Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2016-12-31 | 2823698000 | DKK |
| ifrs-full:Assets | 2015-12-31 | 1989263000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 1006742000 | DKK |
| ifrs-full:Revenue | 2015-01-01 | 2015-12-31 | 1020561000 | DKK |
XML
See the xml submitted here:
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Separator
The full data:
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_4">Erik Gregers Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_5">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_6">Frank A. G. M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_1">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_memberOfBoardIdentifier_only_2">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">DK-2300</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Copenhagen</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Denmark</gsd:AddressOfAuditorCountry>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">DK-2300 Copenhagen</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of Bavarian Nordic A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the<br/>preparation of consolidated financial<br/>statements that give a true and fair<br/>view in accordance with International<br/>Financial Reporting Standards as<br/>adopted by the EU and additional<br/>requirements of the Danish Financial<br/>Statements Act, and for the preparation<br/>of parent financial statements<br/>that give a true and fair view in<br/>accordance with the Danish Financial<br/>Statements Act.<br/><br/>Management is also responsible for<br/>such internal control as Management<br/>determines is necessary to enable the<br/>preparation of consolidated financial<br/>statements and parent financial<br/>statements that are free from material<br/>misstatement, whether due to fraud<br/>or error.<br/><br/>In preparing the consolidated financial<br/>statements and the parent financial<br/>statements, Management is responsible<br/>for assessing the Groupâs and the<br/>Parentâs ability to continue as a going<br/>concern, for disclosing, as applicable,<br/>matters related to going concern, and<br/>for using the going concern basis of<br/>accounting in the preparation of the<br/>consolidated financial statements<br/>and the parent financial statements<br/>unless Management either intends to<br/>liquidate the Group or the Parent or<br/>to cease operations, or has no realistic<br/>alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable<br/>assurance about whether the consolidated<br/>financial statements and the<br/>parent financial statements as a whole<br/>are free from material misstatement,<br/>whether due to fraud or error, and to<br/>issue an auditorâs report that includes<br/>our opinion. Reasonable assurance is<br/>a high level of assurance, but is not a<br/>guarantee that an audit conducted in<br/>accordance with International Standards<br/>on Auditing and the additional<br/>requirements applicable in Denmark<br/>will always detect a material misstatement<br/>when it exists. Misstatements<br/>can arise from fraud or error and are<br/>considered material if, individually or in<br/>the aggregate, they could reasonably<br/>be expected to influence the economic<br/>decisions of users taken on the basis of<br/>these consolidated financial statements<br/>and these parent financial statements.<br/><br/>As part of an audit conducted in accordance<br/>with International Standards on<br/>Auditing and the additional requirements<br/>applicable in Denmark, we exercise<br/>professional judgement and maintain<br/>professional skepticism throughout the<br/>audit. We also:<br/><br/>⢠Identify and assess the risks of<br/>material misstatement of the consolidated<br/>financial statements and<br/>the parent financial statements,<br/>whether due to fraud or error, design<br/>and perform audit procedures<br/>responsive to those risks, and obtain<br/>audit evidence that is sufficient and<br/>appropriate to provide a basis for<br/>our opinion. The risk of not detecting<br/>a material misstatement resulting<br/>from fraud is higher than for one<br/>resulting from error, as fraud may<br/>involve collusion, forgery, intentional<br/>omissions, misrepresentations, or<br/>the override of internal control.<br/>⢠Obtain an understanding of internal<br/>control relevant to the audit in order to<br/>design audit procedures that are appropriate<br/>in the circumstances, but not<br/>for the purpose of expressing an opinion<br/>on the effectiveness of the Groupâs<br/>and the Parentâs internal control.<br/>⢠Evaluate the appropriateness of<br/>accounting policies used and the reasonableness<br/>of accounting estimates<br/>and related disclosures made by<br/>Management.<br/>⢠Conclude on the appropriateness<br/>of Managementâs use of the going<br/>concern basis of accounting in the<br/>preparation of the consolidated<br/>financial statements and the parent<br/>financial statements, and, based on<br/>the audit evidence obtained, whether<br/>a material uncertainty exists<br/>related to events or conditions that<br/>may cast significant doubt on the<br/>Groupâs and the Parentâs ability to<br/>continue as a going concern. If we<br/>conclude that a material uncertainty<br/>exists, we are required to draw<br/>attention in our auditorâs report to<br/>the related disclosures in the consolidated<br/>financial statements and<br/>the parent financial statements or, if<br/>such disclosures are inadequate, to<br/>modify our opinion. Our conclusions<br/>are based on the audit evidence obtained<br/>up to the date of our auditorâs<br/>report. However, future events or<br/>conditions may cause the Group and<br/>the Parent to cease to continue as a<br/>going concern.<br/>⢠Evaluate the overall presentation,<br/>structure and content of the consolidated<br/>financial statements and the<br/>parent financial statements, including<br/>the disclosures in the notes, and<br/>whether the consolidated financial<br/>statements and the parent financial<br/>statements represent the underlying<br/>transactions and events in a manner<br/>that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit<br/>evidence regarding the financial information<br/>of the entities or business<br/>activities within the Group to express<br/>an opinion on the consolidated<br/>financial statements. We are responsible<br/>for the direction, supervision<br/>and performance of the group audit.<br/>We remain solely responsible for our<br/>audit opinion.<br/><br/>We communicate with those charged<br/>with governance regarding, among<br/>other matters, the planned scope and<br/>timing of the audit and significant<br/>audit findings, including any significant<br/>deficiencies in internal control that we<br/>identify during our audit.<br/><br/>We also provide those charged with<br/>governance with a statement that we<br/>have complied with relevant ethical<br/>requirements regarding independence,<br/>and to communicate with them all relationships<br/>and other matters that may<br/>reasonably be thought to bear on our<br/>independence, and where applicable,<br/>related safeguards.<br/><br/>From the matters communicated with<br/>those charged with governance, we<br/>determine those matters that were of<br/>most significance in the audit of the<br/>consolidated financial statements and<br/>the parent financial statements of the<br/>current period and are therefore the<br/>key audit matters. We describe these<br/>matters in our auditorâs report unless<br/>law or regulation precludes public<br/>disclosure about the matter or when,<br/>in extremely rare circumstances, we<br/>determine that a matter should not be<br/>communicated in our report because<br/>the adverse consequences of doing<br/>so would reasonably be expected to<br/>outweigh the public interest benefits<br/>of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance<br/>with International Standards on Auditing<br/>and the additional requirements<br/>applicable in Denmark. Our responsibilities<br/>under those standards and<br/>requirements are further described in<br/>the Auditorâs responsibilities for the<br/>audit of the consolidated financial<br/>statements and the parent financial<br/>statements section of this auditorâs report.<br/>We are independent of the Group<br/>in accordance with the IESBA Code of<br/>Ethics for Professional Accountants and<br/>additional requirements applicable in<br/>Denmark, and we have fulfilled our<br/>other ethical responsibilities in accordance<br/>with these requirements. We believe<br/>that the audit evidence we have<br/>obtained is sufficient and appropriate<br/>to provide a basis for our opinion.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated<br/>financial statements and the parent<br/>financial statements of Bavarian Nordic<br/>A/S for the financial year January<br/>1 â December 31, 2016, which comprise<br/>the income statement, statement<br/>of financial position, statement of<br/>changes in equity and notes, including<br/>the summary of significant accounting<br/>policies, for the Group as well as<br/>the Parent and the consolidated cash<br/>flow statement and the consolidated<br/>statement of comprehensive income.<br/>The consolidated financial statements<br/>are prepared in accordance with International<br/>Financial Reporting Standards<br/>as adopted by the EU and additional<br/>requirements of the Danish Financial<br/>Statements Act and the parent<br/>financial statements are prepared in<br/>accordance with the Danish Financial<br/>Statements Act.<br/><br/>In our opinion, the consolidated financial<br/>statements give a true and fair<br/>view of the Groupâs financial position at<br/>December 31, 2016 and of its financial<br/>performance and cash flows for the<br/>financial year January 1 â December<br/>31, 2016 in accordance with International<br/>Financial Reporting Standards<br/>as adopted by the EU and additional<br/>requirements of the Danish Financial<br/>Statements Act.<br/><br/>Further, in our opinion, the parent<br/>financial statements give a true and<br/>fair view of the financial position of<br/>the Parent at December 31, 2016 and<br/>of its financial performance for the financial<br/>year January 1 â December 31,<br/>2016 in accordance with the Danish<br/>Financial Statements Act.</arr:OpinionOnAuditedFinancialStatements>
<arr:SupplementaryInformationOnOtherMatters contextRef="duration_CY_only">Key audit matters are those matters<br/>that, in our professional judgement,<br/>were of most significance in our audit<br/>of the consolidated financial statements<br/>and the parent financial statements<br/>for the financial year January<br/>1 â December 31, 2016. These matters<br/>were addressed in the context of our<br/>audit of the consolidated financial<br/>statements and the parent financial<br/>statements as a whole, and in forming<br/>our opinion thereon, and we do<br/>not provide a separate opinion on<br/>these matters.<br/><br/>Revenue under the BARDA contracts<br/>for IMVAMUNE<br/><br/>Refer to notes 2 and 3 in the consolidated<br/>financial statements.<br/><br/>Revenue recognized under the Biomedical Advanced<br/>Research and Development Authority (BARDA)<br/>contracts with the U.S. Government related to<br/>IMVAMUNE amounted to DKK 876 million in 2016.<br/>Contracts with BARDA include multiple elements,<br/>and recognition of revenue is significant and requires<br/>subjective evaluation. Management therefore<br/>exercises judgement in determining whether the<br/>Group has fulfilled all of its performance obligations.<br/><br/>Managementâs assessment includes whether it is<br/>probable that future economic benefits from the<br/>sale of IMVAMUNE bulk drug substance will flow to<br/>the Group, the benefits can be measured reliably,<br/>ownership of the goods and services are transferred<br/>to BARDA, and the Group no longer retains<br/>managerial responsibility for, or control of, the<br/>goods sold and services delivered to BARDA.<br/><br/>How the matter was addressed in the audit<br/><br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>revenue under the BARDA contracts, we tested the<br/>appropriateness of the Groupâs revenue recognition.<br/><br/>We read the BARDA contracts, discussed them with<br/>Management and evaluated the related accounting<br/>treatment. During the audit, using third party<br/>sources, we tested whether the performance obligations<br/>for revenue recognized under the BARDA<br/>contracts were met in 2016.<br/><br/>We also evaluated the financial statements<br/>disclosures related to revenue.<br/><br/>Deferred revenue under the BMS<br/>PROSTVAC agreement<br/><br/>Refer to notes 2, 3 and 26 in the consolidated<br/>financial statements.<br/><br/>The statement of financial position includes a<br/>prepayment from Bristol-Myers Squibb (BMS) of<br/>DKK 399 million (USD 60 million) at December 31,<br/>2016, representing the exclusive up-front option<br/>payment received from Bristol-Myers Squibb (BMS)<br/>in 2015 under the PROSTVAC agreement.<br/><br/>Revenue is recognized when it is assessed that the<br/>deliverables transferred have value to BMS on a<br/>stand-alone basis and the Group has no further performance<br/>obligations related to the option payment.<br/><br/>The PROSTVAC agreement with BMS includes<br/>multiple elements, and recognition of revenue is<br/>complex and significant, and requires subjective<br/>evaluations. In particular, it requires Management<br/>to exercise judgment to ensure that revenue under<br/>the PROSTVAC agreement is recognized when the<br/>deliverables are made.<br/><br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>revenue under the BMS PROSTVAC agreement,<br/>we tested the appropriateness of the Groupâs<br/>revenue recognition.<br/><br/>We read the BMS PROSTVAC agreement, discussed<br/>it with Management and evaluated the related<br/>accounting treatment. During the audit, we tested<br/>that the performance obligations under the<br/>agreement were not met in 2016, and that the<br/>prepayment is recognized as deferred revenue in<br/>the statement of financial position at December<br/>31, 2016.<br/><br/>We also evaluated the financial statements<br/>disclosures related to deferred revenue.<br/><br/>Measurement of deferred tax asset in Denmark<br/><br/>Refer to notes 2 and 13 in the consolidated<br/>financial statements.<br/><br/>The statement of financial position includes a deferred<br/>tax asset in Denmark of DKK 130 million at<br/>December 31, 2016. The utilization of the deferred<br/>tax asset is based on Managementâs expectations<br/>that it is more likely than not that PROSTVAC will<br/>generate significant future revenues as well as<br/>future taxable profits from sales of PROSTVAC and<br/>other products.<br/><br/>Judgement is therefore required in assessing the<br/>most significant accounting estimate, i.e. the<br/>probability of success for PROSTVAC, and resulting<br/>impact on the carrying amount of the deferred tax<br/>asset at the balance sheet date.<br/><br/>How the matter was addressed in the audit<br/><br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>measurement of deferred tax assets, we tested the<br/>appropriateness of the Groupâs model for measurement<br/>of deferred tax assets.<br/><br/>We reviewed and challenged the documentation<br/>prepared by Management on the deferred tax<br/>assets, including Managementâs best estimate.<br/><br/>We tested the applied assumptions to the budget<br/>and forecasts as approved by the Board of Directors.<br/><br/>We reviewed and challenged the supporting<br/>documentation for the probability of success<br/>for PROSTVAC.<br/><br/>Our tax specialists reviewed the tax calculation<br/>for compliance with relevant tax requirements.<br/><br/>We also evaluated the financial statements<br/>disclosures related to deferred tax assets.</arr:SupplementaryInformationOnOtherMatters>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the<br/>management commentary.<br/><br/>Our opinion on the consolidated financial<br/>statements and the parent financial<br/>statements does not cover the<br/>management commentary, and we<br/>do not express any form of assurance<br/>conclusion thereon.<br/><br/>In connection with our audit of the<br/>consolidated financial statements and<br/>the parent financial statements, our<br/>responsibility is to read the management<br/>commentary and, in doing so,<br/>consider whether the management<br/>commentary is materially inconsistent<br/>with the consolidated financial statements<br/>and the parent financial statements<br/>or our knowledge obtained in<br/>the audit or otherwise appears to be<br/>materially misstated.<br/><br/>Moreover, it is our responsibility to<br/>consider whether the management<br/>commentary provides the information<br/>required under the Danish Financial<br/>Statements Act.<br/><br/>Based on the work we have performed,<br/>we conclude that the management<br/>commentary is in accordance with the<br/>consolidated financial statements and<br/>the parent financial statements and has<br/>been prepared in accordance with the<br/>requirements of the Danish Financial<br/>Statements Act. We did not identify any<br/>material misstatement of the management<br/>commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2017-03-15</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">Martin Norin Faarborg</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_2">Henrik Hjort Kjelgaard</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentificer_only_2">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<ifrs-full:GrossProfit contextRef="duration_LY_only" decimals="-3" unitRef="DKK">605423000</ifrs-full:GrossProfit>
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<ifrs-full:ResearchAndDevelopmentExpense contextRef="duration_LY_only" decimals="-3" unitRef="DKK">386811000</ifrs-full:ResearchAndDevelopmentExpense>
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<ifrs-full:ProfitLossFromOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">1554000</ifrs-full:ProfitLossFromOperatingActivities>
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<ifrs-full:FinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="DKK">99357000</ifrs-full:FinanceIncome>
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<ifrs-full:FinanceCosts contextRef="duration_LY_only" decimals="-3" unitRef="DKK">23282000</ifrs-full:FinanceCosts>
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<ifrs-dk:CurrentSecurities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">684141000</ifrs-dk:CurrentSecurities>
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<ifrs-full:CashAndCashEquivalents contextRef="instant_LY_only" decimals="-3" unitRef="DKK">374063000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_CY_only_start" decimals="-3" unitRef="DKK">374063000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_LY_only_start" decimals="-3" unitRef="DKK">398357000</ifrs-full:CashAndCashEquivalents>
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<PP:PP_B9C6650B_1EF8_40C5_B573_9156FC0C3CD9 contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1058204000</PP:PP_B9C6650B_1EF8_40C5_B573_9156FC0C3CD9>
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<ifrs-full:CurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1404258000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="instant_CY_only" decimals="-3" unitRef="DKK">2823698000</ifrs-full:Assets>
<ifrs-full:Assets contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1989263000</ifrs-full:Assets>
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<ifrs-full:IssuedCapital contextRef="instant_LY_only" decimals="-3" unitRef="DKK">280197000</ifrs-full:IssuedCapital>
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<ifrs-full:RetainedEarnings contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1066558000</ifrs-full:RetainedEarnings>
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<ifrs-full:TreasuryShares contextRef="instant_LY_only" decimals="-3" unitRef="DKK">0</ifrs-full:TreasuryShares>
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<ifrs-full:OtherReserves contextRef="instant_LY_only" decimals="-3" unitRef="DKK">-4276000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="instant_CY_only" decimals="-3" unitRef="DKK">2017237000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1342479000</ifrs-full:Equity>
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<ifrs-full:NoncurrentProvisions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">25226000</ifrs-full:NoncurrentProvisions>
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<ifrs-dk:NoncurrentPayablesToCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">31324000</ifrs-dk:NoncurrentPayablesToCreditInstitutions>
<ifrs-full:NoncurrentLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">54663000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">56550000</ifrs-full:NoncurrentLiabilities>
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<ifrs-full:CurrentProvisions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">570000</ifrs-full:CurrentProvisions>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="instant_CY_only" decimals="-3" unitRef="DKK">2136000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1969000</ifrs-dk:CurrentPayablesToCreditInstitutions>
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<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="instant_LY_only" decimals="-3" unitRef="DKK">69574000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
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<ifrs-full:OtherCurrentLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">111711000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:Liabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">806461000</ifrs-full:Liabilities>
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<ifrs-full:EquityAndLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">2823698000</ifrs-full:EquityAndLiabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1989263000</ifrs-full:EquityAndLiabilities>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_CY_only" decimals="-3" unitRef="DKK">8949000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_LY_only" decimals="-3" unitRef="DKK">18203000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_CY_only" decimals="-3" unitRef="DKK">31335000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_LY_only" decimals="-3" unitRef="DKK">23282000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="DKK">37877000</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="DKK">99357000</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_CY_only" decimals="-3" unitRef="DKK">45364000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_LY_only" decimals="-3" unitRef="DKK">43525000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-570000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-878000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_CY_only" decimals="-3" unitRef="DKK">18186000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_LY_only" decimals="-3" unitRef="DKK">26746000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="duration_CY_only" decimals="-3" unitRef="DKK">2825000</ifrs-full:OtherAdjustmentsForNoncashItems>
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<ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-30845000</ifrs-dk:DecreaseIncreaseInInventories>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_CY_only" decimals="-3" unitRef="DKK">20711000</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_LY_only" decimals="-3" unitRef="DKK">28017000</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_CY_only" decimals="-3" unitRef="DKK">258564000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_LY_only" decimals="-3" unitRef="DKK">78377000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">3515000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2935000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">21311000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">43742000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">8759000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">13861000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2">Changes in development projects for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2">Changes in development projects for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_2" decimals="-3" unitRef="DKK">-41656000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">126237000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">-12470000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">267601000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">105323000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">1979000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">1200000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">47810000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">31652000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">43709000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">28269000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">425976000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">615277000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">784230000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">734557000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-389000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-122000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-448183000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-178123000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_only" decimals="-3" unitRef="DKK">2849000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_only" decimals="-3" unitRef="DKK">0</ifrs-dk:PurchaseSaleOfTreasuryAssets>
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<ifrs-dk:IssuanceCost contextRef="duration_LY_only" decimals="-3" unitRef="DKK">141000</ifrs-dk:IssuanceCost>
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<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">WWW.BAVARIAN-NORDIC.COM/CSR</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="duration_CY_only">In Bavarian Nordic, we maintain a
strong corporate governance structure
and communicate openly and
transparently about our CSR efforts,
which particularly focus on minimizing
the environmental impact from our
production, but also concentrate on
the safety and well-being of our
employees, as well as other areas of
relevance to our business. We account
annually for the development in
these areas in our CSR report which
constitutes an independent part of the
annual report.
The Company is still growing, and
we expect increased manufacturing
activities in the future. Thus we are
not able to lower our overall impact
on the environment and climate.
However, we are continuously seeking
to optimize our processes and improve
our efficiency in order to minimize
the relative impact.
Our mission is to make significant
contributions to improve public
health through the discovery and
development of novel therapies
that could help to protect or sustain
peopleâs lives. With this is mind, we
believe that our science makes the
greater impact.
Highlights from 2016
Environmental impact
Despite increased manufacturing
activities, our total CO2 emissions
were 13% lower compared to 2015,
and our relative climate impact from
production dropped by impressive
39%, reaching the lowest level in both
absolute and relative terms since we
started our CSR reporting.
Given the increased manufacturing
activities, reductions in energy and
water consumption were not possible
in 2016. However, the relative
consumption for both energy and
water (as measured by number of
production batches) decreased by 25%
due to better production efficiency.
Likewise, the amount of waste was
slightly higher than compared to
2015. However, as we succeeded in
implementing new procedures for
separation and handling of waste,
we increased the share of waste for
recycling from 9% in 2015 to 43%
in 2016. Importantly, the fraction of
waste requiring special treatment
was reduced.
Employees
We remain committed to a high level
of safety throughout the organization,
and did not report any serious workrelated
accidents. The occupational
accident rate was the lowest reported
to-date which we believe is a result
of our proactive work, in particular
to identify and mitigate risks
through increased focus on reporting
and handling of near-misses and
observations. In addition, we were
pleased to maintain the sickness
absence rate below our target of 4%.
We maintained an equal distribution of
men and women in managerial positions
with 48% and 52% respectively.
</mrv:CorporateGovernanceReport>
<mrv:CorporateGovernanceReport contextRef="duration_CY_only">Bavarian Nordic remains focused on
good corporate governance, having
implemented the recommendations
from the Committee of Corporate Governance
(Komitéen for god selskabsledelse)
for companies listed on the
Nasdaq Copenhagen exchange.
The Management believes that the
Company is operated in compliance
with guidelines and recommendations
that support the Companyâs business
model and can create value for Bavarian
Nordicâs stakeholders. Regularly and
at least once a year, the Management
monitors adherence to the recommendations
on corporate governance
in order to ensure the best possible
utilization of and compliance with the
recommendations and legislation.
In accordance with Section 107 b
of the Danish Financial Statements
Act, Bavarian Nordic has published a
statutory report on Corporate Governance
for the financial year 2016 on
the Companyâs website:
www.bavarian-nordic.com/
corporategovernance.
</mrv:CorporateGovernanceReport>
<mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">www.bavarian-nordic.com/corporategovernance</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">By 2016, the Board has not yet met its
target for the underrepresented gender
(15%, equivalent to one person),
which must be met in 2017. While the
Nomination and Compensation Committee
have worked to identify potential
candidates, Dr. Frank Verwiel was
nominated and elected to the Board in
2016, based on his qualifications and
competences. In 2017, the Board will
reassess the target figure.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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</xbrli:xbrl>