivables4.3267294
Other financial assets420
Cash and cash equivalents6.6812839
Current assets6,3936,148
Liabilities and shareholders' equity
DKK millionNoteDec. 31, 2016Dec. 31, 2015
Common stock5.5620626
Currency translation adjustments670538
Cash flow hedges(41)20
Retained earnings10,48310,396
Equity attributable to shareholders in Novozymes A/S11,73211,580
Non-controlling interests1313
Shareholders' equity11,74511,593
Deferred tax liabilities2.6854715
Deferred income4.4540769
Other liabilities-12
Other financial liabilities5.31,7271,216
Non-current liabilities3,3522,898
Other financial liabilities5.3200116
Trade payables1,1941,189
Deferred income4.4248223
Tax payables2.6437369
Other liabilities4.51,4221,348
Current liabilities3,5623,300
Liabilities and shareholders' equity18,65917,791

ROIC and invested capital
DKK million %
  • Average invested capital
  • ROIC
Net working capital
% of sales
  • Inventories
  • Receivables
  • Payables and deferred income
  • Net working capital
Net interest-bearing debt (NIBD) and net interest­bearing debt-­to-­EBITDA
  • NIBD