Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2015-12-31 | 1989263000 | DKK |
| ifrs-full:Assets | 2014-12-31 | 1887268000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2015-01-01 | 2015-12-31 | 1020561000 | DKK |
| ifrs-full:Revenue | 2014-01-01 | 2014-12-31 | 1216815000 | DKK |
XML
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_FY_2015_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_5">Peter Kürstein</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_FY_2015_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_2">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">DK-2300</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Copenhagen</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Denmark</gsd:AddressOfAuditorCountry>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_FY_2015_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="duration_FY_2015_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_FY_2015_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_FY_2015_only">DK-2300 Copenhagen</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_FY_2015_only">TO THE SHAREHOLDERS OF BAVARIAN<br/>NORDIC A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:AuditorsReportOnFinancialStatements contextRef="duration_FY_2015_only">We have audited the consolidated financial statements and parent<br/>financial statements of Bavarian Nordic A/S for the financial<br/>year 1 January to 31 December 2015, which comprise the income<br/>statement, balance sheet, statement of changes in equity and<br/>notes, including the accounting policies, for the Group as well<br/>as the Parent, and the statement of comprehensive income and<br/>the cash flow statement of the Group. The consolidated financial<br/>statements are prepared in accordance with International<br/>Financial Reporting Standards as adopted by the EU and Danish<br/>disclosure requirements for listed companies, and the parent<br/>financial statements are prepared in accordance with the Danish<br/>Financial Statements Act.</arr:AuditorsReportOnFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_FY_2015_only">Management is responsible for the preparation of consolidated<br/>financial statements that give a true and fair view in accordance<br/>with International Financial Reporting Standards as adopted by<br/>the EU and Danish disclosure requirements for listed companies<br/>as well as the preparation of parent financial statements that<br/>give a true and fair view in accordance with the Danish Financial<br/>Statements Act, and for such internal control as Management determines<br/>is necessary to enable the preparation of consolidated<br/>financial statements and parent financial statements that are<br/>free from material misstatement, whether due to fraud or error.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_FY_2015_only">Our responsibility is to express an opinion on the consolidated<br/>financial statements and parent financial statements based on<br/>our audit. We conducted our audit in accordance with International<br/>Standards on Auditing and additional requirements under<br/>Danish audit regulation. This requires that we comply with ethical<br/>requirements and plan and perform the audit to obtain reasonable<br/>assurance about whether the consolidated financial statements<br/>and parent financial statements are free from material<br/>misstatement.<br/><br/>An audit involves performing procedures to obtain audit evidence<br/>about the amounts and disclosures in the consolidated financial<br/>statements and parent financial statements. The procedures selected<br/>depend on the auditor's judgement, including the assessment<br/>of the risks of material misstatements of the consolidated<br/>financial statements and parent financial statements, whether<br/>due to fraud or error. In making those risk assessments, the<br/>auditor considers internal control relevant to the entity's preparation<br/>of consolidated financial statements and parent financial<br/>statements that give a true and fair view in order to design audit<br/>procedures that are appropriate in the circumstances, but not for<br/>the purpose of expressing an opinion on the effectiveness of the<br/>entity's internal control. An audit also includes evaluating the appropriateness<br/>of accounting policies used and the reasonableness<br/>of accounting estimates made by Management, as well as the<br/>overall presentation of the consolidated financial statements and<br/>parent financial statements.<br/><br/>We believe that the audit evidence we have obtained is sufficient<br/>and appropriate to provide a basis for our audit opinion.<br/><br/>Our audit has not resulted in any qualification.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:OpinionOnAuditedFinancialStatements contextRef="duration_FY_2015_only">In our opinion, the consolidated financial statements give a true<br/>and fair view of the Groupâs financial position at 31 December<br/>2015, and of the results of its operations and cash flows for the<br/>financial year 1 January to 31 December 2015 in accordance with<br/>International Financial Reporting Standards as adopted by the EU<br/>and Danish disclosure requirements for listed companies.<br/><br/>Further, in our opinion, the parent financial statements give a<br/>true and fair view of the Parentâs financial position at 31 December<br/>2015, and of the results of its operations for the financial year<br/>1 January to 31 December 2015 in accordance with the Danish<br/>Financial Statements Act.</arr:OpinionOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_FY_2015_only">Pursuant to the Danish Financial Statements Act, we have read<br/>the managementâs review. We have not performed any further<br/>procedures in addition to the audit of the consolidated financial<br/>statements and parent financial statements.<br/><br/>On this basis, it is our opinion that the information provided in<br/>the managementâs review is consistent with the consolidated<br/>financial statements and parent financial statements.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="duration_FY_2015_only">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="duration_FY_2015_only">2016-03-07</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Martin Faarborg</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_2">Henrik Kjelgaard</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_FY_2015_IdentificationOfAuditorDimension_auditorIdentificer_only_2">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">1885000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">69574000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">58666000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-dk:CurrentPrepaymentsFromCustomers contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">405789000</ifrs-dk:CurrentPrepaymentsFromCustomers>
<ifrs-dk:CurrentPrepaymentsFromCustomers contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">375190000</ifrs-dk:CurrentPrepaymentsFromCustomers>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">621000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">40000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentLiabilities contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">590234000</ifrs-full:CurrentLiabilities>
<ifrs-full:CurrentLiabilities contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">583278000</ifrs-full:CurrentLiabilities>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">111711000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">143283000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:Liabilities contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">646784000</ifrs-full:Liabilities>
<ifrs-full:Liabilities contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">635174000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_FY_2015_only" decimals="-3" unitRef="DKK">1989263000</ifrs-full:EquityAndLiabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_FY_2014_only" decimals="-3" unitRef="DKK">1887268000</ifrs-full:EquityAndLiabilities>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">18203000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">38420000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">23282000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">9700000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_FY_2015_only" decimals="0" unitRef="DKK">-99357</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_FY_2014_only" decimals="0" unitRef="DKK">-57385</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">43525000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">44946000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">-878000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">3616000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">26746000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">21317000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_FY_2015_only" decimals="0" unitRef="DKK">30845</ifrs-dk:DecreaseIncreaseInInventories>
<ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_FY_2014_only" decimals="0" unitRef="DKK">111803</ifrs-dk:DecreaseIncreaseInInventories>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_FY_2015_only" decimals="0" unitRef="DKK">28017</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_FY_2014_only" decimals="0" unitRef="DKK">-78322</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">78377000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">345792000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">2935000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">4177000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">43742000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">19412000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">13861000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">22278000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2">Changes in development projects for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2">Changes in development projects for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">2694000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">45535000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2" decimals="-3" unitRef="DKK">-41656000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">-12470000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">180222000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">105323000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">338749000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">1200000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">53000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">31652000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">52392000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">28269000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">53595000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">615277000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">190708000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">734557000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">588478000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-122000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">39000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">-178123000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">-503665000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:IssuanceCost contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">141000</ifrs-dk:IssuanceCost>
<ifrs-dk:IssuanceCost contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">100000</ifrs-dk:IssuanceCost>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">1885000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">49019000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_21">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_21">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_22">Proceeds from direct placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_22">Proceeds from direct placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_21" decimals="-3" unitRef="DKK">28595000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_21" decimals="-3" unitRef="DKK">14357000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2015_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_22" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2014_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_componentOfCashFlowsIdentifier_only_22" decimals="-3" unitRef="DKK">251000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">26569000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">216238000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">-46231000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">51322000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_FY_2015_only" decimals="-3" unitRef="DKK">21937000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_FY_2014_only" decimals="-3" unitRef="DKK">236000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
</xbrli:xbrl>