This excerpt taken from the NVO 20-F filed Feb 23, 2005.
Annual Financial Report 2003 constitute the Board of Directors and Executive Managements discussion and analysis of results (incorporated herein by reference):
On a US GAAP basis, net profit increased by 13% in 2003 compared with 2002. Net profit on a US GAAP basis was in line with net profit on an IFRS basis in 2003. However, the net profit reconciliation to US GAAP comprises a number of counterbalancing adjustments mainly due to differences in the treatment of unrealized gains and losses on cash flow hedges, accounting for investments in research and development
companies and accounting for goodwill. Please refer to Note 39 in the Annual Report 2004 for further information on the reconciliation of net profit to US GAAP for the years 2000 to 2004.