Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2016-12-31 | 5238236000 | vDKK |
| ifrs-full:Assets | 2015-12-31 | 3902548000 | vDKK |
| ifrs-full:Assets | 2016-12-31 | 5618696000 | vDKK |
| ifrs-full:Assets | 2015-12-31 | 4088846000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 1816122000 | vDKK |
| ifrs-full:Revenue | 2015-01-01 | 2015-12-31 | 1133041000 | vDKK |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 1890133000 | vDKK |
| ifrs-full:Revenue | 2015-01-01 | 2015-12-31 | 1136370000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/48832012/ZG9rdW1lbnRsYWdlcjovLzAzLzU2LzNlLzVhL2YxLzA4YzAtNGI0Yy1hZjhiLTMxNzRlNzljODIxYw.xml
Separator
The full data:
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<gsd:NameOfLawFirm contextRef="ctx1" xml:lang="en">Kromann Reumert</gsd:NameOfLawFirm>
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<gsd:DateOfGeneralMeeting contextRef="ctx1">2017-03-28</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="en">Jørgen K. Madsen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
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<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vDKK" decimals="-3">86609000</ifrs-full:FinanceIncome>
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<ifrs-full:ComprehensiveIncome contextRef="ctx1" unitRef="vDKK" decimals="-3">1195482000</ifrs-full:ComprehensiveIncome>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="ctx1" unitRef="vDKK" decimals="-3">-77384000</ifrs-full:AdjustmentsForFinanceCosts>
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<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">-5861000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
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<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">20855000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">12254000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
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<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">-1014539000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:ProceedsFromIssuingShares contextRef="ctx1" unitRef="vDKK" decimals="-3">819000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx1" unitRef="vDKK" decimals="-3">118099000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-dk:ProceedsFromSaleOfWarrants contextRef="ctx1" unitRef="vDKK" decimals="-3">208586000</ifrs-dk:ProceedsFromSaleOfWarrants>
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<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="-3">-595632000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Directorsâ and Managementâs Statement on the Annual Report</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today the Board of Directors and Executive Management have discussed and approved the annual report of Genmab A/S for the financial year 1 January to 31 December 2016.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act for listed companies.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the consolidated financial statements and the parent company financial statements give a true and fair view of the groupâs and the parent companyâs financial position at 31 December 2016 and of the results of the groupâs and the parent companyâs operations and cash flows for the financial year 1 January to 31 December 2016.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the Managementâs Review includes a true and fair review about the development in the groupâs and the parent companyâs operations and financial matters, the results for the year and the parent companyâs financial position, and the position as a whole for the entities included in the consolidated financial statements, as well as a review of the more significant risks and uncertainties faced by the group and the parent company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2017-02-22</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditorâs Report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Genmab A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 December 2016 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January to 31 December 2016 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">Genmab A/Sâ Consolidated Financial Statements and Parent Company Financial Statements for the financial year 1 January to 31 December 2016 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes to the financial statements, including summary of significant accounting policies for the Group as well as for the Parent Company. Collectively referred to as the âfinancial statementsâ.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the ethical requirements that are relevant to our audit of the financial statements in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key Audit Matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for 2016. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Key Audit Matter</td></tr><tr><td colspan="1">Revenue recognition on research and development and collaboration agreements.</td></tr><tr><td colspan="1">Genmab recognizes revenue when it is probable that future economic benefits will flow to the group and these benefits can be measured reliably and is expected to be received. Further, revenue is recognized when all significant risks and rewards in the transaction have been transferred to the buyer.</td></tr><tr><td colspan="1">We focused on this area because timing of revenue recognition in the income statement has inherent complexities and requires significant judgement and estimation by management.</td></tr><tr><td colspan="1">Revenue recognition involves accounting for research and development and collaboration agreements including simultaneous transactions and multiple elements such as upfront payments, milestone payments, royalties and reimbursement of costs, of which the most significant are Janssen (Daratumumab).</td></tr><tr><td colspan="1">Reference is made to note 2.1.</td></tr><tr><td colspan="1">How our audit addressed the Key Audit Matter</td></tr><tr><td colspan="1">We discussed revenue recognition principles with Management.</td></tr><tr><td colspan="1">Our audit procedures in regard of revenue recognition included testing of relevant controls.</td></tr><tr><td colspan="1">We read relevant agreements to assess whether the revenue recognition methodology was consistent with accounting standards, and had been applied consistently.</td></tr><tr><td colspan="1">We considered the reasonableness of the judgements made by Management in determining the relevant assumptions utilized in calculating recognized revenue.</td></tr><tr><td colspan="1">We tested a sample of transactions of revenue recognized in the income statement (revenue) and the balance sheet (deferred revenue) for accurate calculation and appropriately recognition based on agreements, recognition principles and Managements estimates and judgements.</td></tr><tr><td colspan="1">Recognition of deferred tax assets</td></tr><tr><td colspan="1">Genmab recognize deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, only to the extent that it is probable that future taxable profit will be available against which the deferred tax assets can be utilized.</td></tr><tr><td colspan="1">We focused on this area because recognition of deferred tax assets requires significant judgement and estimation by Management. These mainly involve estimates based on certain assumptions in relation to future taxable income.</td></tr><tr><td colspan="1">Changes in future taxable income impact the utilization of deferred tax assets, recognized as well as and unrecognized deferred tax assets.</td></tr><tr><td colspan="1">Reference is made to note 2.4.</td></tr><tr><td colspan="1">We discussed deferred tax asset recognition principles with Management.</td></tr><tr><td colspan="1">Our audit procedures included evaluating the assessments made by Management with regard to future taxable income and the utilization of the deferred tax assets, by comparing Managementâs assessment to evidence obtained, such as budgets and business plans.</td></tr><tr><td colspan="1">We critically assessed the assumptions and judgements in these budgets and business plans by considering the basis for managementâs key assumptions and the historical accuracy of budgets.</td></tr><tr><td colspan="1">We performed substantive audit procedures on the recognition of deferred tax assets.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs Responsibility for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2017-02-22</arr:SignatureOfAuditorsDate>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">Genmab works diligently to improve its guidelines and policies for corporate governance taking into account the recent trends in international and domestic requirements and recommendations. Genmabâs commitment to corporate governance is based on ethics and integrity and forms the basis of its effort to strengthen the confidence that existing and future shareholders, partners, employees and other stakeholders have in Genmab. The role of shareholders and their interaction with Genmab is important. Genmab acknowledges that open and transparent communication is necessary to maintain the confidence of Genmabâs shareholders and achieves this through company announcements, investor meetings and company presentations. Genmab is committed to providing reliable and transparent information about its business, development programs and scientific results in a clear and timely manner.</td></tr><tr><td colspan="1">All Danish companies listed on the Nasdaq Copenhagen are required to disclose in their annual reports how they address the Recommendations for Corporate Governance issued by the Committee on Corporate Governance in May 2013, revised by November 2014, (the âRecommendationsâ) applying the âcomply-or-explainâ principle.</td></tr><tr><td colspan="1">Genmab follows the vast majority of the Recommendations, although specific sub-areas have been identified where Genmabâs corporate governance principles differ from the Recommendations</td></tr><tr><td colspan="1">· The Recommendations provide that according to a companyâs takeover contingency procedures, the board of directors shall not attempt to counter a takeover bid without the acceptance of the general meeting. Genmab does not have such a restriction in its takeover contingency procedures and retains the right in certain circumstances to reject takeover bids without consulting the shareholders. Actions will be determined on a case-by-case basis with due consideration to the interests of the shareholders and other stakeholders.</td></tr><tr><td colspan="1">· The Recommendations provide that remuneration of the board members shall not include share options. However, Genmabâs remuneration of the board members includes restricted stock units (RSUs) which may be considered a share option. Share options constitute a common part of the remuneration paid to members of the board of directors in competing international biotech companies. To remain competitive in the international market and to be able to attract and retain qualified members of the Board of Directors, it is considered in the best interest of Genmab to follow this practice, which we believe is aligned to serve the shareholdersâ long-term interests. Following an amendment of the guidelines for incentive-based remuneration of the Board of Directors and Executive Management by the general meeting in 2014, share options granted to board members may only be in the form of RSUs.</td></tr><tr><td colspan="1">· The Recommendations provide that share options should not be exercisable earlier than three years from the date of the grant. Warrants granted under Genmabâs 2004 warrant scheme and 2012 warrant scheme vest over a period of four years from the date of the grant. The warrant holder may only exercise 25% of the warrants granted per full year of employment or affiliation with Genmab after the grant date. RSUs are subject to a cliff vesting period and become fully vested after three years from the date of grant and comply with the Recommendations. The Board of Directors is considering making future warrant grants subject to three years cliff vesting.</td></tr><tr><td colspan="1">· The Recommendations provide that Genmab, in exceptional cases, should be able to reclaim variable components of remuneration. It is, however, Genmabâs assessment that a claim to repayment, in whole or in part, of variable components of remuneration, which have been paid on the basis of information later proven incorrect, should be based on the general Danish legal principles.</td></tr><tr><td colspan="1">Genmab publishes its statutory report on Corporate Governance for the financial year 2016 cf. Section 107 b of the Danish Financial Statements Act (âLovpligtig redegørelse for virksomhedsledelse jf. Ã¥rsregnskabslovens § 107 bâ) on the companyâs website, including a detailed description of the Board of Directorsâ consideration in respect of all the Recommendations. The statutory report on Corporate Governance can be found on Genmabâs website http://ir.genmab.com/governance.cfm.</td></tr><tr><td colspan="1">THE BOARD OF DIRECTORS</td></tr><tr><td colspan="1">The Board of Directors plays an active role within Genmab in setting the strategies and goals for Genmab and monitoring the operations and results of the company. Board duties include establishing policies for strategy, accounting, organization and finance, and the appointment of executive officers. The Board of Directors also assesses Genmabâs capital and share structure and is responsible for approving share issues and the grant of warrants and RSUs.</td></tr><tr><td colspan="1">BOARD COMMITTEES</td></tr><tr><td colspan="1">To support the Board of Directors in its duties, the Board of Directors has established and appointed a Compensation Committee, an Audit Committee and a Nominating and Corporate Governance Committee. These committees are charged with reviewing issues pertaining to their respective fields that are due to be considered at board meetings. Written charters specifying the tasks and responsibilities for each of the committees are available on Genmabâs website www.genmab.com.</td></tr><tr><td colspan="1">For more details on the work and composition of the Board of Directors and its committees, reference is made to the statutory report on Corporate Governance.</td></tr><tr><td colspan="1">GUIDELINES FOR INCENTIVE REMUNERATION</td></tr><tr><td colspan="1">Pursuant to section 139 of the Danish Companies Act (in Danish âSelskabslovenâ), the board of directors is required, before the company enters into a specific incentive payment agreement with a member of the board of directors or executive management, to lay down general guidelines governing the companyâs incentive remuneration of such member. The General Guidelines for Incentive Programs for the Board of Directors and the Executive Management are considered and adopted at the companyâs annual general meeting and can be found in their full length on our website www.genmab.com. The guidelines were adopted at the 2008 annual general meeting and amended by the annual general meetings of the company in 2011, 2012, 2014 and 2016.</td></tr><tr><td colspan="1">All incentive payments have been carried out in accordance with Genmabâs General Guidelines for Incentive Programs for the Board of Directors and the Executive Management.</td></tr><tr><td colspan="1">DISCLOSURE REGARDING CHANGE OF CONTROL</td></tr><tr><td colspan="1">The Danish Financial Statements Act (Section 107 a) contains rules relating to listed companies with respect to certain disclosures that may be of interest to the stock market and potential takeover bidders, in particular in relation to disclosure of change of control provisions.</td></tr><tr><td colspan="1">For information on change of control clauses in our collaboration, development and license agreements as well as certain service agreements with the Executive Management and employees, please refer to note 5.5. Change of control clauses related to our warrant &amp; RSU programs are outlined in note 4.6.</td></tr><tr><td colspan="1">More information on share capital is included in note 4.7. Unless otherwise provided in the Danish Companies Act, the adoption of any resolution to amend Genmab A/Sâ articles of association shall be subject to the affirmative vote of not less than two thirds of the votes cast as well as of the voting share capital represented at the general meeting. Genmab A/Sâ entire articles of association can be found on our website (www.genmab.com).</td></tr><tr><td colspan="1">Read more</td></tr><tr><td colspan="1">Corporate Governance reports: http://ir.genmab.com/governance.cfm</td></tr><tr><td colspan="1">Charters and guidelines: http://ir.genmab.com/charters.cfm</td></tr><tr><td colspan="1">Articles of Association: http://ir.genmab.com/articles.cfm</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Social Responsibility (CSR)</td></tr><tr><td colspan="1">Genmabâs commitment to CSR is anchored in our companyâs core purpose and our vision, which inspires and motivates us to find new ways to improve healthcare and quality of life for patients and their families. We are committed to creating differentiated antibody products that have the potential to provide new treatment options to patients with life threatening and debilitating diseases. We believe we have a responsibility to ensure our actions not only benefit our main stakeholders (patients, shareholders and employees), but also society as a whole. With our core values and vision in mind, being socially responsible is fundamental to the way we do business at Genmab.</td></tr><tr><td colspan="1">When carrying out our business we strive to comply with all relevant laws, standards and guidelines. We also consider the well-being of our employees a top priority, and we take actions to minimize our impact on the environment to the extent possible. We have high ethical standards and aim to conduct business with companies and within countries that share our ethics and respect the protection of internationally proclaimed human rights. As we conduct business in a highly regulated industry, we have chosen not to implement a specific human rights policy. It is important to us however, to support and respect the protection of internationally proclaimed human rights through other policies that address responsible supply chain management, ethical procedures, health and safety procedures, and issues regarding access to medicine. Genmab only conducts clinical trials in markets where a drug is planned to become available. Furthermore, Genmab does not employ child labor.</td></tr><tr><td colspan="1">Our CSR Committee is comprised of representatives from our human resources, investor relations &amp; communications, legal, finance and research &amp; development functions. The committee ensures that Genmab carries out its CSR activities effectively and communicates clearly and openly about them.</td></tr><tr><td colspan="1">Genmabâs CSR report discloses the main highlights of our CSR initiatives but does not reflect all of our ongoing initiatives and procedures. As part of our commitment to CSR we monitor new developments and practices and have a process via which we consider implementing new initiatives that could further enhance our CSR activities.</td></tr><tr><td colspan="1">Genmab publishes its statutory report on CSR for the financial year 2016 cf. Section 99 a of the Danish Financial Statements Act on the companyâs website, including additional information about policies, progress made during 2016 and expected activities for 2017. Genmab has adopted a target figure for women in the Board of Directors and a policy regarding the proportion of gender in other management levels of the Genmab group. In accordance with section 99 b of the Danish Financial Statements Act, Genmab discloses the target figure, the policy and current performance in its statutory report on CSR for the financial year 2016. The statutory report on CSR can be found at http://ir.genmab.com/csr.cfm.</td></tr><tr><td colspan="1">Read more</td></tr><tr><td colspan="1">CSR reports: http://ir.genmab.com/csr.cfm#tab3</td></tr><tr><td colspan="1">Gender policy: http://ir.genmab.com/csr.cfm#tab2</td></tr><tr><td colspan="1">Target figure for women in the Board of Directors: www.genmab.com/about-us/board-of-directors/target-figure</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">Human Resources</td></tr><tr><td colspan="5">Employees are Genmabâs most important asset and we strive to attract and retain the most qualified people to fulfill our core purpose. Genmabâs goal is to develop and retain value in our own products which could one day transform cancer treatment. At Genmab, our core purpose, together with our core values, guides and inspires employees in their everyday work.</td></tr><tr><td colspan="5">Skill, knowledge, experience and employee motivation are essential to Genmab as a biotech company. The ability to organize our highly skilled and very experienced employees at all levels of the organization into interactive teams is a key factor in achieving our goals and ensuring Genmabâs success. Genmabâs team is very experienced in the pharmaceutical and biotechnology industry, particularly among the more senior personnel.</td></tr><tr><td colspan="5">Read more</td></tr><tr><td colspan="5">Gender policy: http://ir.genmab.com/csr.cfm#tab2</td></tr><tr><td colspan="5">Core purpose and values: http://www.genmab.com/about-us/our-vision</td></tr><tr><td colspan="5">Our culture: http://www.genmab.com/careers/our-culture</td></tr><tr><td>Our Core Purpose</td><td>Core Values</td></tr><tr><td>To improve the lives of patients by creating and developing innovative antibody products</td><td>Passion for innovation</td></tr><tr><td /><td>Work as one team and respect each other</td></tr><tr><td /><td>Determined â being the best at what we do</td></tr><tr><td /><td>Integrity â we do the right thing</td></tr><tr><td>Key Employee Ratios</td><td colspan="2">2016</td><td colspan="2">2015</td></tr><tr><td /><td>Male</td><td>Female</td><td>Male</td><td>Female</td></tr><tr><td>Genmab Group.</td><td>46%</td><td>54%</td><td>44%</td><td>56%</td></tr><tr><td>Director level and above</td><td>53%</td><td>47%</td><td>54%</td><td>46%</td></tr><tr><td>Below director level</td><td>43%</td><td>57%</td><td>40%</td><td>60%</td></tr><tr><td>Other Key Employee Ratios</td><td>2016</td><td>2015</td></tr><tr><td>FTE at the end of the year</td><td>205</td><td>186</td></tr><tr><td>Research and development employees</td><td>86%</td><td>87%</td></tr><tr><td>Administrative employees</td><td>14%</td><td>13%</td></tr><tr><td>Average age of workforce</td><td>41 years</td><td>41 years</td></tr><tr><td>Number of nationalities</td><td>13</td><td>12</td></tr><tr><td>Employees holding an advanced degree (Ph.D., Doctoral or Master)</td><td>50%</td></tr><tr><td /><td /><td>47%</td></tr><tr><td>More than 5 yearsâ experience in pharma/biotech industry</td><td>78%</td><td>90%</td></tr><tr><td>Seniority</td><td>7 years</td><td>7 years</td></tr><tr><td>Employee turnover[1]</td><td>8%</td><td>3%</td></tr><tr><td>Employee absence[2]</td><td>4%</td><td>2%</td></tr><tr><td colspan="5">[1] Employee turnover percentage is calculated by the FTE voluntarily leaving since the beginning of the year divided by the average FTE.</td></tr><tr><td colspan="5">[2] The rate of absence is measured as absence due to the employeeâs own illness, pregnancy-related sick leave, and occupational injuries and illnesses compared with a regional standard average of working days in the year, adjusted for holidays.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="en">Cash generated by operating activities before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vDKK" decimals="-3">288151000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="en">Cash generated by operating activities before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vDKK" decimals="-3">260323000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="en">Cash generated by operating activities before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vDKK" decimals="-3">426803000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="en">Cash generated by operating activities before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vDKK" decimals="-3">292484000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx18" unitRef="vDKK" decimals="-3">873986000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx19" unitRef="vDKK" decimals="-3">359087000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx20" unitRef="vDKK" decimals="-3">856279000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx21" unitRef="vDKK" decimals="-3">342970000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx22" xml:lang="en">Jan van de Winkel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx22" xml:lang="en">President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx23" xml:lang="en">David A. Eatwell</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx23" xml:lang="en">Executive Vice President & CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="en">Mats Pettersson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="en">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="en">Paolo Paoletti</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="en">Burton G. Malkiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx28" xml:lang="en">Pernille Erenbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx29" xml:lang="en">Rick Hibbert</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx29" xml:lang="en">Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx30" xml:lang="en">Daniel J. Bruno</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx30" xml:lang="en">Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx31" xml:lang="en">Peter Storm Kristensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx31" xml:lang="en">Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfAuditor contextRef="ctx32" xml:lang="en">Allan Knudsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx32" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
</xbrli:xbrl>