Value Framework Elements: Strategy and Objectives
The current report is based on the analysis and assessment into the quality and the nature of the Novozymes performance reporting of the firm health in respect of the PWC framework. Novozymes is regarded as one of the international market leader in the biological solutions that produces a large variety of industrial enzymes and microorganisms. The company offers solution to assist the customers in generating more from less, adapting to the market changes, enabling the product known to customers and lowering down the costs. The report will offer a in depth understanding of the performance information which is the vital element and factor in decision making structure of the company with correct responsibility.
Reporting characteristics that stimulates Strategic and Objective framework element:
- There is a clear statement relating to strategic objectives and goals
- Short, medium and long term strategic business targets
The strategic objective of Novozymes is to render improved performance every year as the company has placed strategic partnerships and networks with the customers, governments, suppliers and others that surround the company to make sustainable difference (Lai et al., 2016). The company has indulged in lead innovation that are tailored to meet the market needs. The corporate strategy of the company can be obtained easily and comprehensively. The company has undertaken both the qualitative and quantitative aspects of communicating its strategy and objectives in its annual report of 2016. The organization strategy is initially communicated on page 33 which makes it prominent for the readers and sets down the tone of the overall report. Additionally detailed strategic and objective goals are stated in the Chairman’s report at page 49 section of the report. The strategic objective of Novozymes is linked with the Key Performance Indicators (KPI).
The Chairman’s strategic review is liked with the organizations growth, business model, and innovation and customer-oriented through reporting of;
- Lead innovation
- Emphasis on opportunities
- Partnerships and networks with customers
- Improving the capabilities and motivation of organizational growth
Beside placing emphasis on the performance of the preceding years, the chairman of Novozymes has provided a qualitative outlook relating to the strategic partnerships and networking creation (Linder & Williander, 2017). The Chairman has additionally emphasised on the sustainable environmental development in respect of the global management standard.
Conclusion and Strength:
The annual report of Novozymes for 2016 has provided explanation relating to the strategic organization goals and objectives. The report is appropriately formatted and straightforwardly understandable. Both the qualitative and quantitative aspects of the report is related with the business goals with “good” overall presentation of the information.
Reporting characteristics that drive the Business Model framework element:
- Clear and vivid explanation of the business model that builds wide range of industrial enzymes and microorganisms.
Extensiveness and Accessibility:
Value Framework Element: Business Model
The business model of the company is communicated with the help of full one page diagram inside the heads of Business Model in the annual report of 2016 (Bocken et al., 2014). The information relating to the business model of Novozymes can be obtained through table of contents under the “Our Business”. The model is lucidly formatted with sufficient explanation of customers and partners, distribution, technical services, innovation, production and suppliers.
Comprehensiveness:
The figure above explains the circular flow of business model where the company engages with its customers and partners for promoting sustainable and efficient production process (DaSilva & Trkman, 2014). The production and innovation strategy helps in building long term business value by efficiently linking the organizations strategy with business goals.
Conclusion and strength:
The business model of Novozyme is clearly defined in one page which makes it easy and comprehensive for the readers to understand. The elements surrounding business model is evidently explained and the overall quality of the presentation is “Good”.
The governance structure of Novozyme states that the organization is remain committed towards the transparency in reporting. The governance structure of Novozyme lay down the rules that regulates the governing of documents, annual general meeting, and nomination of the committee members and policies of the board of directors (Aguileraet al., 2018).
Comprehensiveness:
The corporate governance of Novozyme is evidently stated in the “Board of Directors Composition and Responsibilities”. Novozyme in agreement with the Danish Legislation has two tier system of management that comprises of the Board of directors and executive leadership teams (Armstrong et al., 2015).
Novozyme implements the below stated corporate governance code of principles:
- The audit committee is accountable for assisting the board of directors in monitoring the accounting related aspects such as internal control and financial reporting.
- The executive leadership team is accountable for ensuring appropriate management of the organizational structure
- The board of directors are accountable for overall administration and strategic expansion of the company.
The governance structure of Novozyme provides that nominations are based on the assessment of the factors namely the competencies, diversity and independence. The governance structure provides qualitative info relating to the composition of the firm and activities of every committee members.
Conclusion and strength:
The corporate governance report of Novozyme lay down the in depth explanation of the numerous roles and responsibilities of the executives and directors towards transparent flow of information with greater degree of commitment and regulatory policies. Hence, the quality of the exhibition is “Good”.
The risk management process of Novozyme consists of the risk identification, assessment, and reporting and risk mitigation.
Extensiveness and Accessibility:
The major risk and uncertainties of the Novozyme can be accessed in page 36 of the report under the heads “Key Risks for 2017” which provides the readers with the easily comprehensive understanding of the organization and mitigation process (McNeil et al., 2015).
Value Framework Element Governance
Comprehensiveness:
Novozyme provides an in depth explanation of the main risk faced by the business. The company identifies and mitigates that risk as early as possible that forms the integral part of business and its partners (Hopkin, 2017). The annual report contains the two page detailed description of the probable risk faced and potential impact faced by the business with process for risk mitigation.
Overall conclusion:
Novozyme has placed its commitment in providing detailed explanation of risk and measures adopted to mitigate risk. The risk management section of Novozyme is visibly formatted with appropriate headings and charts which makes it easy for the readers to understand. Therefore, the overall quality of information is “Good”.
The remuneration report of Novozyme lay down the method of rewarding and remunerating its employees along with the senior executive of the organization.
Extensiveness and Accessibility:
Novozyme chairperson is accounting for recommending the remuneration of the board of directors and executive leadership teams (Guillen et al., 2015).
The remuneration committee report consists of the following;
- The remuneration policy for executive leadership teams
- The remuneration policy comprises of the salary, pension contribution, bonus and stock based programs.
Comprehensiveness:
The remuneration committee report for Novozyme complies with the PWC remuneration element. The below stated are the details for the computation of management remuneration;
- Salaries and other forms of short-term benefits
- Defined contribution plans
- Expensed stock based incentive programs
The annual report of Novozyme consists of the well formatted and titled page named as Remuneration Report at page 35 that evidently explains the management remuneration policies and remuneration for employees. The remuneration policy is designed to promote strong performance and assist creation of values (Lishchuk & German, 2015). The assessment of remuneration report of Novozyme an assertion can be bought forward by stating that the company has evidently communicated the plans for remunerating its employees and management.
Conclusion and Strength:
On analysing the remuneration report of Novozyme it is understood that the company has evidently communicated the remuneration policy in a transparent manner. The annual report provides the figures, which is published exactly. The overall exhibition of report is a “good”.
Reporting characteristics that drive the PWC Finanical Assets framework element:
- Disclosure of the book values of the assets
- Disclosure of hedge accounting asset
- Disclosure of the efficiency of asset and effectiveness
Extensiveness and Accessibility:
In respect of the PWC framework relating to financial assets the information presented by the Novozymes is easy to understand in nature. The company has mentioned about the asset that are ready for sale with hedge accounting assets (Barker & Schulte, 2017). The assessment of the Novozymes performance is easy to understand since it is associated with the relevant asset with a detailed one-page tabular representation of the figure has been provided under the section of notes.
Value Framework Element: Strategy: Risk Management
Comprehensiveness:
The financial assets and the liabilities of the company are amortized at cost barring the derivatives and other financial assets that are amortized and measured based on cost (Curcuru, Thomas & Warnock, 2015). The notes section provides that the company has carried these assets based on the fair value. These are as follows;
- Loans and receivables
- Assets that are available for sale
- Hedge accounting asset
The financial assets of the company is stated in the financial report under the notes section. Novozymes has appropriately measured the current assets and non-current assets along with the figures from the past and present years. This result in component of better decision making. Hence, the quality of information reported is “Good”
Reporting Characterises depicts the Environmental Element Value:
- Disclosure of the book value of the physical assets such as property plant and equipment
- Disclosure relating to both the present and the future values of the assets
- Disclosure relating to the carrying amount of the assets
Extensiveness and Accessibility:
The understanding of the Physical Asset measurement techniques is used in the annual report of Novozymes is easily obtained from the notes section of the accounting policies. As evident from the accounting policies of the organization stated under the Note Section primarily focussed on the standards of amendment and interpretation and recognition of assets (Warren & Jones, 2018).
Comprehensiveness:
Novozymes reporting of the Property, Plant and Equipnent can be regarded as extensive (Mathuva, 2015). There are some important attributes relating to the property plant and equipment that is communicated below;
- The asset valuation technique is based under the historical cost convention depending the economic life of the asset
- The amortization of the physical asset is based on the straight-line method over the anticipated useful life of the asset.
- Depreciation is based on the anticipated life of the plant and machinery of 5-25 years
Novozymes has effectively stated that the company based on the annual basis reviews the residual value of the asset and its useful life and the same is adjusted if it is necessary for each of the reporting period. The company effectively reviews the carrying amount of the property, plant and equipment to understand whether the assets have suffered any impairment loss.
Novozymes has included significant amount of detail in supporting the computation of the fixed assets. Therefore, the overall quality of the report can be regarded a “Good” presentation.
Reporting Characteristics that depicts the PWC customer framework element:
- Total number of geographically distributed customers
- Geographical determination of customer revenue
- Relationship with key customers
Extensiveness and Accessibility:
As evident from the annual report of the organization, it is understood that there are no specific information relating to the customers (Khodakarami & Chan, 2014). With global expansion, Novozymes has provided information relating to customer segment which makes it easy to understand the revenue derivation segment. The company has provided geographical distribution of customers which states the geographical customer location with total number of local customers.
Comprehensiveness:
Novozymes has provided the strategies that are in agreement with the strengthening of the customer relations. A quantitative data provides the total amount of revenue derived from the geographical locations of the customers (Nyadzayo & Khajehzadeh, 2016). On page number 5 Novozymes has emphasised on the customer value creation with improved customer relationship and partnership.
Value Framework Element: Remuneration
Conclusion:
Conclusively there are no other specific customer related information in this report but a significant amount of detail has been provided relating to the geographical distribution of revenue and outlook of the customers. Therefore, the overall quality of information presented is good.
Report Extract: Page 34
Reporting Characteristics that promotes the People and Culture framework element:
- Focusing on employee development
- Enhancing the motivation and capabilities required to grow the company
- Promoting cultural knowledge through updated version of Bio-energy University
- Promoting effective work culture through improved employee behaviour, communication and co-operations (Rahimi & Gunlu, 2016).
Extensiveness and Accessibility:
The company with several social performance elements to promote the cultural has provided a detailed corporate social responsibility and people development have been stated. These comprises of the following;
- Priority of ensuring safe and healthy working environment
- Continued promotion of regional partners and educational activities for children and adult.
- Gender diversity through numerous personal characteristics, skills and experience.
- Supervision of the financial, environmental and social performance of executive leadership for the management of the company (Choudhury & Harrigan, 2014).
As depicted from the annual report of the Novozymes details has been provided regarding relating to the strong development of people and culture by driving the employees towards executive leaderships. The information relating to the people and culture has been provided in a well formatted page with pictures placing
The reporting of Novozymes is lucid and clear as the company has provided better understanding of the cultural policy. Therefore, the overall quality of the report is good.
Reporting characterises that generates Innovation framework elements:
- Innovating and wide range of products and services
- Innovation in the system of production
Extensiveness and Accessibility:
Novozymes has committed itself in establishing the biological centre of learning in agreement with the innovation campus. Novozymes has placed its emphasis on increasing the capacity of production so that it could reach its customers across the globe (Antonsen, 2017). The company has specifically placed emphasis on the bio-innovation with innovation in the areas of gene technology and biotechnology.
Comprehensiveness:
Taking account of the innovative section of Novozymes it is understood that the company in a comprehensive manner has presented its details. The innovation provides that the company has spent from the previous year a proportion of their total revenue in the research and development activities (Storey, 2018). However, it is noticed that Novozymes in no circumstances has provided any information relating to budget of their innovation spending. Additionally, qualitative references have been made relating to the construction of new innovation centre in attaining growth in the areas of bio-technology and gene technology. It can be depicted from the annual report that Novozymes at no circumstances has provided any information relating to the internal process. Innovation has been primarily conducted to increase the manufacturing procedure which would result an increase in quality. But there is no explanation of the long term or medium term strategies.
Conclusion and Strength:
The innovation of Novozymes is referred in the strategic context of improving the productivity. Therefore, it can be stated that the quality of the information that presented is “Bad”.
Conclusion
The reporting critique related with Brand and Intellectual assets is shown below:
- It can be observed that Novozymes has disclosed all the information related with the Brand and Intellectual property of them in the annual report.
- All the required accounting standards are followed for the reporting of brands and intellectual properties.
Extensiveness and Accessibility
From the analysis of the annual report of Novozymes, it can be observed that it is the responsibility of Novozymes to protect and safeguard all the information related with the brands and intellectual property of the company. From the annual report of the company, it is clear that the company has provided all the information related these two aspects in the required areas. It can be seen from the annual report of Novozymes that any infringements in the intellectual properties of the company can lead to the loss of business opportunities for the company (Bently & Sherman, 2014). From this aspect, it can be observed that there is a connection between the profitability and intellectual property of the company as the loss of business opportunity can lead to the decreased profitability of the company.
The annual report of Novozymes states that the brand and intellectual assets of the company has connection with some major aspects; they are as bwlow:
- Infringement of the unique technology of the company has major negative effect on the brand and intellectual assets of the company.
- The loss of opportunity due to infringement of brands and intellectual assets can lead to the decreased level of profitability of the company.
- The prime responsibility of the vice president of Novozymes is to provide safety and stewardship for brand and intellectual property (Williams, 2013).
Overall Conclusion
Thus, it can be concluded that the company has provided all the necessary information for brand and intellectual property and the overall presentation is good.Value framework element: Process and Supply Chain
The analysis of the annual report of Novozymes shows that the customers of the company can bring efficiency in the production process with the assistance of the solution of the company. In addition, the main aim of differed processes of Novozymes is to add value to their customers. However, there is not any clear information about the business processes of the company in the annual report.
In case of accessibility, it can be observed that Novozymes has provided all the information related to processes in their annual report. Moreover, the company has used pictorial presentation for providing better understanding to the users of annual report. However, the company has not mentioned about the business process of them. In addition, it needs to be mentioned that the company has not disclosed much about their various operations of supply chain (Goetsch & Davis, 2014).
Comprehensiveness
The analysis of the annual report of Novozymes states that there is a positive connection between the financial performances of the company with their business processes. As per the annual report, the achievement of specific margin in terms of EBIT and ROIC is necessary for increasing and optimizing their various processes. In addition, Novozymes has only mentioned about the establishment of new production and supply chain facility in Mumbai, India. Apart from this, there is not any mention about supply chain of the company in the annual report (Drori & Honig, 2013).
Overall Conclusion
The above discussion states that Novozymes has not mentioned enough information related with their business processes and supply chain in the annual report. Very few information can be accessed about these aspect from the annual report of the company. For this reason, the reporting of processes and supply chain in Novozymes is considered as “ugly”.
The main parameters for reporting critique of this aspect are as follows:
- Growth in organic sales
- Growth in EBIT margin
- Growth in Net Profit
- Growth in ROIC
Extensiveness and Accessibility
From the annual report of Novozymes, it can be observed that the company has provided all the necessary information related to the above aspects. In the annual report, Novozymes has compared their operational performance based on two years that is 2017 and 2016 in order to provide the users of financial information with better understanding about the operational performance. Apart from this, the key performance indicators of the company provide the accurate picture of the operational performance of the company. Thus, on the overall basis, it can be said that the annual report of Novozymes has high level of accessibility (Hensen & Lamberts, 2012).
Comprehensiveness
The analysis of the annual report of Novozymes states that the company has provided all the complete information about the operational performance of the company. For this reason, deep connectivity is there among the aspects of operational performance (Dora et al., 2013). For example, it can be seen that there is a connection between organic growth sale and EBIT margin as the improvement in the RBIT margin depends on the increase in the organic sales of the company. These entire aspects together positive influence the net profit growth of the company (Prajogo et al., 2012.).
Overall Conclusion
Based on the above discussion, it can be observed that Novozymes has complied with all the required standards for the presentation of the various aspects of operational performance. in addition, the users of financial statement can easily access the provide information from the annual report of the company. Due to all these reasons, the reporting technique of Novozymes related with operational performance needs to be considered as good
The main critique area of this aspects are discussed below:
- The effective communication and disclosure of the economic performance of Novozymes so that users of financial statements can easily judge the financial health of the company.
- The determination of the financial growth of the company in the recent years. It implies that that economic performance of Novozymes should contribute to determine the financial growth of the company.
Extensiveness and Accessibility
The analysis of the annual report of Novozymes shows the clear result of the economic performance of the company. From the income statement of Novozymes, it can be observed that there has been an increase in the gross profit of the company in the year 2016 as compared to 2015. At the same time, increase in the EBIT level can also been seen (Carlsson, 2012). It implies that the economic information of Novozymes is easily accusable and they can be effectively judged.
Comprehensiveness
It can be seen that there is a positive connection between the economic performance and financial performance of the company. All the financial as well as economic aspects of the company has been properly added in the annual report for the better understanding of the users of financial reports (Schaltegger & Wagner, 2017). Novozymes has provided all the necessary financial statements like balance sheet, income statements, and statements of change in equity, cash flow statements and others. In addition, the company has also provided notes to the financial statements in the annual reports (Delgado et al., 2014).
Overall Conclusion
From the analysis, it can be seen that Novozymes has presented all of their economic information in an effective manner so that they can become easily accessible for the users of financial statements. Thus, based on the discussion, it can be said that the presentation of economic information of Novozymes is “good”
The main reporting critique related with social aspect of Novozymes is shown below:
- The value and outcome created by the business organization in order to create positive effect on the environed, community people and employees of the organization (Gray, 2014).
- The main parameters for measuring the social performance of the company are water efficiency, energy efficiency, frequency of occupational accidents and others.
Extensiveness and Accessibility
From the analysis of the annual report of Novozymes, it can be seen that one can easily access the provided information related with the social and sustainable performance of the company. In this case, it can be observed that the company has presented the social information in a well-formatted manner so that they can better serve the users of annual report of the company (Hwang & Tan, 2012). The information is provided in tabular format with the help of graphical presentation. This aspect has improved the accessibility of social information of the company.
Comprehensiveness
It needs to be mentioned that there is a positive relation between the sustainability performance and financial performance of the company. In today’s business world, people have become cautious about the negative effects of business operations on the companies. For this reason, business organizations with effective sustainable strategy get early preferences from the customers (Griggs et al., 2013). The same aspect can be seen for Novozymes as effective social strategy leads to effective financial performance for the company.
Overall Conclusion
Based on the above discussion, it can be seen that Novozymes has presented all the details of their social strategies in a well-formatted manner. For this reason, this aspect of Novozymes can well get a “good”.
Reporting characteristics, which stimulates Environmental Framework Element:
- Business Values and outcomes that are directed towards environmental performance and protection.
Extensiveness and Accessibility:
The environmental protection initiative is included under the section of Environmental Data at page 132. One of the most significant reporting attributes that is related to the environment is the detailed description of the lower carbon emission. The section provides the detailed analysis of the carbon emission by comparing the figures from both the previous and current year (Thalassinos & Liapis, 2014). A tabular breakdown has been provided relating to the emission that occurred with supporting commentary.
Comprehensiveness:
- Positive energy savings
- Improving the energy saving efficiency by optimizing the process of production and applying the energy saving projects
- Targeting for energy efficiency and renewable energy that drives the overall energy performance.
The company with targeted measures of reducing the pollution and improving has provided a detailed description the quality of environment has been stated by the company (Scott, 2015). The company has employed several environmental protection plans with water-intensive measures of managing waste is one of the example of environmental protection.
Conclusion and Strength:
The company has significantly considered the environmental impact and performance in its annual report. Additionally, a comprehensive tabular representation has been provided in the report regarding the emission. Therefore, the quality of the information presented is “Good
Reporting Characteristics that drive Segmental Framework element
- Segmental performance:The individual business segment performance has been stated in annual report, which is based on the geography, location and regions to gauge into the better view of the business units (Carlon et al., 2015).
Accessibility:
The product revenue is comprehensively communicated both in terms of the qualitative and quantitative in annual report (Macve, 2015). Performance based on the regional and geographical location has been stated with the help of graphical representation highlighting the proportion of revenue generated from across the continents.
Conclusion and Strength:
The detail that has been provided in the annual report is a mixture of performance targets and holds significant relevance to the organizational performance and outlook for the readers to value. Therefore, the overall quality of information provided is good.
The theory of materiality refers to the understanding of the information is required to be disclosed in the form of omission or misstatement of it may misinform the stakeholders namely the investors. Novozymes has addressed most of the necessary information to the shareholders and investors. The incorporation of the highlight section at the beginning of the annual report provide the readers with the brief overview of the firm’s performance with designed way of placing emphasis on the reader’s attention. The approach of Novozymes creates a better information of maximizing the comprehension.
Conclusion:
On a conclusive note, the report has been carried out in the areas of external drivers, strategy, resources, relationships and performance. There are circumstances of better quality reporting by Novozymes as the company has presented a comprehensive and easily accessible information to the users of financial statement. However, there are certain areas of presentation that requires comprehensive reporting. Recommendations can be provided by stating that Novozymes must improve those areas for better understanding of users.
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