Novo Nordisk Region Aameo And Latam A/S

Management's review

Board of Directors:Total number of board members 3Percentage of the underrepresented gender 33.3%As Novo Nordisk Region AAMEO and LATAM A/S has obtained an equal gender distribution on the Board of Directors, the company are exempt from setting up targets for the underrepresented gender at the Board of Directors.Executive Management:Total number of members of Executive Management 1As Novo Nordisk Region AAMEO and LATAM A/S has no employees the company is exempt from setting up policy or targets for the underrepresented gender in Executive Management.2023 2022 2021 2020 2019DKK '000 DKK '000 DKK '000 DKK '000 DKK '000Income statement:Operating profit/(loss) (223) (238) (163) (201) (189) Net financials & profit/(loss) in subsidiaries 3.099.881 388.903 2.815.602 1.304.356 1.214.252 Net profit/(loss) for the year 3.085.091 378.311 2.805.906 1.301.989 1.211.654 Balance sheet:Financial assets 17.776.676 15.838.068 15.259.177 10.183.700 9.047.569 Total assets 17.902.805 15.972.436 15.705.091 10.330.950 9.201.329 Equity 17.082.319 14.998.627 15.166.557 9.678.982 9.201.241 In 2023, the company purchased a subsidiary from another company in the Novo Nordisk Group. The comparative figures for 2022 have been restated in respect of this intra-Group transaction, whereas the comparative figures for 2021 - 2019 have not been restated.In 2022, the company purchased two subsidiaries from other companies in the Novo Nordisk Group. The comparative figures for 2021 have been restated in respect of these intra-Group transactions whereas the comparative figures for 2020 - 2019 have not been restated.Development during the financial yearNet profit for Novo Nordisk Region AAMEO and LATAM A/S ended at DKK 3,085,091 thousand for the year 2023 compared with DKK 378,311 thousand for the year 2022.The realised net profit is not in line with the expectations stated in the Annual Report 2022. The significant increase in net profit is driven by the increase in profit in a few key subsidiaries, which have overperformed compared to expectations.In 2023, the company acquired Novo Nordisk Region China A/S from Novo Nordisk A/S. The transaction has been accounted for in accordance with the pooling of interest-method. Please refer to Accounting Policies for further details.Outlook for the company, including specific assumptions and elements of uncertaintyLike in previous years the company's most important activity is comprise the holding of equity investments in a portfolio of subsidiaries.The company's financial performance reflects the development in the underlying subsidiaries. Management expects to record a similar return in 2024 compared with 2023.Novo Nordisk Region AAMEO and LATAM A/S holds affiliates in Ukraine and Russia. The conflict between the two countries can have a negative impact on the income in the two affiliates, but the potential impact is not considered significant for the company, and there has not been provided for the potential impact from this.Events after the balance sheet dateNo events have occurred after the end of the reporting period that materially affect the financial position of the company.

Description of significant activities of entity

Main activitiesThe company's main activities are the holding of equity investments in companies, and other investments, as well as financial activities, and – at the discretion of the Board of Directors – supporting the operations of such companies.