Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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<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="3">Statutory report on corporate governance</td></tr><tr><td colspan="3">Pursuant to section 107b of the Danish Financial Statements Act and clause 4.3 of âRules for Issuers of Shares â Nasdaq Copenhagenâ, listed companies shall give a statement on how they address the Recommendations on Corporate Governance issued by the Danish Committee on Corporate Governance. The recommendations of the report specify that the circumstances of each company will govern the extent to which the recommendations are complied with or not, as the key issue is to create transparency in corporate governance matters.</td></tr><tr><td colspan="3">Danish recommendation regarding corporate governance</td></tr><tr><td colspan="3">Number</td></tr><tr><td /><td>2016</td><td>2015</td></tr><tr><td>Complies with the recommendation</td><td>43</td><td>44</td></tr><tr><td>Partly complies with the recommendation</td><td>4</td><td>3</td></tr><tr><td>Does not comply with the recommendation</td><td>0</td><td>0</td></tr><tr><td>Number of recommendations</td><td>47</td><td>47</td></tr><tr><td colspan="3">Vestasâ statutory report, which is part of the annual report, is only available at www.vestas.com/investor/corporate_governance#!statutoryreports.</td></tr></table></mrv:CorporateGovernanceReport>
<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="1">Statutory report on gender diversity at management levels</td></tr><tr><td colspan="1">As required in section 99b of the Danish Financial Statements Act, Vestas has a policy to offer all employees equal opportunities. Vestas aims for a more equal distribution of gender among employees in leadership positions.</td></tr><tr><td colspan="1">Once a year, the Nomination and Compensation Committee discusses the status of diversity and the strategy for the diversity area in Vestas for the coming year â and the Board of Directors discusses the overall principles regarding diversity.</td></tr><tr><td colspan="1">Vestas is working with a number of activities to ensure relevant diversity at management levels, such as</td></tr><tr><td colspan="1">- assuring that both genders are represented in the search process â and in the last process of the selection of the new employee, and</td></tr><tr><td colspan="1">- exposing the engineering opportunities to women, including specific events for female engineering candidates.</td></tr><tr><td colspan="1">In 2016, the share of women at management level within Vestas was 19.4 percent, compared to 18.2 percent in 2015.</td></tr><tr><td colspan="1">By the end of 2016, Vestasâ workforce represented 86 nationalities. Non-Danish nationals held 60 percent of the positions in the top management layers â an increase of 4 percentage points over the course of the last five years. The development mirrors the continued globalisation of the Vestas Group with Vestasâ Executive Management team itself as an example of increased diversity with members from Denmark, France, Spain, and Sweden.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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">Combined with additional information about Vestasâ sustainability initiatives at vestas.com, this annual report constitutes Vestasâ âCommunication on Progressâ (COP) 1) under the UN Global Compact. In this way, Vestas applies the option stipulated in section 99a of the Danish enterprises to report non-financial information by referring to the COP report.</td></tr><tr><td colspan="1">1) Read more: www.vestas.com/en/about/sustainability.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="en">Vestas Wind Systems A/S</gsd:NameOfReportingEntity>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="en">Aarhus N</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx1" xml:lang="en">+45 9730 0000</gsd:TelephoneNumberOfReportingEntity>
<gsd:FaxNumberOfReportingEntity contextRef="ctx1" xml:lang="en">+45 9730 0001</gsd:FaxNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx1" xml:lang="en">vestas@vestas.com</gsd:EmailOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx1">vestas.com</gsd:HomepageOfReportingEntity>
<gsd:ReportingPeriodStartDate contextRef="ctx1">2016-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2016-12-31</gsd:ReportingPeriodEndDate>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">10403782</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2017-04-06</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="en">Klaus Søgaard</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<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">Managementâs statement</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">The Executive Management and Board of Directors have today considered and adopted the annual report of Vestas Wind Systems A/S for the financial year 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 consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. The financial statements of Vestas Wind Systems A/S have been prepared in accordance with the Danish Financial Statements Act. The management report is also prepared in accordance with the Danish disclosure requirements 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 financial statements give a true and fair view of the financial position at 31 December 2016 of the Group and the company and of the results of the Group and company's operations and consolidated cash flows for the financial year 1 January â 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 management report includes a true and fair account of the development in the operations and financial circumstances of the Group and the company, of the results for the year and of the financial position of the Group and the company as well as a description of the most significant risks and elements of uncertainty facing the Group and the company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports 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 Group has prepared the social and environmental statements in accordance with the accounting policies applied. They give a true and fair account of the Groupâs social and environment performance.</td></tr></table></sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports>
<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">Aarhus</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2017-02-08</sob:DateOfApprovalOfAnnualReport>
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<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">The 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 Vestas Wind Systems 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 give a true and fair view of the Groupâs financial position at 31 December 2016 and of the results of the Groupâs 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">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at 31 December 2016 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2016 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">Vestas Wind Systems A/Sâ Consolidated Financial Statements and Parent Company Financial Statements for the financial year 1 January to 31 December 2016, pages 053-117 and pages 119-133, comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including summary of significant accounting policies for the Group as well as for the Parent Company and statement of comprehensive income and cash flow statement for the Group. 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 with 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="2">Key Audit Matters</td></tr><tr><td colspan="2">Key audit matters are those matters that, in our professional judgement, 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>Key Audit Matter</td><td>How our audit addressed the Key Audit Matter</td></tr><tr><td colspan="2">Revenue recognition</td></tr><tr><td>Recognition of the Groupâs revenue is complex due to several types of customer contracts utilised, including sale of wind turbines and power plants (supply-only, supply-and-installation and turnkey), service contracts and sale of spare parts.</td><td>We tested the relevant controls used to ensure the completeness, accuracy and timing of revenue recognised, including controls over the degree of completion of turnkey and service contracts at year-end.</td></tr><tr><td>We focused on this area as recognition of revenue involves significant judgement made by Management including; whether contracts contain deliverables which should be separated for revenue recognition purposes and the most appropriate revenue recognition methodology for each of those elements; determining the allocation of consideration on a fair value basis between components of multi-element contracts as noted above; assessing when transfer of risk has occurred regarding sale of wind turbines (supply-only and supply-and-installation) and sale of spare parts; and assessing the degree of completion of project and service contracts which are accounted for on a âpercentage of completionâ basis.</td><td>We read a sample of both project and service contracts to assess whether the revenue recognition methodology was relevant and consistent with accounting standards, and had been applied consistently. We focused on contract classification, allocation of income and cost to the individual parts of the contracts and timing of transfer of risk. Where a contract contained multiple elements, we considered Managementâs judgements as to whether there were elements that should be accounted for separately, and, in such cases, challenged the judgements made in the allocation of the consideration to each element.</td></tr><tr><td>Refer to Note 1.2 and Note 2.4.</td><td>We evaluated and challenged the significant judgements and estimates made by Management in applying Vestasâ accounting policy to a sample of specific contracts and separable elements of contracts, and we obtained evidence to support them, including details of contractual agreements, delivery records, cash receipts and project plans. For the contracts selected, we inspected original signed contracts and agreed the revenue recognised to the underlying accounting records.</td></tr><tr><td /><td>We obtained a sample of Managementâs calculations of the degree of completion of turnkey and service contracts at year-end. We matched a sample of source data used in Managementâs calculation to supporting evidence, and evaluated the judgements applied. We also considered the historical outturns of judgements used in prior periods.</td></tr><tr><td /><td>We applied Computer Assisted Audit Techniques to establish, whether any revenue had been recognised where no corresponding accounts receivable or cash item had been recorded in the general ledger.</td></tr><tr><td colspan="2">Tax risks</td></tr><tr><td>The Group operates in a complex multinational tax environment and the Group is part in tax cases with domestic and foreign tax authorities.</td><td>We evaluated relevant controls regarding completeness of records of uncertain tax positions and Managementâs procedure for estimating the provision for uncertain tax provisions and write-down of deferred tax assets.</td></tr><tr><td>We focused on this area as the amounts involved are material and as the valuation of the provision and deferred tax assets is associated with a high degree of judgement.</td><td>In understanding and evaluating Managementâs judgements, we considered the status of recent and current tax authority audits and enquiries, the outcome of previous claims, judgemental positions taken in tax returns and current estimates and developments in the tax environment.</td></tr><tr><td>At 31 December 2016, the Group has recognised provisions in respect of uncertain tax positions. Furthermore, the Group has recognised write-downs on deferred tax assets.</td><td>In addition, we used internal local and international tax specialists to evaluate and challenge the adequacy of Managementâs key assumptions and read correspondence with tax authorities to assess Managementâs estimates.</td></tr><tr><td>Refer to Note 5.1 and 5.2.</td><td>We evaluated the Groupâs model for valuation of deferred tax assets, including the forecasts used to estimate the expected future taxable income.</td></tr><tr><td colspan="2">Warranty provisions</td></tr><tr><td>The Groupâs product warranties primarily cover expected costs to repair or replace components with defects or functional errors and financial losses suffered by the Groupâs customers in connection with unplanned suspension of operations. Warranties are usually granted for a two-year period from delivery of the turbine, however, in certain cases, a warranty of up to five years is granted. Additionally, provisions are also made for turbines sold with serial errors.</td><td>We tested the relevant controls regarding completeness of warranty provisions and how Management assesses valuation of provisions.</td></tr><tr><td>We focused on this area as the completeness and valuation of the expected outcome of warranty provisions requires a high degree of Management judgement and the use of estimates giving rise to inherent uncertainty in the amounts recorded in the financial statements.</td><td>We challenged the assumptions underlying the valuation of provisions by checking and verifying the inputs used to calculate the provisions, including interviewing project managers, cost controllers and Management regarding individual cases. We assessed specific warranty provisions held for individual cases to evaluate whether the warranty provisions were sufficient to cover expected costs at year-end.</td></tr><tr><td>Refer to Note 3.5.</td><td>Further, we assessed the level of historical warranty claims to assess whether the total warranty provisions held at year-end were sufficient to cover expected costs in light of known and expected cases and standard warranty periods provided.</td></tr><tr><td colspan="2">Inventory valuation</td></tr><tr><td>The valuation of inventory across the Group is dependent on establishing appropriate valuation controls.</td><td>We tested relevant internal controls that the Group uses to ensure proper valuation of inventory, including the procedures for write-down of obsolete inventory and the indirect production costs manually capitalised as inventory.</td></tr><tr><td>We focused on this area as Management judgement is applied to estimate the appropriate write-down for obsolete inventories and the indirect production costs manually capitalised as inventory. These judgements are key elements in the valuation of inventories.</td><td>We tested the adequacy of write-downs for excess and/or obsolete inventory by verifying future demand data, historical usage, historical accuracy of write-downs and Managementâs plans to utilise the inventory.</td></tr><tr><td>Refer to Note 2.2.</td><td>We evaluated and challenged the significant judgements and estimates made by Management in applying Vestasâ accounting policy in relation to indirect production costs.</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 Managementâs 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 the 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 Parent Company Financial Statements and has been prepared in accordance with 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 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 the preparation of Parent Company Financial Statements that give a true and fair view in accordance with 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 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 judgement 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">2017-02-08</arr:SignatureOfAuditorsDate>
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<ifrs-dk:ProductionCost contextRef="ctx1" unitRef="vEUR" decimals="-6">8111000000</ifrs-dk:ProductionCost>
<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vEUR" decimals="-6">2126000000</ifrs-full:GrossProfit>
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<ifrs-dk:SpecialItems contextRef="ctx1" unitRef="vEUR" decimals="-6">0</ifrs-dk:SpecialItems>
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<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vEUR" decimals="-6">56000000</ifrs-full:FinanceIncome>
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<ifrs-full:ProfitLoss contextRef="ctx1" unitRef="vEUR" decimals="-6">965000000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">4.4100</ifrs-full:BasicEarningsLossPerShare>
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<ifrs-dk:TransferToProductionCostBeforeTax contextRef="ctx1" unitRef="vEUR" decimals="-6">9000000</ifrs-dk:TransferToProductionCostBeforeTax>
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<ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodBeforeTax contextRef="ctx1" unitRef="vEUR" decimals="-6">13000000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodBeforeTax>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx1" unitRef="vEUR" decimals="-6">-77000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx1" unitRef="vEUR" decimals="-6">888000000</ifrs-full:ComprehensiveIncome>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">33771231</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="en">Strandvejen 44</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2015-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2015-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="en">Anders Runevad</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="en">Group President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="en">Marika Fredriksson</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="en">Executive Vice President & CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx4" xml:lang="en">Anders Vedel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx4" xml:lang="en">Executive Vice President & CTO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx5" xml:lang="en">Jean-Marc Lechêne</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx5" xml:lang="en">Executive Vice President & COO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx6" xml:lang="en">Juan Araluce</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx6" xml:lang="en">Executive Vice President & CSO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="en">Bert Nordberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="en">Lars Josefsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="en">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" xml:lang="en">Carsten Bjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" xml:lang="en">Eija Pitkänen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx13" xml:lang="en">Torben Ballegaard Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx14" xml:lang="en">Lykke Friis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx15" xml:lang="en">Kim Hvid Thomsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="en">Sussie Dvinge Agerbo</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx18" xml:lang="en">Peter Lindholst</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<ifrs-full:PropertyPlantAndEquipment contextRef="ctx19" unitRef="vEUR" decimals="-6">1329000000</ifrs-full:PropertyPlantAndEquipment>
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<ifrs-full:Assets contextRef="ctx19" unitRef="vEUR" decimals="-6">9931000000</ifrs-full:Assets>
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<ifrs-full:Liabilities contextRef="ctx19" unitRef="vEUR" decimals="-6">6741000000</ifrs-full:Liabilities>
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<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx20" unitRef="vEUR" decimals="-6">687000000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx20" unitRef="vEUR" decimals="-6">1279000000</ifrs-full:PropertyPlantAndEquipment>
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<ifrs-full:DeferredTaxAssets contextRef="ctx20" unitRef="vEUR" decimals="-6">149000000</ifrs-full:DeferredTaxAssets>
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<ifrs-dk:Securities contextRef="ctx20" unitRef="vEUR" decimals="-6">0</ifrs-dk:Securities>
<ifrs-full:NoncurrentAssets contextRef="ctx20" unitRef="vEUR" decimals="-6">2508000000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx20" unitRef="vEUR" decimals="-6">1899000000</ifrs-full:Inventories>
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<ifrs-dk:ConstructionContracts contextRef="ctx20" unitRef="vEUR" decimals="-6">15000000</ifrs-dk:ConstructionContracts>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx20" unitRef="vEUR" decimals="-6">60000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx20" unitRef="vEUR" decimals="-6">442000000</ifrs-full:OtherCurrentReceivables>
<ifrs-dk:CurrentSecurities contextRef="ctx20" unitRef="vEUR" decimals="-6">0</ifrs-dk:CurrentSecurities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx20" unitRef="vEUR" decimals="-6">2765000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx20" unitRef="vEUR" decimals="-6">5976000000</ifrs-full:CurrentAssets>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale contextRef="ctx20" unitRef="vEUR" decimals="-6">103000000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale>
<ifrs-full:Assets contextRef="ctx20" unitRef="vEUR" decimals="-6">8587000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx20" unitRef="vEUR" decimals="-6">30000000</ifrs-full:IssuedCapital>
<ifrs-full:OtherReserves contextRef="ctx20" unitRef="vEUR" decimals="-6">138000000</ifrs-full:OtherReserves>
<ifrs-full:RetainedEarnings contextRef="ctx20" unitRef="vEUR" decimals="-6">2731000000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx20" unitRef="vEUR" decimals="-6">2899000000</ifrs-full:Equity>
<ifrs-full:NoncurrentProvisions contextRef="ctx20" unitRef="vEUR" decimals="-6">314000000</ifrs-full:NoncurrentProvisions>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">20000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-dk:NoncurrentPayablesToOtherCreditInstitutions contextRef="ctx20" unitRef="vEUR" decimals="-6">495000000</ifrs-dk:NoncurrentPayablesToOtherCreditInstitutions>
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<ifrs-full:NoncurrentLiabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">883000000</ifrs-full:NoncurrentLiabilities>
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<ifrs-full:OtherCurrentLiabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">516000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx20" unitRef="vEUR" decimals="-6">1760000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentProvisions contextRef="ctx20" unitRef="vEUR" decimals="-6">124000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx20" unitRef="vEUR" decimals="-6">147000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">4805000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">5688000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx20" unitRef="vEUR" decimals="-6">8587000000</ifrs-full:EquityAndLiabilities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" xml:lang="en">Profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" unitRef="vEUR" decimals="-6">965000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx22" xml:lang="en">Profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx22" unitRef="vEUR" decimals="-6">685000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="ctx23" unitRef="vEUR" decimals="-6">603000000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">14000000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">43000000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">184000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx23" unitRef="vEUR" decimals="-6">397000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">1472000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">148000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">220000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">1000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">3000000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">0</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">55000000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">-425000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">1047000000</ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="ctx23" unitRef="vEUR" decimals="-6">176000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">116000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">496000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">604000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">-360000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx23" unitRef="vEUR" decimals="-6">687000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx23" unitRef="vEUR" decimals="-6">64000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:Revenue contextRef="ctx23" unitRef="vEUR" decimals="-6">8423000000</ifrs-full:Revenue>
<ifrs-dk:ProductionCost contextRef="ctx23" unitRef="vEUR" decimals="-6">6918000000</ifrs-dk:ProductionCost>
<ifrs-full:GrossProfit contextRef="ctx23" unitRef="vEUR" decimals="-6">1505000000</ifrs-full:GrossProfit>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx23" unitRef="vEUR" decimals="-6">211000000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:DistributionCosts contextRef="ctx23" unitRef="vEUR" decimals="-6">186000000</ifrs-full:DistributionCosts>
<ifrs-full:AdministrativeExpense contextRef="ctx23" unitRef="vEUR" decimals="-6">248000000</ifrs-full:AdministrativeExpense>
<ifrs-dk:SpecialItems contextRef="ctx23" unitRef="vEUR" decimals="-6">46000000</ifrs-dk:SpecialItems>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">906000000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="ctx23" unitRef="vEUR" decimals="-6">34000000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
<ifrs-full:FinanceIncome contextRef="ctx23" unitRef="vEUR" decimals="-6">61000000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx23" unitRef="vEUR" decimals="-6">76000000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx23" unitRef="vEUR" decimals="-6">925000000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx23" unitRef="vEUR" decimals="-6">240000000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx23" unitRef="vEUR" decimals="-6">685000000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx23" unitRef="share" decimals="4">3.1000</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx23" unitRef="share" decimals="4">3.0700</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx23" unitRef="vEUR" decimals="-6">62000000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax contextRef="ctx23" unitRef="vEUR" decimals="-6">137000000</ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax>
<ifrs-dk:TransferToProductionCostBeforeTax contextRef="ctx23" unitRef="vEUR" decimals="-6">-107000000</ifrs-dk:TransferToProductionCostBeforeTax>
<ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome contextRef="ctx23" unitRef="vEUR" decimals="-6">8000000</ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome>
<ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodBeforeTax contextRef="ctx23" unitRef="vEUR" decimals="-6">-5000000</ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodBeforeTax>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx23" unitRef="vEUR" decimals="-6">79000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx23" unitRef="vEUR" decimals="-6">764000000</ifrs-full:ComprehensiveIncome>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx24" xml:lang="en">Cash flow from operating activities before change in net working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx24" unitRef="vEUR" decimals="-6">1793000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" xml:lang="en">Cash flow from operating activities before change in net working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" unitRef="vEUR" decimals="-6">1075000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx26" xml:lang="en">Acquisition of associates and joint ventures</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx26" unitRef="vEUR" decimals="-6">-66000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" xml:lang="en">Acquisition of associates and joint ventures</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" xml:lang="en">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" unitRef="vEUR" decimals="-6">11000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" xml:lang="en">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" unitRef="vEUR" decimals="-6">40000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx30" unitRef="vEUR" decimals="-6">2765000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx31" unitRef="vEUR" decimals="-6">2014000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameOfAuditFirm contextRef="ctx32" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx32">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx32" xml:lang="en">Kim Füchsel</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx32" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx33" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx33" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
</xbrli:xbrl>