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Balance sheet and financial position

Total assets

Total assets increased from DKK 24,767 million at December 31, 2021, to DKK 27,983 million at December 31, 2022. The increase was mainly driven by net investments, an increase in net working capital, partly offset by amortization and depreciation.

Invested capital

Invested capital increased from DKK 18,118 million in 2021 to DKK 20,703 million in 2022. This was mainly a result of an increase in net investments.

ROIC and ROIC before special items

Return on invested capital (ROIC), including goodwill, was 17.6%, down 1.7 percentage points from 19.3% in 2021. ROIC before special items was 17.9%. The decrease in ROIC was mainly due to the increase in invested capital. Net working capital Novozymes’ net working capital increased to DKK 4,244 million, up from DKK 3,535 million in 2021, due to an increase in inventories and trade receivables, partly offset by higher other payables.

Net interest-bearing debt

Novozymes had net interest-bearing debt of DKK 5,807 million at December 31, 2022, compared with DKK 5,225 million at December 31, 2021. Net interest-bearing debt was impacted by cash outflows from stock buybacks of DKK 500 million, dividend payments of DKK 1,525 million and the investment in the new production line in Blair, Nebraska, U.S.

Net interest-bearing debt-to-EBITDA

Net interest-bearing debt-to-EBITDA was 1.0x at December 31, 2022, unchanged from 1.0x at December 31, 2021.

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