Note 31 - Related party transactions


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Novozymes A/S is controlled by Novo A/S, which holds 70.1% of the votes in Novozymes A/S. The remaining stock is widely held. The ultimate parent of the Group is the Novo Nordisk Foundation (incorporated in Denmark).
Related parties are considered to be the Novo Nordisk Foundation and its subsidiaries, i.e., the Novo and Novo Nordisk Groups, and the directors of these entities, and the Board of Directors and Executive Management of Novozymes A/S, together with their immediate families. Related parties also include companies in which the above persons have significant interests.
All agreements relating to these transactions are based on the list prices used for sale to third parties where such list prices exist, or the price has been set at what is regarded as market price. The material terms of these agreements are renegotiated regularly. The Group has had the following transactions with related parties:
2010 2009
    DKK million  DKK million  
Sale of goods, materials, and services
Sale of goods and materials:
- The Novo Nordisk Group 38 
Sale of services:
- The Novo Nordisk Group   79  80   
Total sale of goods, materials, and services 82  118 
 

2010 2009
    DKK million  DKK million
Purchase of goods, materials, services, and assets
Purchase of goods and materials:
- Novo Nordisk A/S 74  79 
- Minority shareholders in subsidiaries 61  53 
Purchase of services:
- NNIT A/S 59  54 
- Novo Nordisk A/S 69  55 
- NNE Pharmaplan A/S 193  170 
Total purchases of goods, materials, services, and assets   456  411   
There have not been any material transactions with the Novo Nordisk Foundation or with Management of Novozymes A/S, Novo A/S, the Novo Nordisk Foundation, or the Novo Nordisk Group, other than normal remuneration. The remuneration of the Board of Directors and Executive Management is presented in Note 4.
 
2010 2009
    DKK million  DKK million  
Receivables:
The Novo Nordisk Group 13  30 
Minority shareholders in subsidiaries   12  15   
Receivables at December 31 25  45 
 

2010 2009
    DKK million  DKK million  
Payables:
NNIT A/S
Novo Nordisk A/S 28  27 
NNE Pharmaplan A/S 41  18 
Payables at December 31   75  51   
 
 

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