The Novozymes
CVR-nr.: 10007127
Novozymes Annual Report 2022
The Novozymes Report 2022
“Novozymes stands on a solid foundation. We have
delivered strong growth and earnings in a volatile
market environment by leveraging the strength of
our well-diversified portfolio, unique production
capabilities and broad market presence.”
Our strategy “Unlocking growth – powered by
biotech” is more relevant than ever. It is rooted
in our unique ability to use the power of bio-
tech to address some of the world’s biggest
challenges while unlocking sustainable growth.
Explore
New options
for growth
Expand
BioHealth
and Human
Nutrition
Evolve
Our core
business
Contents
The big picture
Novozymes at a glance
Economic contribution
Five-year summary
Strategy & commitments
Targets & outlook
Governance
Corporate governance
Risk management
The Novozymes stock
statements
Notes
Statements
Glossary
About the Report
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GovernanceThe big picture
2
ContentsNovozymes A/S
The Novozymes Report 2022
Contents
Visit
Novozymes
at a glance
Our purpose is at the heart of who we are and the guiding principle
for the way we do business. It looks ahead to everything we aim to
accomplish together with our customers, consumers, governments,
academia and many others around us. We live up to our purpose by
delivering on our strategy while staying true to our values.
to have its net-zero
target validated by the
initiative
More than
countries
in global transportation
presence across
more than
revenue
launched
by nature
4Novozymes at a glanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Novozymes at a glance
1.1
9%
Targets & outlook
Financial
Realized
%
EBIT margin
%
%
Realized
highlights
EBIT margin
17.9%
26.4%
* Special items include costs related to the proposed combination with Chr. Hansen.
** Including goodw ill .
17.6%
26.0%
63%
emissions
Employee engagement
100%
Circular management
5Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Sales by business area
-
-
Full-year organic sales in North America
-
energy.
North
America
Asia
Latin
America
Sales by geography
2021: 32%
Bioenergy
21%
2021: 18%
& Human Health
24%
2021: 23%
Grain & Tech
Processing
15%
2021: 15%
Health & Nutrition
12%
2021: 12%
% of
total sales
35% 33% 20% 12%
6Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
• Carezyme
®
Essential – a solution
• Carezyme
®
Elite
stain removal.
• Progress Crystal
bars that enables consumers to achieve
-
-
• -
-
-
•
-
•
-
-
-
Visit
Shrinking the
-
replace these chemicals.
“If we are serious about achieving
climate-neutrality, we need high-performing,
aordable bio-based detergents that can go
mainstream, and we have solutions ready
to go.”
– Sandra Friis-Jensen, Marketing Director,
Biological Detergents, Novozymes.
Visit
28%
of sales
7Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
at a time
times.
“Climate and food systems are inextricably linked.
With solutions to increase the shelf-life of baked
goods, we can help reduce food waste and thereby
ease the overall demand on food systems.”
– Adam Diggle, Business Unit Director,
Baking, Novozymes.
& Human Health
-
-
-
-
graphical expansion.
• Valena Pulse G – a solution that helps
-
-
that consumers expect.
• BioFresh™ Clean
combination that enables consumers to
healthy oral microbiome.
• -
•
•
• -
•
-
tive biosolutions in Human Health enable
consumers to live healthier lives.
Visit
Visit
24%
of sales
8Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Bioenergy
market environment. The North American
-
-
-
-
-
-
•
Innova
®
Apex
•
Innova
®
Turbo
-
to generate more revenue by increasing
•
-
-
•
emerging markets.
•
conversion.
-
Visit
Plugging into
plants
-
“Biofuels are essential for meeting our net-
zero ambitions, and they are currently one of
the most cost-eective solutions for reducing
carbon emissions. In the future, biofuels from
biorefineries will also help decarbonize heavy-
duty transport, including marine and aviation.”
– Hans Ole Klingenberg, Vice President,
Marketing Industrial Biosolutions, Novozymes.
Visit
21%
of sales
9Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Grain & Tech
Processing
•
®
– biopolishing solution that
•
Frontia
®
Prime
– enables corn starch
emissions.
• -
-
•
-
-
electricity.
Visit
Getting more
emissions.
“It’s more important than ever to get the most
out of raw materials while taking better care
of our environment. Biotech is essential in
rethinking the way we produce now and in the
future.”
– Alessandro Palumbo, Sr. Global Marketing Manager,
Novozymes.
Visit
15%
of sales
10Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Health & Nutrition
-
-
-
-
mance.
• Torque
®
IF Rachet
®
-
crops.
•
HiPhorius™
-
•
a solution that
an easy spray application.
•
the impact on the environment.
•
-
tion.
• -
•
-
Visit
Healthier crops
animals
-
emissions to the environment.
“The industry needs to rethink the way protein
is produced. Biosolutions can dramatically
improve animal health and nutrition, and we
are working with our customers to create the
future of animal farming.”
– Robert Vergo, Global Account Director, Novozymes.
Visit
12%
of sales
11Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Economic contribution
the shares in Novozymes. See The Novozymes
stock
-
-
positive tax contribution to society. We continu-
-
-
We returned % of
the economic value
generated to society
Visit
Economic contribution
Suppliers 44%
used to purchase goods
and services from our suppliers
Financial
& other
income
4%
Sales 96%
Community 9%
returned to the community
by paying corporation tax,
as well as other taxes and duties
Employees 24%
used for employee
wages, pensions, etc.
Reinvested in
Novozymes 12%
reinvested in Novozymes
for future value generation
Capital providers 11%
in dividends and financial
costs for our capital providers
18,362
million DKK
12Economic contributionNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Economic contribution
Revenue
Operating profit (EBIT) , , , ,
,
Total assets
%
%
%
Gross margin
%
%
EBIT margin before special items*
% . . . .
.
EBIT margin
%
%
%
x
%
% . . . .
%
No.
%
Women in senior management
%
%
m
Five-year summary
13Five-year summaryNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Five-year summary
live better lives.
GovernanceThe big picture
The Novozymes Report 2022
14
-
-
-
-
ties.
-
-
-
-
-
We are very excited about the potential
of the Novozymes-Chr. Hansen
combination. By bringing together these
two high performing, complementary
companies with a shared purpose and
advanced capabilities, we can unleash
the full potential of biosolutions and
generate significant value for our
customers, employees, shareholders
and society at large.
to meet customer
emis-
-
-
-
-
15Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
enzymatic combination that enables consumers
oral microbiome.
-
co-create
-
-
-
-
emissions in
-
-
-
-
non-
-
society.
Zymer
external market benchmark.
-
our -
-
-
our net-zero-
-
16Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
-
-
-
-
Jørgen Buhl Rasmussen
Chair
Ester Baiget
“With Novozymes standing on a very
solid foundation, and aer years as an
independent member of the Novozymes
Board of Directors including six years
as Chair, I have decided not to seek
reelection to the Board at the Annual
Shareholders’ Meeting on March , .”
-
-
-
turning talk into action. It has been a personal ambition
-
Jørgen Buhl Rasmussen
Corporate governance section.
17Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
contribute to more than one commitment.
76%
34%
8%
Strategy &
commitments
beverages.
We enable our
emissions by helping them
technologies to reach a
climate-neutral society.
We enable customers to
We rethink
biosolutions that enhance
-
-
-
-
gic ambition by the
global biosolutions partner.
19Strategy & commitmentsNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Strategy & commitments
“Some of the solutions to tackle
these challenges already exist
today. Biosolutions can help create
resilient food systems in the face of
climate change, and they can help
meet the nutritional needs of a
growing population,”
– Claus Stig Pedersen, Head of Global
Sustainability at Novozymes.
-
-
In the spotlight
20In the spotlightNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
In the spotlight
...make crops more
resilient to climate
change, increase
yields, and reduce
the use of synthetic
fertilizers...
...make better use
of raw materials by
gaining more
end-products from
the same volume of
feedstocks...
...enable more
nutritious and tastier
plant-based products...
...reduce food waste to
save on scarce resources
and to help cut carbon
emissions...
W
i
t
h
b
i
o
s
o
l
u
t
i
o
n
s
w
e
c
a
n
…
Visit
Visit
-
tural supply chains.
Biosolutions can help make crops more resilient
-
-
-
-
-
ten times.
-
-
tein.
21In the spotlightNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Explore
New options
for growth
Expand
BioHealth
and Human
Nutrition
Evolve
Our core
business
Transform
food system
Enable
healthier lives
Accelerate towards a
climate-neutral society
Commitments to a
healthy planet
2022 strategy highlights
they matter the most.
-
-
-
biosolutions.
-
co-create
-
“Unlocking growth – powered
by biotech” starts with our three
commitments to a healthy planet. They
shape our three growth pillars, which
guide our investments and priorities
to grow Novozymes: Evolve our core
business, Expand into the high-growth
areas of BioHealth and Human Nutrition
and Explore new options for growth .
markets. This is an important next step on
-
-
-
neutral society.
Further explore our
Visit
Visit
Visit
22Strategy & commitmentsNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Strategy & commitments
across our core business areas in
technologies across multiple
processes.
-
-
-
-
-
-
-
-
-
-
-
-
-
ronment.
-
-
Evolve
Our core
business
23Strategy & commitmentsNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Expand
BioHealth
and Human
Nutrition
recycling.
-
-
-
-
-
-
-
-
strengthen our biotech capabilities
Human Nutrition.
-
-
-
-
-
TM
-
maintain a healthy oral microbiome. We also
-
yoghurts.
co-creation
process
-
Explore
New options
for growth
24Strategy & commitmentsNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
our
“We have invested in new capabilities during 2022
and are engaging dierently with our customers in
the food and health space to meet consumer
demands. We are co-creating from idea to prod-
uct by combining consumer insights and customer
needs with our unique technologies and produc-
tion capabilities. Customer co-creation centers
will further accelerate this journey and allow us to
immerse ourselves into our customers’ worlds –
and invite them to enter the world of biotech,”
– Lotte Clemmen Christensen, Vice President of
Corporate Strategy & New Business
Development at Novozymes.
-
our customers. With several application centers
-
prototypes.
Whether it is about helping customers launch oat-
-
our customers to accelerate their innovation
prototypes to give customers a tasting experience
In the spotlight
25In the spotlightNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
In the spotlight
emis-
sions.
emissions
-
-
-
-
scoring companies in an external market bench-
mark.
-
-
-
-
Targets & outlook
26Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Targets & outlook
achieving our
2030 validated
target
2022 target Status
2050 validated
target
2025 target
-
Learn more in the Notes on
Climate changeEnergy.
1
1
-
1
2022 summary
27Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
energy use in our operations by implementing
Climate
changeEnergy.
We embrace our responsibility to help societies
-
emis-
-
our value chain
Scope 1 total
Scope 2 total
Business travel
Scope 3 total
Visit
GovernanceThe big picture
The Novozymes Report 2022
28Targets & outlook
0
200
400
600
800
1000
1200
20502025 20302018
baseline
2022
Total CO2 emissions across scopes 1+2+3 (1,000 tonnes)
63% reduction of absolute emissions from operation
82% renewable electricity purchased
65% absolute CO2 emissions reduction from operations
100% renewable electricity purchased
Scope 1
Scope 2
Scope 3
75% absolute CO2 emissions reduction from operations
35% absolute CO2 emissions reduction from supply chain*
By 2050
we will reach
net-zero
SBTi verified
Drive market transformation and advocate for climate action
Fulfilling our promiseLeading the wayAccelerating efforts
We are commited to high
standards and ambitious actions
to improve our footprint on the
climate across scopes 1, 2 and 3.
We will balance the remaining up
to 10% emissions through trusted
third-party verified offsets that
benefit people and societies.
Our operations
Shi to greener heat, steam, and
other energy sources
Pilot emerging technologies to further
decarbonize operations e.g. climate
smart cooling
Our supply chain
Pursue supply chain partnerships to
develop decarbonization technologies
Explore sourcing of raw materials from
regenerative agriculture
Scale up decarbonization in logistics
together with freight forwarders
Our operations
Shi to renewableselectricity
acrosssites
Produce more with less by
continuing to make operations
more efficient
Recover energy to use in
operations or by local
communities
Our supply chain
Engage with key suppliers to ensure
full transparency of emissions and
explore joint decarbonization
opportunities
GovernanceThe big picture
The Novozymes Report 2022
29Targets & outlook
From a 2021 baseline.
2022 summary
-
-
challenge
challenge
2022 target Status
2035 long-term
commitment
2025 target
2030 long-term
commitment
Water
Learn more in the Note on Water.
30Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
2022 target Status
2025 target
2030 long-term
commitment
our biomass
-
Three key circular
Learn more in the Note on Waste.
2022 summary
-
-
-
-
-
31Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Zymers & society
Include
-
tion. We aim to achieve that by nurturing a cul-
-
-
Learn more in the Note on
-
national employees at both senior manage-
-
men.
in the Note on .
2022 target Status
2025 target
2030 long-term
commitment
management
2022 summary
32Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Zymers & society
-
-
employees stay
Achieve the same score as benchmark on
Enable
learning
in our annual employee survey
2022 target Status
2025 target
2030 long-term
commitment
Learn more in the Note on
2022 summary
-
ries.
-
-
capabilities.
Thrive
33Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Zymers & society
activities
Qualitative
reporting
only
2022 target Status 2030 long-term commitment
Learn more in the Note on
Community engagement.
2022 summary
schools.
-
at our campuses to encourage more employ-
-
-
-
employees to live more sustainably.
34Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
-
.
2022 summary
our commitments
in our annual reporting.
our commitments to a healthy planet by
Enable healthier lives
Water
-
2022 target Status
2030 long-term
commitment
35Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Financial
-
-
2025 target* Status
2030 long-term
commitment
-
2022 summary
-
-
separately.
36Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Sales
outlook
-
-
-
-
-
-
penetration in emerging markets. As
market penetration in vegetable oil
Business areas
37Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
-
expenses.
-
-
-
-
long-term commitments to a healthy planet by
Financial outlook
%
%
%
%
DKKbn
Net investments
Women in senior management
38Targets & outlookNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Corporate governance
-
-
-
see The Novozymes stock.
-
-
ship Team.
governance structure in place to ensure responsible business
Novozymes at any given time.
.
-
-
Visit
-
-
-
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-
2022 with the Board of Directors
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ordinary board meetings
Monthly reports
Annual Shareholders'
Meeting
Organizational
performance review and
succession planning
Next year's budget
Strategy work
Review of financial
performance
Evaluation of collaboration
between the Board of
Directors and the Executive
Leadership Team
40Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
Visit
-
-
spective.
Visit
-
-
Novozymes is on the right track to reach net-zero
. The
“The Board of Directors, the Executive
Leadership team and employees are
collectively responsible for integrating
sustainability into Novozymes. It
is deeply embedded in the way we
conduct our business, and it drives our
strategic direction from our innovation
pipeline, to our supply chain, and to the
commercialization of our products. This
is what shareholders and stakeholders
expect of us, it is part of our DNA, and it is
the right way to do business,”
– Jørgen Buhl Rasmussen, Chair of the Board.
-
-
-
-
-
-
-
skills also span innovation pipeline manage-
-
Visit
41Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Visit
-
-
-
must be male no later than by the Annual
Actual
Target
the .
Nationality
Target achieved
Nordic Non-Nordic
2
4
3
Number of mandates in listed
companies incl. Novozymes
Target achieved
100%
< 5 mandates
−
Gender**
Target not achieved
Women Men
40%
71%
29%
Has substantial
international experience
Target achieved
86%
40%
Board members
Tenure
Target achieved
100%
< 12 years
Executive position***
Target achieved
Yes No
33% 29%
71%
Board governance
structure
Target achieved
Independent Non-
Independent
50%
71%
29%
Lived and worked outside
the Nordic countries
Target achieved
Yes No
0
7
1
42Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
Visit
-
-
Visit
-
See more in the Note on Business ethics.
-
-
-
-
-
year.
Remuneration Committee.
Visit
-
43Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
ments Act.
-
exception being:
•
-
companies to report on corporate social responsi-
bility. The Notes on
in this report meet the
-
-
-
Our UNGC CoP reports can be found on our website.
Visit
-
-
•
•
•
•
https://investors.novozymes.com/investors/
Visit
44Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
Novozymes is party to several partnership con-
-
-
such situations.
Innovation
Board tenure
Board tenure
Share trading
-
-
1
-
- -
1
-
- -
Morten Sommer
- -
- -
3
- -
Anne Breum
3
-
Preben Nielsen
3
-
3
-
-
-
-
-
-
-
-
45Corporate governanceNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Jørgen Buhl
Heine
one year.
Chair:
.
Member: .
-
-
Improving sustainability integration into corporate
-
-
-
Chair:
-
rate societal impact.
Member:
-
ments.
companies.
one year.
Member: Mölnlycke Health Care.
sustainability integration into innovation processes.
46Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
year.
Member:
-
companies.
Member:
-
-
Chair:
Member:
entrepreneurship.
47Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Employee representative.
representative.
-
sentative.
representative.
48Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Fanø
Education
-
-
-
-
Education
Member:
-
-
Education
organizational culture.
-
Education
-
Member:
Member:
-
-
-
zymes over the years. She has strong biotech insights
-
tion.
49Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Graziela
Education
Member:
-
-
Biosolutions.
Education
-
-
ages.
-
-
Education
-
the value chain.
-
-
-
Education
Business.
-
-
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50Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Risk management
Risk management
-
cial risks on similar terms.
-
-
-
tion in the same manner as other business risks.
-
-
.
-
Novozymes operates an Enterprise Risk Manage-
-
-
-
-
Risk assessment
heat map
Volatility of
agriculture-related
business
Cyberattacks and
information the
Global political and
economic instability
Dynamic energy
and raw material
prices and supply
disruptions
Climate related risk
Potential impact
Probability
51Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
sion in one or more geographical
-
chain.
economic activity in North America
-
-
across the agriculture value chain.
-
-
-
-
-
legislation.
-
-
have a negative impact on our pro-
-
to cyberattacks.
threat.
-
-
agement.
-
-
Climate related risk
52Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
preparatory actions.
-
at higher price levels than previous-
-
imply a risk to our gross margin lev-
-
-
ronment.
-
-
53Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Long-term risks
that can potentially impact our business in the
present time.
-
-
Enterprise Risk Management process.
-
ing biosolutions that can tackle
-
-
-
-
-
-
-
-
Visit
term risks:
54Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Climate change is becoming increas-
-
-
currently a top concern.
-
supply chain.
-
ations. Learn more about our .
Visit
Climate related risk
55Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
Corporate governance
Visit
-
Strategy & commitments
Targets & outlook
Visit
-
-
-
Risk management
.
Visit
-
Targets & outlook
Visit
-
mate-neutral society. We actively invest in
-
-
Environmental transparency is the essential
-
-
Novozymes strongly supports the recommen-
-
Summary of our approach Learn more
TCFD Recommended disclosures
56Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
2022 Revenue
Taxonomy-eligible activities
Taxonomy-non-eligible activities
The taxonomy-eligible activities
were assessed to be:
-
-
-
-
-
-
-
-
-
-
-
-
ment on an annual basis.
Revenue
Note on Revenue.
-
-
.
-
-
Visit
57Risk managementNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Remuneration Report
Each year Novozymes issues the Novozymes
Remuneration Report as a separate report. The
-
-
-
-
-
mental targets. The remuneration policy aims to
regularly against external benchmarks.
-
-
Remuneration Committee.
-
Visit
58Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
•
•
-
tive Management comprises:
•
•
STIP
•
-
-
petitive salary.
their regular remuneration receive compensation
-
out in the previous years.
-
-
-
-
-
-
tion Committee.
Innovation
1
1
3
Anne Breum
3
Preben Nielsen
3
3
59Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
Variable
Incentive
Total variable
Total
Total
(%) (%)
(%) (%)
- - - - - - - -
Weight Target
40% Sales 100
20% EBIT margin
65
10% Contribution to strategy
30% 100
91 88
-
60Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
-
-
-
-
-
contributions.
-
-
-
-
-
-
-
-
-
For the Executive Management this means that a
-
-
-
-
-
61Novozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
The Novozymes stock
The Novozymes stock
-
st
-
Share price development 2022
Novozymes OMX C25 CAP
Dec DecNovJan Feb Mar Apr May Jun July Aug Sep Oct
50
60
70
80
90
100
Total shareholder return including dividends %
202020192018 2021
2022
-16%
14%
9%
55%
-34%
62The Novozymes stockNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
-
markets.
Visit
Total
Ownership structure
Novo Nordisk
Foundation
Institutional and
private investors
Novo Holdings A/S
25.6% of total shares
72.7% of votes
74.4% of total shares
27.3% of votes
Novozymes
Ownership by geography (B shares)
Denmark 24%
UK & Ireland 13%
Rest of Europe 24%
North America 32%
Rest of world 7%
63The Novozymes stockNovozymes A/S
GovernanceThe big picture
The Novozymes Report 2022
65
73
75
77 Notes
161 Statements
167
181 Glossary
183 About the Report
GovernanceThe big picture
The Novozymes Report 2022
EBIT and EBIT margin
DKK million
EBIT EBIT margin (%)
2020
2019
2018
2021 2022
4,070
4,039
3,652
4,007
4,561
28.3
28.1
26.1
26.8
26.0
Sales and sales growth
DKK million
2020
2019
2018
2021 2022
14,390
14,374
14,012
14,951
17,553
Sales Sales growth, organic (%)
4
(1)
0
6
9
Novozymes A/S 65
-
-
-
-
-
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cies.
•
•
•
st
-
tion.
-
Hansen.
st
-
-
tion.
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The Novozymes Report 2022
Novozymes A/S 66
Note 2022 2021
Revenue 17,553 14,951
(7,976 ) (6,328 )
9,577 8,623
(2,271 ) (1,936 )
(2,001 ) (2,009 )
(952 ) (859 )
2.5 276 188
4,629 4,007
Special items 2.6 (68 ) -
4,561 4,007
(7 ) (4 )
Financial income 5.2 533 174
Financial costs 5.2 (531 ) (253 )
4,556 3,924
Tax 2.7 (870 ) (779 )
3,686 3,145
3,676 3,146
Non-controlling interests 10 (1 )
6.00 5.50
13.29 11.32
13.19 11.23
Note 2022 2021
3,686 3,145
income statement:
155 723
(15 ) (2 )
140 721
(150 ) (173 )
33 38
295 (31 )
(65 ) 7
113 (159 )
253 562
3,939 3,707
3,929 3,706
Non-controlling interests 10 1
GovernanceThe big picture
The Novozymes Report 2022
Cash flow from operating activities
DKK million
* The comparatives for 2018 have not been restated for IFRS 16
2020
2019
2018
2021 2022
3,679
3,196
4,355
4,062
4,006
Free cash flow before acquisitions
DKK million
2,291
2,205
3,419
2,946
1,144
2020
2019
2018
2021 2022
Net investments
DKK million
Net investments Net investments (% of sales)
9.6
6.9
6.7
7.5
16.3
1,388
991
936
1,116
2,862
2020
2019
2018
2021 2022
Novozymes A/S 67
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-
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-
-
Hansen.
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Novozymes A/S 68
Note 2022 2021
3,686 3,145
6.7 1,935 2,198
2.7 (910 ) (627 )
18 18
(131 ) (52 )
4,598 4,682
(330 ) (574 )
(787 ) (556 )
contract liabilities 534 518
(9 ) (8 )
4,006 4,062
6.7 (130 ) (169 )
6.7 (2,760 ) (1,071 )
28 124
6.7 190 (1,631 )
(2,672 ) (2,747 )
1,334 1,315
Note 2022 2021
Financing
2,140 2,144
(1,602 ) (1,283 )
193 313
(120 ) (103 )
(500 ) (1,500 )
164 309
(1,525 ) (1,466 )
(1,250 ) (1,586 )
84 (271 )
(6 ) 53
78 (218 )
963 1,181
1,041 963
GovernanceThe big picture
The Novozymes Report 2022
ROIC and average invested capital
DKK million
Average invested capital ROIC (%)
2020
2019
2018
2021 2022
15,038
15,301
16,606 19,411
24.2 21.1
18.9
19.3 17.6
13,417
Net interest-bearing debt (NIBD) and
net interest-bearing debt-to-EBITDA
DKK million
NIBD NIBD/EBITDA
2020
2019
2018
2021 2022
0.5
0.8
0.8
1.0
1.0
2,535
4,049
3,871
5,225
5,807
Net working capital
% of sales
Inventories Net working capital
Receivables Payables and deferred income
2020
2019
2018
2021 2022
-30
-20
-10
0
10
20
30
Novozymes A/S 69
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ments.
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bles.
-
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Novozymes A/S 70
Note
Intangible assets 3.1 4,698 5,024
3.2 3,999 3,980
3.2 4,151 4,290
3.2 1,028 1,039
3.2 2,896 876
2.7 1,623 1,637
92 30
Investments in associates 223 29
4.3 32 39
18,742 16,944
Inventories 4.1 3,803 2,992
4.2 3,454 2,948
Contract assets 4.2 151 40
Tax receivables 2.7 352 286
4.3 360 519
80 75
1,041 963
9,241 7,823
27,983 24,767
Note
Common stock 5.5 562 564
13,275 11,263
13,837 11,827
Non-controlling interests 6.5 391 379
14,228 12,206
Share purchase liability 6.5 760 717
2.7 1,653 1,337
Provisions 3.4 119 153
3.6 224 543
Lease liabilities 288 360
129 98
5.3 3,619 3,680
6,792 6,888
Lease liabilities 123 122
Provisions 3.4 10 21
Contingent consideration 3.6 158 -
5.3 2,919 2,139
1,869 1,490
Contract liabilities 94 129
44 34
Tax payables 2.7 326 486
4.4 1,420 1,252
6,963 5,673
13,755 12,561
27,983 24,767
GovernanceThe big picture
The Novozymes Report 2022
Movements in equity 2022
DKK million
Stock
buyback
Compre-
hensive
income
Equity
Jan. 1,
2022
Dividend Other Equity
Dec. 31,
2022
12,206
3,939
(1,525)
108 14,228
(500)
* Dividend for 2022 is the proposed dividend.
Shareholder return
DKK million
Stock buyback program Dividend*
3,439
3,483
2,966
3,024
2,160
2020
2019
2018
2021 2022
Payout ratio and dividend per share
%
Payout ratio* Dividend per share*
2020
2019
2018
2021 2022
44.6
46.8
5.00
5.25
5.25
5.50
51.9
48.5
6.00
45.0
Novozymes A/S 71
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backs in 2022.
-
stock in 2021.
Dividend
45.0%.
st
50.9%.
-
The Novozymes stock
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Novozymes A/S 72
Total
Non-controlling
564 (8 ) (32 ) 11,303 11,827 379 12,206
3,676 3,676 10 3,686
140 113 253 - 253
140 113 3,676 3,929 10 3,939
(500 ) (500 ) (500 )
164 164 164
(2 ) 2 - -
(1,524 ) (1,524 ) (1 ) (1,525 )
123 123 123
(43 ) (43 ) 3 (40 )
(139 ) (139 ) (139 )
(2 ) 140 113 1,759 2,010 12 2,022
562 132 81 13,062 13,837 391 14,228
570 (727 ) 127 11,263 11,233 11 11,244
3,146 3,146 (1 ) 3,145
719 (159 ) 560 2 562
719 (159 ) 3,146 3,706 1 3,707
(1,500 ) (1,500 ) (1,500 )
309 309 309
(6 ) 6 - -
(1,465 ) (1,465 ) (1 ) (1,466 )
75 75 75
(717 ) (717 ) 368 (349 )
186 186 186
(6 ) 719 (159 ) 40 594 368 962
564 (8 ) (32 ) 11,303 11,827 379 12,206
1,660
GovernanceThe big picture
The Novozymes Report 2022
Five-year operational emissions (CO
2-eqv.)
1,000 tonnes
Scope 1 Scope 2
2020
2019
2018
2021 2022
161
437
330
234
218
Steam
22% (23%)
Energy by source 2022
(2021)
%
Electricity
10% (18%)
conventional
Electricity
47% (38%)
renewable
Fuel
17% (16%)
conventional
Heat
1% (2%)
conventional
Heat
3% (3%)
renewable
Novozymes A/S 73
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-
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-
2022.
2021.
Water
in
2022.
-
-
-
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Novozymes A/S 74
Note 2022 2021
7.1 161
7.2
7.2 50 42
7.3
7.3
7.4 559
7.4 63 62
7.4 539 466
7.4 100 99
7.5 21 13
7.5 23 7
7.6
7.7
GovernanceThe big picture
The Novozymes Report 2022
Number of employees
No. of employees
6,427
6,125
6,185
6,527 6,781
2020
2019
2018
2021 2022
Frequency of injuries (per million working hours)
2.4
0.9
1.3
1.5
1.7
2020
2019
2018
2021 2022
Novozymes A/S 75
2021.
34% in 2021.
Innovation
-
-
that have active patent applications or active
2021.
-
99%.
-
-
-
-
-
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Novozymes A/S 76
Note 2022 2021
2.3
2.3 39.2 39.2
2.6 2.2
33
No. - -
1.7 1.5
0.1 0.2
1.5 1.2
Innovation
2.4 26
2.4
97
- -
69
Community engagement
Responsible sourcing
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Notes
Segment
Revenue
Employees
Special items
Tax
Earnings per share
Leases
Provisions
Inventories
contract assets
management
Management remuneration
Non-controlling interests
Group companies
Climate change
Energy
Water
Waste
Environmental compliance
Labor practices & human rights
Business ethics
Customer engagement
Community engagement
Responsible sourcing
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 79Notes
GovernanceThe big picture
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Novozymes A/S 80Notes
GovernanceThe big picture
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Novozymes A/S 81Notes
GovernanceThe big picture
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Novozymes A/S 82Notes
GovernanceThe big picture
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Novozymes A/S 83Notes
GovernanceThe big picture
The Novozymes Report 2022
Issue category
All
Economic
Environmental
Governance
Social
Novozymes A/S 84Notes
Visit
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Note 2
Net operating
Segment
Revenue
Employees
Special items
Tax
Earnings per share
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 86Notes
GovernanceThe big picture
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Novozymes A/S 87Notes
GovernanceThe big picture
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Novozymes A/S 88Notes
2.2 Revenue
GovernanceThe big picture
The Novozymes Report 2022
(4,113)
Novozymes A/S 89Notes
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 90Notes
6,690 6,240
2.3 Employees
GovernanceThe big picture
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Novozymes A/S 91Notes
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Novozymes A/S 92Notes
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Novozymes A/S 93Notes
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Novozymes A/S 94Notes
2.6 Special items
GovernanceThe big picture
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Novozymes A/S 95Notes
2.7 Tax
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 96Notes
2.7 Tax
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 97Notes
2.7 Tax
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Note 3
Increase in average
in 2021 to
capital
Leases
Provisions
The Novozymes Report 2022
GovernanceThe big picture
Novozymes A/S 99Notes
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Novozymes A/S 100Notes
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Novozymes A/S 101Notes
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Novozymes A/S 102Notes
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Novozymes A/S 103Notes
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Novozymes A/S 104Notes
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Novozymes A/S 105Notes
3.3 Leases
GovernanceThe big picture
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Novozymes A/S 106Notes
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Novozymes A/S 107Notes
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Novozymes A/S 108Notes
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Novozymes A/S 109Notes
GovernanceThe big picture
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Novozymes A/S 110Notes
GovernanceThe big picture
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Novozymes A/S
Note 4
capital
Inventories
GovernanceThe big picture
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Novozymes A/S 112Notes
GovernanceThe big picture
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Novozymes A/S 113Notes
GovernanceThe big picture
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Novozymes A/S 114Notes
GovernanceThe big picture
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Note 5
Capital structure
Novozymes bought back 1.1 million
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 116Notes
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Novozymes A/S 117Notes
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Novozymes A/S 118Notes
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Novozymes A/S 119Notes
6,437
(5,706)
(5,706)
GovernanceThe big picture
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Novozymes A/S 120Notes
GovernanceThe big picture
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Novozymes A/S 121Notes
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Novozymes A/S 123Notes
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Novozymes A/S
Note 6
Management remuneration
Non-controlling interests
Group companies
in the Group
GovernanceThe big picture
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Novozymes A/S 125Notes
GovernanceThe big picture
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Novozymes A/S 126Notes
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Novozymes A/S 128Notes
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Novozymes A/S 135Notes
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Novozymes A/S 136Notes
6.9 Group companies
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Note 7
Climate change
Energy
Water
Waste
Environmental compliance
Environmental
Topic
Our business p 19-25
Content of commitments, management approach, targets, data,
initiatives, and related progress on corporate social responsibility issues:
Climate and environment Notes on Environmental data
Social matters
Notes on
Human rights
Note on
Anti-corruption and bribery
Note on Business Ethics
The Novozymes Report 2022
GovernanceThe big picture
Novozymes A/S 138Notes
-
-
2
emissions
2
-
-
net-zero targets by SBTi.
-
2
2
7.1 Climate change
2022 2021
Natural gas 40
4 3
HCFCs 2 2
Scope 1 46 43
1 1
Electricity 50 112
Steam 64 62
115 175
ESG
161 218
2022 2021
115 175
332 316
GovernanceThe big picture
The Novozymes Report 2022
Five-year operational emissions (CO
2-eqv.)
1,000 tonnes
Scope 1 Scope 2
2020
2019
2018
2021 2022
161
437
330
234
218
Novozymes A/S 139Notes
2
emissions comprise scope 1
2
-
2
2
2
-
2
Accounting policies
7.1 Climate change
-
2
.
-
2
transport sector potentially save 65 million
2
emissions in 2022 by enabling the
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 140Notes
textile applications.
We manage energy in our operations through a
our local communities.
-
2022 2021
Natural gas 762 717
Biogas 30 20
39 29
831 766
Electricity – conventional 506
56 77
141 141
Steam
ESG
66 76
7.2 Energy
Five-year energy consumption
4,831
4,574
4,475
4,699 4,840
1,000 GJ
2020
2019
2018
2021 2022
GovernanceThe big picture
The Novozymes Report 2022
Renewable electricity sources 2022
(2021)
Wind power
42% (52%)
Solar
20% (25%)
Hydro
3% (4%)
Biomass
35% (19%)
Novozymes A/S 141Notes
-
other areas.
state that the
-
-
-
Accounting policies
7.2 Energy
-
-
ble electricity.
-
-
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
Water withdrawal by primary source
1,000 m
³
Drinking water Industrial waterSteam
2020
2019
2018
2021 2022
8,205
7,845
7,998
8,538
8,720
Novozymes A/S 142Notes
-
-
-
-
2022 2021
Steam
ESG
7.3 Water
m
-
-
-
our operational basins.
GovernanceThe big picture
The Novozymes Report 2022
Wastewater by treatment method
1,000 m
³
2020
2019
2018
2021 2022
Novozymes-treated to external water recipient
Novozymes-treated to external treatment
Novozymes-treated to irrigation
Untreated to external treatment
6,766
6,306
6,147
6,471
6,610
Novozymes A/S 143Notes
-
-
Accounting policies
2022 2021
ESG
7.3 Water
-
eration the local context.
-
-
-
-
-
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 144Notes
-
cessing biosolutions enable our customers to
-
-
-
-
-
-
-
-
7.4 Waste
Biomass
-
-
-
tural activities.
-
-
tion.
-
2022 2021 2022 2021
463.5 53.1 550.5
- 2.4 - 1.4
ESG
-
-
Total waste by disposal method 2022
(2021)
Used in agriculture
96.4% (96.5%)
Recycling
2.3% (1.9%)
Incineration with
energy recovery
0.5% (0.6%)
Landfill and incineration
without energy recovery
0.8% (1.0%)
GovernanceThe big picture
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Novozymes A/S 145Notes
-
-
-
Accounting policies
7.4 Waste
-
recover non-recyclable plastics.
Circular Packaging
-
-
into our packaging strategy.
2022 2021
Incineration 2.2 2.1
3.6 2.2
Recycling 11.4 6.5
Incineration 1.4 1.1
0.2 0.1
Recycling 1.7 2.6
ESG
-
Non-biomass waste
-
or incineration.
-
-
GovernanceThe big picture
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Novozymes A/S 146Notes
-
-
-
-
receive.
to ensure environmental compliance are
our operations.
-
-
-
-
-
-
-
improvements to the air ventilation system to
-
Accounting policies
7.5 Environmental compliance
GovernanceThe big picture
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Novozymes A/S 147Notes
-
-
-
-
lenge ourselves to see not only the possibilities
-
-
-
-
-
-
-
GovernanceThe big picture
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Novozymes A/S 148Notes
-
-
-
-
-
-
-
-
mental sustainability.
Product safety
-
-
-
-
other external partners.
Hazardous substance management
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Labor practices & human rights
Business ethics
Customer engagement
Community engagement
Responsible sourcing
employees
Women in senior management
Topic
Our business p 19-25
Content of commitments, management approach, targets, data,
initiatives, and related progress on corporate social responsibility issues:
Climate and environment
Notes on
Social matters Notes on Social and Governance data
Human rights
Note on
Anti-corruption and bribery
Note on Business Ethics
The Novozymes Report 2022
GovernanceThe big picture
Novozymes A/S 150Notes
-
-
-
-
-
-
legislation.
-
Principles. We publish an annual statement
Labor practices
in the labor market.
2022 2021
% 1.0 0.9
% 2.1 3.4
% 7.5
%
% 1.7 1.2
process operators % 4.1 3.6
All employees
ESG
% 2.6 2.2
Average age years 41.9 42.0
Average seniority years 9.2 9.7
No. 23
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 151Notes
-
-
-
company.
-
Accounting policies
Human rights
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 152Notes
-
-
-
-
-
being.
men in 2021.
-
-
hygiene.
organization.
2022
2021
Women Men Women Men
In senior management
ESG
% 33 67 34 66
In management % 40 60 39 61
% 45 55 44 56
% 43 57 41 59
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 153Notes
-
tions.
-
Accounting policies
-
external speakers to give talks to our employees
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 154Notes
-
-
-
-
employee survey serves as an important tool to
-
-
-
-
-
-
-
employees manage these changes through clear
-
-
-
2022 2021
17 16
- -
- 1
3 -
20 17
2022 2021
No. 564 657
ESG
Per million
1.7 1.5
-
Well-being
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 155Notes
2022 2021
- -
1 2
- -
- -
1 2
2022 2021
No. - -
ESG
Per million
0.1 0.2
2022 2021
Average training cost spent per employee
% 0.7 0.6
-
-
better.
rotations.
-
-
-
-
ers at Novozymes.
Accounting policies
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 156Notes
-
operations.
position statements. We promote a strong com-
-
ethical business practices.
any concerns through the relevant grievance
annual compliance training in business integrity
-
We have a Corporate Business Integrity
-
ness integrity matters across Novozymes.
-
-
-
-
ness integrity violations. Novozymes has a global
-
-
business integrity cases are thoroughly investi-
-
seek to ensure that our commercial partners con-
-
in 2022.
GovernanceThe big picture
The Novozymes Report 2022
Reporting channels for
potential fraud 2022
(2021)
Whistleblower
25% (35%)
Internal tip-off
55% (53%)
External tip-off
20% (12%)
40
(49)
Investigation outcome for whistleblows and
in-/external tip-offs 2022
(2021)
Substantiated
38% (41%)
Not substantiated
45% (39%)
Other*
17% (20%)
*
Not fraud investigations.
40
(49)
Novozymes A/S 157Notes
-
-
-
-
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tive positions.
company in the Novozymes Group has vio-
Accounting policies
internal grievance channels.
corruption cases.
throughout 2023-2024.
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 158Notes
-
ships are material to our business. We seek to
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tions.
-
-
We also aim to bring value through our online ser-
-
-
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tives in a transparent manner.
-
-
arise.
Accounting policies
that our customers still strongly value the con-
-
-
lenging business environment in 2022.
-
-
-
tions.
Learn more about customer co-creation in the
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 159Notes
-
-
cally in programs that create value to society. We
inspire each other to make change happen to
-
employees to live more sustainably.
ship teams.
-
-
Engaging with our local communities
-
-
-
-
Helping to educate the next generation
-
-
Empowering employees to live more sustainably
our campuses to encourage more employees to
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 160Notes
-
-
-
-
-
chain.
-
-
-
-
grabbing.
-
-
chain.
Human Rights.
-
-
-
tric vehicle charging stations to promote cleaner
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-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 161Statements
Chair
Vice Chair
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 162Statements
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 163Statements
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 164Statements
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 165Statements
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 166Statements
Statsautoriseret Revisionspartnerselskab
CVR No 3377 1231
mne23331
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S
Income statement
Balance sheet
Accounting policies
Revenue
Employee costs
Intangible assets
Leases
Investments in associates
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 168
Note 2022 2021
Revenue 2.1
2.3
2.4
3.5
Financial income 4.1 260 165
Financial costs 4.1
Tax
4.4
6.00 5.50
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 169
Note
Intangible assets 3.1
3.2
3.4
Investments in associates 3.5 223 29
3.6 15 9
302 311
293
Work in progress 620 494
931
292
Tax receivables 66 47
3.6 415 209
213 230
Note
Common stock 562 564
Treasury stock
260
3.7 650
264
914 711
Lease liabilities 130
- 332
Lease liabilities 47 46
656
3.9
599 657
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 170
Revaluation
Retained
dividend Total
564 238
564 - 238
22 -
27 -
-
164 164
441 -
113 113
21 21
B/S
562 - 260 81
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 171
1.1 Accounting policies
Note section 1
-
-
-
-
-
-
-
-
ment losses.
-
-
-
-
-
-
-
-
contributions to the investment in the respective
-
-
Share purchase liabilities are obligations to
-
value through the income statement.
Dividend
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 172
2.1 Revenue
2.2 Employee costs
Note section 2
2022 2021
211 204
North America
Latin America 796
Revenue
I/S
2022 2021
- 240
- 60
42 20
I/S
2022 2021
267 -
I/S
2022 2021
196
23 19
160
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 173
3.1 Intangible assets
Note section 3
velopment costs.
2022 2021
Total Total
112
- - 21 102 123
- - - -
919 136
Impairment losses - - - -
B/S
199 136
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 174
-
2022 2021
Land and
under
Total Total
22 54 513 627 453
-
42 - -
608
Impairment losses - - - -
145 20 19 146
B/S
514 608
Note section 3
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 175
2022 2021
46
92
43
168 206
2022 2021
Less than 1 year 47 46
61 92
More than 5 years 71
179 218
2022 2021
Interest on lease liabilities 4 4
9 10
6 6
30 27
45 43
3.3 Leases
Note section 3
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 176
2022
267
B/S
2022
201
329
B/S
223
Note section 3
company.
2022 2021
206 115
142 75
430 218
Non-current
B/S
15 9
Current
B/S
415 209
430 218
3.5 Investments in associates
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 177
2022 2021 2022 2021
Intangible assets - -
- -
Inventories - -
Stock options 51 - -
- -
51 188
51
B/S
- -
2022 2021
21 35
174
B/S
Note section 3
-
Group.
Labs.
Microbiome Labs.
-
-
-
-
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 178
Note section 4
2022 2021
23 22
223 62
14
I/S
260 165
I/S
2022 2021
4.1 Financial income
-
-
2022 2021
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 179
Note section 5
2022 2021
Sales - 1
396
Sales 113
Purchases
The NNIT Group
Purchases
Sales 114
Purchases -
Royalty income 6 -
Royalty expenses -
Purchases
Purchases
2022 2021
Receivables 10 10
Payables
The NNIT Group
Payables
Receivables 20 5
Receivables 6 -
Payables -
Payables
Receivables 5 -
-
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S Financial statements for Novozymes A/S 180
2022 2021
6 6
- -
2 2
10 -
18 8
-
-
-
Note section 5
5.4 Contingent liabilities
2022 2021
343 344
546 176
-
-
in Note 3.2.
-
statements concerning non-controlling interests.
-
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 181
Glossary
revenue.
amortization.
assets.
-
ing liabilities.
-
interest-bearing current assets.
-
rate.
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 182
Glossary
capital.
Chr. Hansen.
-
-
-
lency basis in this report.
Climate neutral or net-zero emissions are
greenhouse gases to the atmosphere are bal-
-
The International Panel on Climate Change
the climate system.
-
Gender balance
Scope 3
-
energy recovery.
GovernanceThe big picture
The Novozymes Report 2022
Novozymes A/S 183About the Report
About the Report
Editor in chief
Finance
Neha Ganesh
Taís Pinheiro
Fokus Translations
Rethink Consultancy
Financial Supervisory Authority.
-
Governance.
The Novozymes Report.
-
-
in the report
-
lar meaning.
-
-
-
-
-
-
-
-
-
GovernanceThe big picture
The Novozymes Report 2022
