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Revenue
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XML: INVALID
Separator
The full data:
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A range of internal policies and procedures has been developed and is maintained on an ongoing basis to ensure an active and safe management of the Group with a view to securing the best financial outcome of the current strategy</td></tr><tr><td colspan="2">Corporate Governance</td></tr><tr><td colspan="2">The Board of Directors monitors develop- ments within the field of corporate govern- ance and it is the companyâs intention to fol- low applicable recommendations where it is deemed relevant. Updates appear on the companyâs website throughout the year. A number of internal policies and procedures have been developed and are maintained on an ongoing basis with a view to ensuring ac- tive, safe and profitable management of the Group. This includes monitoring the ongoing divestment process of the Group's busi- nesses.</td></tr><tr><td colspan="2">In November 2014, the Committee on Corpo- rate Governance published revised âRecom- mendations for Corporate Governanceâ based on a âcomply or explainâ principle. 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DLH Group works actively to provide inves- tors and analysts with the best possible in- sight into issues that can ensure the fair pricing of the Groupâs shares, which is achieved partly through the information pro- vided to the market on a regular basis and through meetings with professional inves- tors. Information to the market is published on the website and is distributed directly to those shareholders who have requested it.</td></tr><tr><td colspan="2">The Board of Directors regularly assesses whether the Groupâs capital structure is in line with the Group and its shareholdersâ in- terests. The main objective is to secure a structure that supports the current strate- gy, which includes ensuring that the Group is always capitalised in order to obtain financ- ing on usual terms.</td></tr><tr><td colspan="2">The Annual General Meeting is the ultimate authority. The Board of Directors' intention is to ensure that shareholders receive de- tailed information about as well as have an adequate basis for, examining the items dis- cussed and the decisions taken at the An- nual General Meeting.</td></tr><tr><td colspan="2">Notice of the Annual General Meeting is is- sued at least three weeks before the meet- ing. Together with the notice, supplementary information on the nominated candidates for election to the Board of Directors, such as qualifications and directorships of other companies and key organisations, together with information on whether the candidate is considered independent, is also provided.</td></tr><tr><td colspan="2">The aim is to ensure that all board members take part in the Annual General Meeting. All shareholders are entitled and encouraged to attend and vote in person or by proxy and put forward proposals for considera- tion. Shareholders may give a proxy to the Board of Directors or other participants at the Annual General Meeting for each item on the agenda.</td></tr><tr><td colspan="2">The supreme and central governing bodies' tasks and responsibilities</td></tr><tr><td colspan="2">The Board of Directors ensures that the Ex- ecutive Management complies with the ob- jectives, strategies, policies, etc. decided by the Board of Directors.</td></tr><tr><td colspan="2">In view of the Groupâs divestment strategy, no policy has been laid down with regards to increasing the number of women in management positions. Therefore, no re- porting has taken place.</td></tr><tr><td colspan="2">Briefings from the Executive Management to the Board of Directors occur systematically at meetings and through written and oral reports. Reporting includes matters relating to the financial position, profitability, devel- opment and factors relevant to the sur- rounding world.</td></tr><tr><td colspan="2">The Board of Directors meets at least four times a year and as required. In 2016, there were seven Board of Directors' meetings. The Board of Directors receives regular written information on the Groupâs opera- tions and position as well as risks in signifi- cant areas. In addition to decisions relating to significant operational conditions, i.e. deci- sions on disposals and possible acquisi- tions, the adequacy of the capital base and the composition of long-term commitments, the Board of Directors also decides on key policies and auditing matters. The Board of Directors examines, adjusts and approves the business procedures for the Executive Management on an annual basis and sets out the reporting requirements sent to the Board of Directors and for communication between the two governing bodies.</td></tr><tr><td colspan="2">The Chairman and Vice-Chairman constitute the chairmanship. The specific tasks of the Chairman and, in his absence, the Vice Chairman, are specified in the rules of pro- cedure.</td></tr><tr><td colspan="2">The Board of Directors evaluates its compo- sition and desirable/necessary areas of ex- pertise as well as cooperation with the Ex- ecutive Management and the results arising. Self-evaluation, based on questionnaires and individual conversations with the Chair- man, provides the basis for an evaluation of the Board of Directors' composition. The evaluation comprises the number of mem- bers and their competences, including diver- sity regarding gender, age and special skills possessed by the individual members, and whether the individual members of the Board of Directors and Executive Manage- ment actively participate in the Board of Di- rectorsâ discussions and contribute their own evaluations.</td></tr><tr><td colspan="2">The Board of Directors assesses annually whether there is an opportunity to update or enhance board membersâ skills in terms of their responsibilities. In addition, the Board of Directors determines annually its most important tasks in relation to an ongoing assessment of the Executive Management's work and the financial and managerial con- trol of the Group.</td></tr><tr><td colspan="2">The Board of Directors appoints the CEO. The Executive Management is responsible for the organisation and implementation of the strategic plans etc. decided by the Board of Directors. The Executive Management is not a member of the Board of Directors, but typically participates in board meetings.</td></tr><tr><td colspan="2">The Board of Directors is elected at the An- nual General Meeting. All elected members of the Board of Directors are independent. The Board of Directors comprises four members who are elected by the Annual General Meeting. The Board of Directors deems the number of members to be ap- propriate.</td></tr><tr><td colspan="2">All members of the Board of Directors elect- ed by the Annual General Meeting stand for election every year. Re-election can take place, albeit not of individuals who, at the time of the election, have reached the age of 70. The Chairman and Vice-Chairman of the Board of Directors are elected by the Annual General Meeting. The Board of Directors de- termines its own rules of procedure. The current members of the Board of Directors, their age, positions held, the year that they were first elected as a member of the Board of Directors and the number of shares and changes in their shareholdings during the fi- nancial year are given in the overview on page 8.</td></tr><tr><td /><td>The company is of the opinion that all mem- bers of the Board of Directors possess the professional and international experience required to function as board members.</td></tr><tr><td /><td>The Board of Directors has in previous years established an Audit Committee. In 2016 is was decided to let the Audit Committee comprise of the entire Board of Directors.</td></tr><tr><td /><td>The Board of Directors and Executive Management monitors the Groupâs internal control systems and the process of financial reporting as well as reviewing interim and annual reports prior to submitting these for approval and publication. The Audit Commit tee (Board of Directors) also evaluates the independen-ce and competence of the auditors and nominates candidates for the position of independent auditors.</td></tr><tr><td /><td>The Audit Committee (Board of Directors) also reviews the Groupâs accounting policies and evaluates key accounting matters. The Audit Committee (Board of Directors) approves fees, deadlines and other terms pertaining to the Groupâs independent auditors; and it also monitors the audit process.</td></tr><tr><td /><td>The independent auditors report directly to the Audit Committee (Board of Directors) about the auditorsâ remarks and other recom-menddations on matters pertaining to accounting policies and the reporting process. Auditor remarks and recom-mendations from the independent auditors are also reviewed by the Groupâs CEO to ensure that all key aspects have been addressed correctly.</td></tr><tr><td /><td>Financial reporting</td></tr><tr><td /><td>The Board of Directors and Executive Man- agement are responsible for ensuring that the Annual Report and other financial re- porting are prepared in accordance with legislation and applicable standards. Prior to the publication of financial reports, the Board of Directors ensures that these are comprehensible and balanced, and provide a true and fair picture of assets, liabilities, the financial position as well as results and cash flow. It also ensures that the Manage- mentâs review contains a true and fair ac- count of the matters to which the report re- lates, including future prospects.</td></tr><tr><td /><td>Organisation, financial reporting process and internal controls</td></tr><tr><td /><td>The Board of Directors and Executive Man- agement have overall responsibility for the Groupâs risk management and internal con- trols in the financial reporting process, in- cluding compliance with relevant legislation and other financial reporting regulations.</td></tr><tr><td colspan="2">Management has drawn up policies, instructions, manuals, procedures etc. for the key areas relating to financial reporting, such as accounting and reporting instructions, which are kept updated on an ongoing basis. The individual Group companiesâ compliance with such guidelines is regularly monitored by the heads of the business areas and at Group level by the Groupâs Finance Department. Formal confirmation of compliance is requested annually.</td></tr><tr><td colspan="2">The Board of Directors and the Executive Management carry out various general risk assessments for the Group, which also include risks relating to the financial reporting process. Control activities are based on risk assessment. DLH Groupâs control activities aim to ensure compliance with the targets, policies, instructions, procedures and other guidelines adopted by management and to ensure the timely prevention, discovery and correction of any errors, deviations or defects. Control activities include manual and physical controls as well as general IT controls and automatic application controls in the IT systems used.</td></tr><tr><td colspan="2">The Groupâs individual regions include companies in different countries with local management and finance functions. The level of competence in the local finance functions is regularly assessed and determined with regard to the significance and complexity of the activities. The individual companies operate their own IT systems for their local financial recording. All Group companies, however, use a common reporting and consolidation system.</td></tr><tr><td colspan="2">Business procedures and the extent of in- ternal controls are determined on a decen- tralised basis by the management of the in- dividual companies. The Group has standardised risk management and internal control procedures in connection with the fi- nancial reporting process. This work in- cludes documentation of risk evaluation re- garding the Groupâs preparation of accounts, including specification of the most important processes and key controls. In addition, the work includes the design and implementation of a system for periodic re- porting from the units to the Groupâs man- agement regarding the performance of the key controls. The work has primarily com- prised the essential and most risk-bearing processes and business units within the Group.</td></tr><tr><td colspan="2">Financial reporting for the Group is conducted through monthly reporting from the individual Group companies to Group Finance, which is responsible for preparing external reports. The Finance Department is the main contributor to financial reporting and is responsible for determining the Groupâs financial assets and financial liabilities.</td></tr><tr><td colspan="2">Monthly reports from the Group companies are unaudited. However, at divisional and at Group level, internal control of financial re- porting and cash flows is carried out independently of the business units.</td></tr><tr><td colspan="2">Divestment strategy</td></tr><tr><td colspan="2">The divestment strategy encom- passes several risks of which the Board is aware. To mitigate these, the Board of Direc- tors has taken a number of steps. The Board of Directors has actively sought to minimise the risks associated with key staff leaving by retaining some staff and by en- tering consultancy agreements with former staff. Future administration of the Group is handled by the external provider, Accountor, which is responsible for bookkeeping, re- porting etc.</td></tr><tr><td colspan="2">Coing concern statement</td></tr><tr><td colspan="2">In connection with financial reporting, the Board of Directors and Executive Manage-ment have assessed whether it is justified that the Going Concern assumption is taken as its basis. The Board of Directors and the Executive Management have concluded that there are no important factors at the time of financial reporting that give rise to doubts as to whether the Group and the company can, and wish to, continue operations at least until the next balance sheet date. The conclusion is made based on knowledge of the Group and the company, the estimated future prospects and the identified uncer- tainties and risks related to this (referred to in the Management Review and Note 17) and after examination of budgets, including expec-ted cash flow and developments in the capital base etc., the presence of credit fa- cilities with associated contractual and ex- pected maturity periods as well as cove- nants and conditions in general. It is, therefore, considered reasonable, judicious and well-founded to assign the going con- cern assumption as the basis for financial reporting.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Social Responsibility</td></tr><tr><td colspan="1">This section comprises the statutory Cor- porate Social Responsibility statement made in pursuance of section 99a of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The section describes DLHâs Corporate So- cial Responsibility (CSR) focus areas and gives an overview of the key programmes in 2016.</td></tr><tr><td colspan="1">Strategy and engagements</td></tr><tr><td colspan="1">DLH's Good Supplier Programme (GSP) is the risk-assessment tool used to collect and evaluate information on the company's suppliers.</td></tr><tr><td colspan="1">GSP serves as the basis for supplier due diligence and enables DLH to comply with international timber legality regulations such as the European Union Timber Regula- tion (EUTR) and the US Lacey Act.</td></tr><tr><td colspan="1">GSP also serves as the basis for implemen- tation of DLHâs Environmental, Social and Human Rights policies with regard to our suppliers.</td></tr><tr><td colspan="1">DLH was among the first companies in Den- mark and the EU to be audited by the EUTR Competent Authority in Denmark, the Danish Nature Agency. The EUTR certificate has been fully maintained since then both for the activities sold or closed down, and for the remaining businesses.</td></tr><tr><td colspan="1">POLICIES</td></tr><tr><td colspan="1">DLHâs CSR strategy rests on three pillars: the Environmental Policy, the Social and Hu- man Rights Policy and the Business Integrity Policy. Due to the current divestment strate- gi, the Group has not develop a policy re- garding climate.</td></tr><tr><td colspan="1">The general objectives and focus areas within social and environmental responsibili- ty are set out in these policies. DLH is com- mitted to conducting business responsibly and in line with DLH's "house of values" (cor- porate values). Responsibility forms the roof of the DLH "house of values", which means that we want to act responsibly in all as- pects of our business. Our CSR policies pro- vide guidance on how we translate our val- ues into action and act as a responsible company.</td></tr><tr><td colspan="1">PROGRESS 2016</td></tr><tr><td colspan="1">At an Extraordinary General Meeting of the DLH Group in January 2014, it was decided to divest all business activities in DLH Group. One of the consequences was that a cen- tralised DLH CSR office became obsolete.</td></tr><tr><td colspan="1">Instead, during 2014 the CSR responsibilities were integrated into the operational units. All operational units therefore are individu- ally bound to continue already implemented Group CSR policies.</td></tr><tr><td colspan="1">DLH regained the FSC certificate on proba- tionary basis in January 2016 based on the action plan being implemented in local com- munities in Liberia.</td></tr><tr><td colspan="1">INTELLECTUAL CAPITAL</td></tr><tr><td colspan="1">DLH's staff play an important role in the strategic changes that have been imple- mented in recent years. DLH continuously strives to maintain a positive working envi- ronment in order to retain employees to achieve the strategic goals.</td></tr><tr><td colspan="1">2016 RESULTS AND THE FUTURE</td></tr><tr><td colspan="1">During 2016, CSR responsibilities were man- aged by the operational units.</td></tr><tr><td colspan="1">Going forward, the operational units will continue to ensure that DLH Group main- tains and updates its full Good Supplier Programme, and remains compliant with the current EUTR regulations.</td></tr><tr><td colspan="1">Further information on DLH Group's CSR policies can be found at www.dlh.com/csr.aspx.</td></tr><tr><td colspan="1">FSC disassociated itself from DLH in Febru- ary 2015 when an impartial complaints panel concluded that DLH had been involved in il- legal timber trade activities in Liberia. FSC gave DLH a set of conditions which, if satis- factorily fulfilled, would end its disassocia- tion with the company. These included com- pensation for affected communities and a third-party verification of DLHâs due dili- gence systems.</td></tr><tr><td colspan="1">In October 2015, DLH presented FSC with an action plan describing its activities to com- pensate the affected communities for the lost revenue they incurred as a conse- quence of illegal logging. These activities were agreed with the communities through the free, prior, and informed consent pro- cess conducted on the ground by the Sus- tainable Development Institute (SDI). The ac- tion plan was approved by the FSC Board of Directors in November 2015. In December 2015, DLH submitted further documentation showing the progress made in the fulfilment of all of FSCâs conditions.</td></tr><tr><td colspan="1">DLH regained the FSC certificate on proba- tionary basis in January 2016.</td></tr><tr><td colspan="1">The progress and results for 2016 should be viewed in relation to the Group's current divestment strategy, and as a consequence, no further actions has been taken during 2016.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<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">Management 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 Board of Directors and Executive Man- agement have today discussed and ap- proved the Annual Report of Dalhoff Larsen &amp; Horneman 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 Annual Report has been prepared in accordance with International Financial Re- porting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act</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">It is our opinion that the consolidated financial statements and the parent company fi- nancial statements give a true and fair view of the Groupâs and the parent companyâs fi- nancial position as at 31 December 2016 and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year 1 January 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 com- mentary includes a fair review of developments in the Groupâs and the parent com- panyâs operations and financial conditions, the results for the year, cash flows and fi- nancial position as well as a description of the significant risks and uncertainty factors that the Group and parent company face.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2017-03-30</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditorsâ 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 Dalhoff Larsen &amp; Horneman 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">We have audited the consolidated financial statements and the parent company finan- cial statements of Dalhoff Larsen &amp; Horneman A/S for the financial year 1 Janu- ary â 31 December 2016, which comprise in- come statement, statement of comprehen- sive income, balance sheet, statement of changes in equity, statement of cash flow and notes, including a summary of signifi- cant accounting policies, for the group as well as for the parent company. The consoli- dated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company finan- cial statements give a true and fair view of the financial position of the Group and the parent company at 31 December 2016 and of the results of the Group's and the parent company's operations and cash flows for the financial year 1 January â 31 December 2016 in accordance with International Finan- cial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.</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 fur- ther described in the "Auditor's responsibili- ties for the audit of the consolidated finan- cial statements and the parent company financial statements" section of our report. We are independent of the Group in accord- ance with the International Ethics Stand- ards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code)</td></tr><tr><td colspan="1">and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba- sis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent compa- ny financial statements for the financial year 2016. These matters were addressed in the context of our audit of the consoli- dated financial statements and the parent company financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our de- scription of how our audit addressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled the responsibilities de- scribed in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company finan- cial statements" section of our report, in- cluding in relation to these matters. Accord- ingly, our audit included the performance of procedures designed to respond to our as- sessment of the risks of material misstate- ment of the consolidated financial state- ments and the parent company financial statements. The results of our audit proce- dures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompa- nying consolidated financial statements and the parent company financial statements.</td></tr><tr><td colspan="1">Valuation of assets held for sale and liabilities related to assets held for sale</td></tr><tr><td colspan="1">The consolidated financial statements and the parent company financial statements includes assets held for sale at 31 Decem- ber 2016 of DKK 94.8 million and DKK 174.3</td></tr><tr><td colspan="1">million respectively and liabilities related to assets held for sale of DKK 30.9 million and DKK 15.9 million respectively. The valuation of these assets and liabilities requires management judgement in estimating the lower of the carrying amount and the fair value less selling costs.</td></tr><tr><td colspan="1">These assets and liabilities are specified in note 3.</td></tr><tr><td colspan="1">The valuation is essential for the audit as these assets and liabilities are material for the financial statements and as the valua- tion of these assets and liabilities to a large extent are affected by managementâs as- sessments and estimates.</td></tr><tr><td colspan="1">Our audit included among other things</td></tr><tr><td colspan="1">â¢Â testing of the design and operating effectiveness of internal controls established by the Group to ensure appropriate recognition of inventories, trade receivables, trade and other payables included in assets held for sale and liabilities related to assets held for sale</td></tr><tr><td colspan="1">â¢Â understanding of managementâs valua- tion models and evaluation of the appro- priateness of the key assumptions sup- porting the valuations</td></tr><tr><td colspan="1">â¢Â examination and challenge of the information used to determine the valuations considering communication with relevant external parties including potential buyers and lawyers.</td></tr><tr><td colspan="1">Presentation of discontinued operations, assets held for sale and liabilities related to assets held for sale</td></tr><tr><td colspan="1">Discontinued operations, assets held for sale and liabilities related to assets held for sale constitutes a significant part of the consolidated financial statements and the parent company financial statements of</td></tr><tr><td colspan="1">Dalhoff Larsen &amp; Horneman A/S. At 31 De- cember 2016, the Company has presented all activities except activities related to Group Management (head office) as discon- tinued operations, assets held for sale and liabilities related to assets held for sale.</td></tr><tr><td colspan="1">Our audit included assessment of proper classification according to IFRS 5 and prop- er separation between continued and dis- continued operations. We further evaluated if the Company still complies with the re- quirements related to this classification.</td></tr><tr><td colspan="1">We also assessed the adequacy of the disclosures in note 3.</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 the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the consolidated financial statements and the parent company financial statements, our respon- sibility is to read the Management's review and, in doing so, consider whether the Man- agement's review is materially inconsistent with the consolidated financial statements or the parent company financial state- ments, or our knowledge obtained during the audit, or otherwise appears to be mate- rially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we concluded that the Management's review is in accordance with the consolidated finan- cial statements and the parent company fi- nancial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not</td></tr><tr><td colspan="1">identify any material misstatements of the Management's 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">Management's responsibilities for the consolidated financial statements and the parent company financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the consolidated financial statements and the parent company finan- cial statements, Management is responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the go- ing concern basis of accounting in prepar- ing the consolidated financial statements and the parent company financial state- ments unless Management either intends to liquidate the Group or the company or to cease operations, or has no realistic alter- native 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">Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the consolidated fi- nancial statements and the parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's re- port 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</td></tr><tr><td colspan="1">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 consolidated financial state- ments and parent company financial state- ments.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">â¢Â Identify and assess the risks of material misstatement of the consolidated finan- cial statements and the parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi- cient 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 collu- sion, forgery, intentional omissions, mis- representations, or the override of inter- nal control.</td></tr><tr><td colspan="1">â¢Â Obtain an understanding of internal con- trol relevant to the audit in order to de- sign audit procedures that are appropri- ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the par- ent company's internal control.</td></tr><tr><td colspan="1">â¢Â Evaluate the appropriateness of ac- counting policies used and the reasona- bleness of accounting estimates and re- lated disclosures made by Management.</td></tr><tr><td colspan="1">â¢Â Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the con- solidated financial statements and the parent company financial statements and, based on the audit evidence ob-</td></tr><tr><td colspan="1">tained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the parent company's ability to continue as a going concern. If we conclude that a material uncertainty ex- ists, we are required to draw attention in our auditor's report to the related dis- closures in the consolidated financial statements and the parent company fi- nancial statements or, if such disclo- sures are in-adequate, to modify our opinion. Our conclusion is based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the company to cease to con- tinue as a going concern.</td></tr><tr><td colspan="1">â¢Â Evaluate the overall presentation, struc- ture and contents of the consolidated fi- nancial statements and the parent com- pany financial statements, including the disclosures, and whether the consolidat- ed financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">â¢Â Obtain sufficient appropriate audit evi- dence regarding the financial information of the entities or business activities with- in the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, su- pervision 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</td></tr><tr><td colspan="1">those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's 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">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2017-03-30</arr:SignatureOfAuditorsDate>
<ifrs-dk:NetSales contextRef="ctx1" unitRef="vDKK" decimals="-6">0</ifrs-dk:NetSales>
<ifrs-full:CostOfSales contextRef="ctx1" unitRef="vDKK" decimals="-6">0</ifrs-full:CostOfSales>
<ifrs-dk:OtherExternalExpenses contextRef="ctx1" unitRef="vDKK" decimals="-5">8300000</ifrs-dk:OtherExternalExpenses>
<ifrs-full:EmployeeBenefitsExpense contextRef="ctx1" unitRef="vDKK" decimals="-5">5300000</ifrs-full:EmployeeBenefitsExpense>
<ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="ctx1" unitRef="vDKK" decimals="-5">300000</ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vDKK" decimals="-5">-13900000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vDKK" decimals="-5">2600000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-5">-16500000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:ProfitLossFromContinuingOperations contextRef="ctx1" unitRef="vDKK" decimals="-5">-16500000</ifrs-full:ProfitLossFromContinuingOperations>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<ifrs-full:CurrentPrepayments contextRef="ctx13" unitRef="vDKK" decimals="-5">600000</ifrs-full:CurrentPrepayments>
<easyx:EasyX_420251003 contextRef="ctx13" unitRef="vDKK" decimals="-5">184900000</easyx:EasyX_420251003>
<ifrs-full:CurrentAssets contextRef="ctx13" unitRef="vDKK" decimals="-5">188100000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx13" unitRef="vDKK" decimals="-5">188400000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx13" unitRef="vDKK" decimals="-5">26800000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx13" unitRef="vDKK" decimals="-5">-4800000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx13" unitRef="vDKK" decimals="-6">22000000</ifrs-full:Equity>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="ctx13" unitRef="vDKK" decimals="-5">46300000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx13" unitRef="vDKK" decimals="-5">1900000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties contextRef="ctx13" unitRef="vDKK" decimals="-5">104800000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
<ifrs-full:OtherShorttermProvisions contextRef="ctx13" unitRef="vDKK" decimals="-5">2400000</ifrs-full:OtherShorttermProvisions>
<ifrs-dk:LiabilitiesHeldForSale contextRef="ctx13" unitRef="vDKK" decimals="-6">11000000</ifrs-dk:LiabilitiesHeldForSale>
<ifrs-full:Liabilities contextRef="ctx13" unitRef="vDKK" decimals="-5">166400000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx13" unitRef="vDKK" decimals="-5">188400000</ifrs-full:EquityAndLiabilities>
<easyx:EasyX_447469899 contextRef="ctx13" unitRef="vDKK" decimals="-5">6900000</easyx:EasyX_447469899>
<ifrs-full:OtherCurrentReceivables contextRef="ctx14" unitRef="vDKK" decimals="-5">600000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx14" unitRef="vDKK" decimals="-5">800000</ifrs-full:CurrentPrepayments>
<ifrs-full:Cash contextRef="ctx14" unitRef="vDKK" decimals="-5">2500000</ifrs-full:Cash>
<easyx:EasyX_420251003 contextRef="ctx14" unitRef="vDKK" decimals="-5">94800000</easyx:EasyX_420251003>
<ifrs-full:CurrentAssets contextRef="ctx14" unitRef="vDKK" decimals="-5">98700000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx14" unitRef="vDKK" decimals="-5">98700000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx14" unitRef="vDKK" decimals="-5">26800000</ifrs-full:IssuedCapital>
<ifrs-dk:ForeignExchangeAdjustmentsToHedgingTransactions contextRef="ctx14" unitRef="vDKK" decimals="-5">-21800000</ifrs-dk:ForeignExchangeAdjustmentsToHedgingTransactions>
<ifrs-full:RetainedEarnings contextRef="ctx14" unitRef="vDKK" decimals="-5">60600000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx14" unitRef="vDKK" decimals="-5">65600000</ifrs-full:Equity>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx14" unitRef="vDKK" decimals="-5">2300000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-dk:LiabilitiesHeldForSale contextRef="ctx14" unitRef="vDKK" decimals="-5">30800000</ifrs-dk:LiabilitiesHeldForSale>
<ifrs-full:Liabilities contextRef="ctx14" unitRef="vDKK" decimals="-5">33100000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx14" unitRef="vDKK" decimals="-5">98700000</ifrs-full:EquityAndLiabilities>
<easyx:EasyX_447469899 contextRef="ctx14" unitRef="vDKK" decimals="-5">12200000</easyx:EasyX_447469899>
<ifrs-full:OtherCurrentReceivables contextRef="ctx15" unitRef="vDKK" decimals="-5">600000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx15" unitRef="vDKK" decimals="-5">800000</ifrs-full:CurrentPrepayments>
<ifrs-full:Cash contextRef="ctx15" unitRef="vDKK" decimals="-5">2500000</ifrs-full:Cash>
<easyx:EasyX_420251003 contextRef="ctx15" unitRef="vDKK" decimals="-5">174300000</easyx:EasyX_420251003>
<ifrs-full:CurrentAssets contextRef="ctx15" unitRef="vDKK" decimals="-5">178200000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx15" unitRef="vDKK" decimals="-5">178200000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx15" unitRef="vDKK" decimals="-5">26800000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx15" unitRef="vDKK" decimals="-5">16500000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx15" unitRef="vDKK" decimals="-5">43300000</ifrs-full:Equity>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx15" unitRef="vDKK" decimals="-5">2300000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties contextRef="ctx15" unitRef="vDKK" decimals="-5">116700000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
<ifrs-dk:LiabilitiesHeldForSale contextRef="ctx15" unitRef="vDKK" decimals="-5">15900000</ifrs-dk:LiabilitiesHeldForSale>
<ifrs-full:Liabilities contextRef="ctx15" unitRef="vDKK" decimals="-5">134900000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx15" unitRef="vDKK" decimals="-5">178200000</ifrs-full:EquityAndLiabilities>
<easyx:EasyX_447469899 contextRef="ctx15" unitRef="vDKK" decimals="-5">5100000</easyx:EasyX_447469899>
<ifrs-full:CashAndCashEquivalents contextRef="ctx16" unitRef="vDKK" decimals="-5">10300000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx17" unitRef="vDKK" decimals="-5">6500000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx18" unitRef="vDKK" decimals="-5">6900000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx19" unitRef="vDKK" decimals="-5">300000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>