Audited by PwC

Note 29 - Related party transactions

Novozymes A/S is controlled by Novo A/S , which owns 25.5% of the stock 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:
2008 2007
    DKK million  DKK million  
Sale of goods, materials, and services
Sale of goods and materials:
- The Novo Nordisk Group 35  48 
- Minority shareholders in subsidiaries   - 28 
Sale of services:
- The Novo Nordisk Group   112  111   
Total sale of goods, materials, and services 147  187 
 

Purchase of goods, materials, services, and assets
Purchase of goods and materials:
- Novo Nordisk A/S (77) (62)
- Minority shareholders in subsidiaries (47) (24)
Purchase of services:
- NNIT A/S (67) (56)
- Novo Nordisk Servicepartner A/S   -  (12)
- Novo Nordisk A/S (59) (57)
- Novo Nordisk Engineering A/S (81) (66)
- Minority shareholders in subsidiaries (2) (1)
Total purchases of goods, materials, services, and assets   (333) (278)  
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 24.
 
2008 2007
    DKK million  DKK million  
Receivables:
Novo A/S   -
The Novo Nordisk Group 30  58 
Minority shareholders in subsidiaries     -   -  
Receivables at December 31 30  60 
 

2008 2007
    DKK million  DKK million  
Payables:
The Novo Nordisk Group (63) (46)
Payables at December 31   (63) (46)