Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 1904600000 | vEUR |
| ifrs-full:Assets | 2016-12-31 | 1747100000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 1479300000 | vEUR |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 1046100000 | vEUR |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/41252726/ZG9rdW1lbnRsYWdlcjovLzAzLzliL2M0LzA3LzJkLzE3ZjEtNDJkZS1hZmQ0LTBkYzdmM2NjN2UzMA.xml
Separator
The full data:
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<ifrs-dk:componentOfCashFlowsIdentifier>10</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx29">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">62725214</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2016-01-01</xbrli:startDate>
<xbrli:endDate>2016-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension">
<ifrs-dk:componentOfCashFlowsIdentifier>11</ifrs-dk:componentOfCashFlowsIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx30">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">62725214</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2017-01-01</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx31">
<xbrli:entity>
<xbrli:identifier scheme="http://www.dcca.dk/cvr">62725214</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>2016-01-01</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:unit id="vEUR">
<xbrli:measure>iso4217:EUR</xbrli:measure>
</xbrli:unit>
<xbrli:unit id="share">
<xbrli:measure>xbrli:shares</xbrli:measure>
</xbrli:unit>
<gsd:ReportingPeriodStartDate contextRef="ctx1">2017-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2017-12-31</gsd:ReportingPeriodEndDate>
<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">Group Managementâs statement</td></tr><tr><td colspan="1">The Board of Directors and the Executive Management</td></tr><tr><td colspan="1">Board have today considered and adopted the Annual</td></tr><tr><td colspan="1">Report of NKT A/S for the financial year 1 January -</td></tr><tr><td colspan="1">31 December 2017.</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance</td></tr><tr><td colspan="1">with International Financial Reporting Standards which</td></tr><tr><td colspan="1">have been adopted by the EU, and Danish disclosure</td></tr><tr><td colspan="1">requirements for listed companies.</td></tr><tr><td colspan="1">In our opinion the consolidated financial statements and the</td></tr><tr><td colspan="1">Companyâs financial statements give a true and fair view</td></tr><tr><td colspan="1">of the Groupâs and the Companyâs assets, liabilities and</td></tr><tr><td colspan="1">financial position at 31 December 2017 and of the results of</td></tr><tr><td colspan="1">the Groupâs and the Companyâs operations and cash flow</td></tr><tr><td colspan="1">for the financial year 1 January - 31 December 2017.</td></tr><tr><td colspan="1">We also find that the Managementâs review provides a fair</td></tr><tr><td colspan="1">statement of developments in the activities and financial</td></tr><tr><td colspan="1">situation of the Group, financial results for the period, the</td></tr><tr><td colspan="1">general financial position of the Group, and a description</td></tr><tr><td colspan="1">of major risks and elements of uncertainty faced by</td></tr><tr><td colspan="1">the Group.</td></tr><tr><td colspan="1">We recommend that the Annual Report be approved at the</td></tr><tr><td colspan="1">Annual General Meeting.</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="en">Brøndby</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-02-27</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditorâs report</td></tr><tr><td colspan="1">STATEMENTS</td></tr><tr><td colspan="1">TO THE SHAREHOLDERS OF NKT A/S</td></tr></table></arr:IndependentAuditorsReportsAudit>
<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">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements of NKT A/S</td></tr><tr><td colspan="1">for the financial year 01.01.2017</td></tr><tr><td colspan="1">- 31.12.2017, which comprise the</td></tr><tr><td colspan="1">income statement, statement of</td></tr><tr><td colspan="1">comprehensive income, balance</td></tr><tr><td colspan="1">sheet, statement of changes in</td></tr><tr><td colspan="1">equity, cash flow statement and</td></tr><tr><td colspan="1">notes, including a summary of</td></tr><tr><td colspan="1">significant accounting policies, for</td></tr><tr><td colspan="1">the Group as well as for the Parent.</td></tr><tr><td colspan="1">The consolidated financial statements</td></tr><tr><td colspan="1">and the parent financial statements</td></tr><tr><td colspan="1">are prepared in accordance with</td></tr><tr><td colspan="1">International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and</td></tr><tr><td colspan="1">additional requirements of the Danish</td></tr><tr><td colspan="1">Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements give a true</td></tr><tr><td colspan="1">and fair view of the Groupâs and</td></tr><tr><td colspan="1">the Parentâs financial position at</td></tr><tr><td colspan="1">31.12.2017, and of the results of their</td></tr><tr><td colspan="1">operations and cash flows for the</td></tr><tr><td colspan="1">financial year 01.01.2017 - 31.12.2017</td></tr><tr><td colspan="1">in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards as</td></tr><tr><td colspan="1">adopted by the EU and additional</td></tr><tr><td colspan="1">requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our</td></tr><tr><td colspan="1">audit book comments issued to the</td></tr><tr><td colspan="1">Audit Committee and the Board</td></tr><tr><td colspan="1">of Directors.</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</td></tr><tr><td colspan="1">accordance with International</td></tr><tr><td colspan="1">Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable</td></tr><tr><td colspan="1">in Denmark. Our responsibilities</td></tr><tr><td colspan="1">under those standards and</td></tr><tr><td colspan="1">requirements are further described</td></tr><tr><td colspan="1">in the Auditorâs responsibilities</td></tr><tr><td colspan="1">for the audit of the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements section of this</td></tr><tr><td colspan="1">auditorâs report. We are independent</td></tr><tr><td colspan="1">of the Group in accordance with</td></tr><tr><td colspan="1">the International Ethics Standards</td></tr><tr><td colspan="1">Board of Accountantsâ Code of</td></tr><tr><td colspan="1">Ethics for Professional Accountants</td></tr><tr><td colspan="1">IESBA Code) and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark,</td></tr><tr><td colspan="1">and we have fulfilled our other ethical</td></tr><tr><td colspan="1">responsibilities in accordance with</td></tr><tr><td colspan="1">these requirements. We believe that</td></tr><tr><td colspan="1">the audit evidence we have obtained</td></tr><tr><td colspan="1">is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion.</td></tr><tr><td colspan="1">To the best of our knowledge and</td></tr><tr><td colspan="1">belief, we have not provided any</td></tr><tr><td colspan="1">prohibited non-audit services as</td></tr><tr><td colspan="1">referred to in Article 5(1) of Regulation</td></tr><tr><td colspan="1">EU) No 537/2014.</td></tr><tr><td colspan="1">We were appointed auditors of</td></tr><tr><td colspan="1">NKT A/S for the first time on</td></tr><tr><td colspan="1">21.03.2013 for the financial year 2013.</td></tr><tr><td colspan="1">We have been reappointed annually</td></tr><tr><td colspan="1">by decision of the general meeting</td></tr><tr><td colspan="1">for a total contiguous engagement</td></tr><tr><td colspan="1">period of 5 years up to and including</td></tr><tr><td colspan="1">the financial year 2017.</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</td></tr><tr><td colspan="1">that, in our professional judgement,</td></tr><tr><td colspan="1">were of most significance in our</td></tr><tr><td colspan="1">audit of the consolidated financial</td></tr><tr><td colspan="1">statements and the parent financial</td></tr><tr><td colspan="1">statements for the financial year</td></tr><tr><td colspan="1">1.1.2017 â 31.12.2017. These matters</td></tr><tr><td colspan="1">were addressed in the context of our</td></tr><tr><td colspan="1">audit of the consolidated financial</td></tr><tr><td colspan="1">statements and the parent financial</td></tr><tr><td colspan="1">statements as a whole, and in forming</td></tr><tr><td colspan="1">our opinion thereon, and we do</td></tr><tr><td colspan="1">not provide a separate opinion on</td></tr><tr><td colspan="1">these matters.</td></tr><tr><td colspan="1">Valuation of</td></tr><tr><td colspan="1">construction contracts</td></tr><tr><td colspan="1">Refer to notes 1.1, 2.2 and 5.2 in the</td></tr><tr><td colspan="1">consolidated financial statements</td></tr><tr><td colspan="1">Significant judgements are required</td></tr><tr><td colspan="1">by Management in determining stage</td></tr><tr><td colspan="1">of completion and estimating profit on</td></tr><tr><td colspan="1">each project, including assessment</td></tr><tr><td colspan="1">of provisions for specific project</td></tr><tr><td colspan="1">risks. Minor changes in the stage</td></tr><tr><td colspan="1">of completion and specific project</td></tr><tr><td colspan="1">risks can have a significant impact</td></tr><tr><td colspan="1">on the valuation and recognition of</td></tr><tr><td colspan="1">construction contracts and income</td></tr><tr><td colspan="1">for the year.</td></tr><tr><td colspan="1">Accordingly, the valuation of</td></tr><tr><td colspan="1">construction contracts especially</td></tr><tr><td colspan="1">relating to high voltage offshore</td></tr><tr><td colspan="1">contracts is considered to be a key</td></tr><tr><td colspan="1">audit matter.</td></tr><tr><td colspan="1">How the matter was</td></tr><tr><td colspan="1">addressed in the audit</td></tr><tr><td colspan="1">Based on our risk assessment,</td></tr><tr><td colspan="1">we have assessed the relevant</td></tr><tr><td colspan="1">internal controls for construction</td></tr><tr><td colspan="1">contracts primarily relating to</td></tr><tr><td colspan="1">contract acceptance, change orders,</td></tr><tr><td colspan="1">monitoring of project development,</td></tr><tr><td colspan="1">costs incurred and estimation of</td></tr><tr><td colspan="1">costs to complete and assessment of</td></tr><tr><td colspan="1">specific project risks.</td></tr><tr><td colspan="1">We obtained from Management an</td></tr><tr><td colspan="1">overview of the Groupâs construction</td></tr><tr><td colspan="1">contracts at 31 December 2017</td></tr><tr><td colspan="1">relating to high voltage offshore</td></tr><tr><td colspan="1">contracts covering both in progress</td></tr><tr><td colspan="1">contracts as of year-end and</td></tr><tr><td colspan="1">contracts completed during the</td></tr><tr><td colspan="1">year. Based on assessed project</td></tr><tr><td colspan="1">risks and materiality, we selected</td></tr><tr><td colspan="1">a sample of contracts where we</td></tr><tr><td colspan="1">obtained the underlying contracts,</td></tr><tr><td colspan="1">including change orders, original</td></tr><tr><td colspan="1">budget and any changes made to</td></tr><tr><td colspan="1">original budgets, including estimates</td></tr><tr><td colspan="1">of costs to complete, project reports</td></tr><tr><td colspan="1">and overview of the risk register and</td></tr><tr><td colspan="1">corresponding risk provision, where</td></tr><tr><td colspan="1">deemed relevant by us.</td></tr><tr><td colspan="1">For the selected contracts,</td></tr><tr><td colspan="1">we assessed and challenged</td></tr><tr><td colspan="1">Managementâs assumptions for</td></tr><tr><td colspan="1">determining stage of completion</td></tr><tr><td colspan="1">with due consideration to its</td></tr><tr><td colspan="1">assessment of project risks and</td></tr><tr><td colspan="1">risk provisions and estimated profit</td></tr><tr><td colspan="1">through interviews with project</td></tr><tr><td colspan="1">controllers, project management,</td></tr><tr><td colspan="1">legal department and management</td></tr><tr><td colspan="1">representatives as well as our</td></tr><tr><td colspan="1">understanding and assessment</td></tr><tr><td colspan="1">of the contract terms, associated</td></tr><tr><td colspan="1">project risks, including valuation of</td></tr><tr><td colspan="1">change orders under discussion with</td></tr><tr><td colspan="1">customers and final acceptance.</td></tr><tr><td colspan="1">Additionally, we attended project</td></tr><tr><td colspan="1">steering committee meetings at</td></tr><tr><td colspan="1">which project performance, cost to</td></tr><tr><td colspan="1">complete and project risk register,</td></tr><tr><td colspan="1">including likelihood of the risk</td></tr><tr><td colspan="1">materialising, were discussed and</td></tr><tr><td colspan="1">assessed in detail.</td></tr><tr><td colspan="1">For the selected completed</td></tr><tr><td colspan="1">contracts, we performed</td></tr><tr><td colspan="1">retrospective reviews of assessment</td></tr><tr><td colspan="1">of project risk and development and</td></tr><tr><td colspan="1">utilisation of risk provisions to assess</td></tr><tr><td colspan="1">the completeness and accuracy of</td></tr><tr><td colspan="1">Managementâs assumptions applied</td></tr><tr><td colspan="1">throughout the contract period.</td></tr><tr><td colspan="1">Acquisition of ABB HV Cables â</td></tr><tr><td colspan="1">business combinations</td></tr><tr><td colspan="1">Refer to notes 1.1 and 7.1 in the</td></tr><tr><td colspan="1">consolidated financial statements</td></tr><tr><td colspan="1">On 1 March 2017, the Group</td></tr><tr><td colspan="1">completed the acquisition of</td></tr><tr><td colspan="1">ABB HV Cables, and consequently,</td></tr><tr><td colspan="1">in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards, all</td></tr><tr><td colspan="1">identifiable assets and liabilities</td></tr><tr><td colspan="1">acquired are recorded at their fair</td></tr><tr><td colspan="1">values on acquisition. Judgement</td></tr><tr><td colspan="1">is required by Management in</td></tr><tr><td colspan="1">particular in identifying and valuing all</td></tr><tr><td colspan="1">intangible assets and property, plant</td></tr><tr><td colspan="1">and equipment.</td></tr><tr><td colspan="1">Intangible assets were identified</td></tr><tr><td colspan="1">relating primarily to IP technology</td></tr><tr><td colspan="1">and development projects. The key</td></tr><tr><td colspan="1">judgements were in determining an</td></tr><tr><td colspan="1">appropriate methodology to value</td></tr><tr><td colspan="1">these assets applying appropriate</td></tr><tr><td colspan="1">assumptions, including forecasting</td></tr><tr><td colspan="1">revenue and profit, and determining</td></tr><tr><td colspan="1">discount rates and the useful lives to</td></tr><tr><td colspan="1">determine the fair values.</td></tr><tr><td colspan="1">Tangible assets relating to property,</td></tr><tr><td colspan="1">plant and equipment, including a</td></tr><tr><td colspan="1">vessel, have been valued at fair value</td></tr><tr><td colspan="1">on acquisition. The key judgements</td></tr><tr><td colspan="1">were in determining an appropriate</td></tr><tr><td colspan="1">methodology to value these assets,</td></tr><tr><td colspan="1">assessing current market values for</td></tr><tr><td colspan="1">similar assets, replacement costs and</td></tr><tr><td colspan="1">other valuation assumptions.</td></tr><tr><td colspan="1">How the matter was</td></tr><tr><td colspan="1">addressed in the audit</td></tr><tr><td colspan="1">We considered the Groupâs process</td></tr><tr><td colspan="1">for identifying the intangible assets</td></tr><tr><td colspan="1">acquired and determining appropriate</td></tr><tr><td colspan="1">fair values for the identified intangible</td></tr><tr><td colspan="1">assets and property, plant and</td></tr><tr><td colspan="1">equipment, considering the rationale</td></tr><tr><td colspan="1">for the acquisition and the nature of</td></tr><tr><td colspan="1">the ABB HV Cables business.</td></tr><tr><td colspan="1">We used Deloitteâs valuation</td></tr><tr><td colspan="1">specialists to assist us in assessing</td></tr><tr><td colspan="1">the valuation methodology applied</td></tr><tr><td colspan="1">by the Group in valuing the</td></tr><tr><td colspan="1">identified assets and liabilities and</td></tr><tr><td colspan="1">evaluating the appropriateness of</td></tr><tr><td colspan="1">key assumptions, including forecasts</td></tr><tr><td colspan="1">and discount rates. We compared</td></tr><tr><td colspan="1">the overall outcome to an analysis</td></tr><tr><td colspan="1">performed applying other approaches</td></tr><tr><td colspan="1">that could have been taken.</td></tr><tr><td colspan="1">Valuation of deferred tax assets</td></tr><tr><td colspan="1">Refer to notes 1.1 and 2.4 in the</td></tr><tr><td colspan="1">consolidated financial statements.</td></tr><tr><td colspan="1">The valuation of deferred tax</td></tr><tr><td colspan="1">assets is based on an assessment</td></tr><tr><td colspan="1">of the recoverable value of tax</td></tr><tr><td colspan="1">losses carried forward as well as</td></tr><tr><td colspan="1">the part of deductible temporary</td></tr><tr><td colspan="1">tax differences expected to be</td></tr><tr><td colspan="1">utilised within a foreseeable future.</td></tr><tr><td colspan="1">Significant judgement is required</td></tr><tr><td colspan="1">by Management in determining</td></tr><tr><td colspan="1">the recoverable value, including</td></tr><tr><td colspan="1">projections of future taxable income,</td></tr><tr><td colspan="1">based on financial budgets for 2018</td></tr><tr><td colspan="1">and financial forecasts for 2019-2022.</td></tr><tr><td colspan="1">Accordingly, the valuation of deferred</td></tr><tr><td colspan="1">tax assets is considered to be a key</td></tr><tr><td colspan="1">audit matter.</td></tr><tr><td colspan="1">How the matter was</td></tr><tr><td colspan="1">addressed in the audit</td></tr><tr><td colspan="1">Based on our risk assessment, we</td></tr><tr><td colspan="1">have, in assessing the valuation</td></tr><tr><td colspan="1">of deferred tax assets, obtained</td></tr><tr><td colspan="1">and evaluated Managementâs</td></tr><tr><td colspan="1">expectations of generating future</td></tr><tr><td colspan="1">taxable profits in the foreseeable</td></tr><tr><td colspan="1">future, especially for Germany and</td></tr><tr><td colspan="1">Denmark, and the underlying process</td></tr><tr><td colspan="1">by which they were drawn up,</td></tr><tr><td colspan="1">including the mathematical accuracy</td></tr><tr><td colspan="1">of the models, and agreeing future</td></tr><tr><td colspan="1">growth and margin assumptions to</td></tr><tr><td colspan="1">the latest Board approved budget for</td></tr><tr><td colspan="1">2018 and financial forecasts for 2019-</td></tr><tr><td colspan="1">2022 as well as the expected related</td></tr><tr><td colspan="1">utilisation of the deferred tax asset.</td></tr><tr><td colspan="1">We assessed the reasonableness</td></tr><tr><td colspan="1">of Managementâs determination of</td></tr><tr><td colspan="1">expected future taxable profits in the</td></tr><tr><td colspan="1">light of the historical accuracy of such</td></tr><tr><td colspan="1">forecasts and the current operational</td></tr><tr><td colspan="1">results in Germany and Denmark.</td></tr><tr><td colspan="1">In assessing the level of headroom,</td></tr><tr><td colspan="1">we performed downside sensitivity</td></tr><tr><td colspan="1">analysis around the key assumptions</td></tr><tr><td colspan="1">by using a range of lower growth</td></tr><tr><td colspan="1">rates and margins.</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 review</td></tr><tr><td colspan="1">Management is responsible for the</td></tr><tr><td colspan="1">management review.</td></tr><tr><td colspan="1">Our opinion on the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements does not cover</td></tr><tr><td colspan="1">the management review, and we do</td></tr><tr><td colspan="1">not express any form of assurance</td></tr><tr><td colspan="1">conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the</td></tr><tr><td colspan="1">consolidated financial statements</td></tr><tr><td colspan="1">and the parent financial statements,</td></tr><tr><td colspan="1">our responsibility is to read the</td></tr><tr><td colspan="1">management review and, in doing so,</td></tr><tr><td colspan="1">consider whether the management</td></tr><tr><td colspan="1">review is materially inconsistent with</td></tr><tr><td colspan="1">the consolidated financial statements</td></tr><tr><td colspan="1">and the parent financial statements</td></tr><tr><td colspan="1">or our knowledge obtained in the</td></tr><tr><td colspan="1">audit or otherwise appears to be</td></tr><tr><td colspan="1">materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to</td></tr><tr><td colspan="1">consider whether the management</td></tr><tr><td colspan="1">review provides the information</td></tr><tr><td colspan="1">required under the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have</td></tr><tr><td colspan="1">performed, we conclude that</td></tr><tr><td colspan="1">the management review is in</td></tr><tr><td colspan="1">accordance with the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements and has been</td></tr><tr><td colspan="1">prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act. We did not identify</td></tr><tr><td colspan="1">any material misstatement of the</td></tr><tr><td colspan="1">management review.</td></tr><tr><td colspan="1">Managementâs responsibilities</td></tr><tr><td colspan="1">for the consolidated financial</td></tr><tr><td colspan="1">statements and the parent</td></tr><tr><td colspan="1">financial statements</td></tr><tr><td colspan="1">Management is responsible for the</td></tr><tr><td colspan="1">preparation of consolidated financial</td></tr><tr><td colspan="1">statements and parent financial</td></tr><tr><td colspan="1">statements that give a true and fair</td></tr><tr><td colspan="1">view in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards as</td></tr><tr><td colspan="1">adopted by the EU and additional</td></tr><tr><td colspan="1">requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act, and for such internal</td></tr><tr><td colspan="1">control as Management determines is</td></tr><tr><td colspan="1">necessary to enable the preparation</td></tr><tr><td colspan="1">of consolidated financial statements</td></tr><tr><td colspan="1">and parent financial statements that</td></tr><tr><td colspan="1">are free from material misstatement,</td></tr><tr><td colspan="1">whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements, Management is</td></tr><tr><td colspan="1">responsible for assessing the Groupâs</td></tr><tr><td colspan="1">and the Parentâs ability to continue</td></tr><tr><td colspan="1">as a going concern, for disclosing,</td></tr><tr><td colspan="1">as applicable, matters related to</td></tr><tr><td colspan="1">going concern, and for using the</td></tr><tr><td colspan="1">going concern basis of accounting in</td></tr><tr><td colspan="1">preparing the consolidated financial</td></tr><tr><td colspan="1">statements and the parent financial</td></tr><tr><td colspan="1">statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Group or the</td></tr><tr><td colspan="1">Entity or to cease operations, or has</td></tr><tr><td colspan="1">no realistic alternative but to do so.</td></tr><tr><td colspan="1">Auditorâs responsibilities for</td></tr><tr><td colspan="1">the audit of the consolidated</td></tr><tr><td colspan="1">financial statements and the</td></tr><tr><td colspan="1">parent financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain</td></tr><tr><td colspan="1">reasonable assurance about</td></tr><tr><td colspan="1">whether the consolidated financial</td></tr><tr><td colspan="1">statements and the parent financial</td></tr><tr><td colspan="1">statements as a whole are free from</td></tr><tr><td colspan="1">material misstatement, whether due</td></tr><tr><td colspan="1">to fraud or error, and to issue an</td></tr><tr><td colspan="1">auditorâs report that includes our</td></tr><tr><td colspan="1">opinion. Reasonable assurance is a</td></tr><tr><td colspan="1">high level of assurance, but is not a</td></tr><tr><td colspan="1">guarantee that an audit conducted</td></tr><tr><td colspan="1">in accordance with ISAs and the</td></tr><tr><td colspan="1">additional requirements applicable</td></tr><tr><td colspan="1">in Denmark will always detect a</td></tr><tr><td colspan="1">material misstatement when it exists.</td></tr><tr><td colspan="1">Misstatements can arise from fraud</td></tr><tr><td colspan="1">or error and are considered material</td></tr><tr><td colspan="1">if, individually or in the aggregate,</td></tr><tr><td colspan="1">they could reasonably be expected</td></tr><tr><td colspan="1">to influence the economic decisions</td></tr><tr><td colspan="1">of users taken on the basis of these</td></tr><tr><td colspan="1">consolidated financial statements and</td></tr><tr><td colspan="1">these parent financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in</td></tr><tr><td colspan="1">accordance with ISAs and the</td></tr><tr><td colspan="1">additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, we exercise professional</td></tr><tr><td colspan="1">judgement and maintain professional</td></tr><tr><td colspan="1">scepticism throughout the audit. We</td></tr><tr><td colspan="1">also</td></tr><tr><td colspan="1">â â Identify and assess the risks</td></tr><tr><td colspan="1">of material misstatement of</td></tr><tr><td colspan="1">the consolidated financial</td></tr><tr><td colspan="1">statements and the parent financial</td></tr><tr><td colspan="1">statements, whether due to fraud</td></tr><tr><td colspan="1">or error, design and perform audit</td></tr><tr><td colspan="1">procedures responsive to those</td></tr><tr><td colspan="1">risks, and obtain audit evidence</td></tr><tr><td colspan="1">that is sufficient and appropriate</td></tr><tr><td colspan="1">to provide a basis for our opinion.</td></tr><tr><td colspan="1">The risk of not detecting a material</td></tr><tr><td colspan="1">misstatement resulting from fraud</td></tr><tr><td colspan="1">is higher than for one resulting</td></tr><tr><td colspan="1">from error, as fraud may involve</td></tr><tr><td colspan="1">collusion, forgery, intentional</td></tr><tr><td colspan="1">omissions, misrepresentations, or</td></tr><tr><td colspan="1">the override of internal control.</td></tr><tr><td colspan="1">â â Obtain an understanding of</td></tr><tr><td colspan="1">internal control relevant to the</td></tr><tr><td colspan="1">audit in order to design audit</td></tr><tr><td colspan="1">procedures that are appropriate in</td></tr><tr><td colspan="1">the circumstances, but not for the</td></tr><tr><td colspan="1">purpose of expressing an opinion</td></tr><tr><td colspan="1">on the effectiveness of the Groupâs</td></tr><tr><td colspan="1">and the Parentâs internal control.</td></tr><tr><td colspan="1">â â Evaluate the appropriateness of</td></tr><tr><td colspan="1">accounting policies used and the</td></tr><tr><td colspan="1">reasonableness of accounting</td></tr><tr><td colspan="1">estimates and related disclosures</td></tr><tr><td colspan="1">made by Management.</td></tr><tr><td colspan="1">â â Conclude on the appropriateness</td></tr><tr><td colspan="1">of Managementâs use of the going</td></tr><tr><td colspan="1">concern basis of accounting</td></tr><tr><td colspan="1">in preparing the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements, and, based</td></tr><tr><td colspan="1">on the audit evidence obtained,</td></tr><tr><td colspan="1">whether a material uncertainty</td></tr><tr><td colspan="1">exists related to events or</td></tr><tr><td colspan="1">conditions that may cast significant</td></tr><tr><td colspan="1">doubt on the Groupâs and the</td></tr><tr><td colspan="1">Parentâs ability to continue as a</td></tr><tr><td colspan="1">going concern. If we conclude that</td></tr><tr><td colspan="1">a material uncertainty exists, we</td></tr><tr><td colspan="1">are required to draw attention in</td></tr><tr><td colspan="1">our auditorâs report to the related</td></tr><tr><td colspan="1">disclosures in the consolidated</td></tr><tr><td colspan="1">financial statements and the</td></tr><tr><td colspan="1">parent financial statements or, if</td></tr><tr><td colspan="1">such disclosures are inadequate,</td></tr><tr><td colspan="1">to modify our opinion. Our</td></tr><tr><td colspan="1">conclusions are based on the audit</td></tr><tr><td colspan="1">evidence obtained up to the date</td></tr><tr><td colspan="1">of our auditorâs report. However,</td></tr><tr><td colspan="1">future events or conditions may</td></tr><tr><td colspan="1">cause the Group and the Entity</td></tr><tr><td colspan="1">to cease to continue as a going</td></tr><tr><td colspan="1">concern.</td></tr><tr><td colspan="1">â â Evaluate the overall presentation,</td></tr><tr><td colspan="1">structure and content of</td></tr><tr><td colspan="1">the consolidated financial</td></tr><tr><td colspan="1">statements and the parent</td></tr><tr><td colspan="1">financial statements, including</td></tr><tr><td colspan="1">the disclosures in the notes,</td></tr><tr><td colspan="1">and whether the consolidated</td></tr><tr><td colspan="1">financial statements and the parent</td></tr><tr><td colspan="1">financial statements represent the</td></tr><tr><td colspan="1">underlying transactions and events</td></tr><tr><td colspan="1">in a manner that gives a true and</td></tr><tr><td colspan="1">fair view.</td></tr><tr><td colspan="1">â â Obtain sufficient appropriate</td></tr><tr><td colspan="1">audit evidence regarding the</td></tr><tr><td colspan="1">financial information of the entities</td></tr><tr><td colspan="1">or business activities within the</td></tr><tr><td colspan="1">Group to express an opinion</td></tr><tr><td colspan="1">on the consolidated financial</td></tr><tr><td colspan="1">statements. We are responsible</td></tr><tr><td colspan="1">for the direction, supervision and</td></tr><tr><td colspan="1">performance of the group audit.</td></tr><tr><td colspan="1">We remain solely responsible for</td></tr><tr><td colspan="1">our audit opinion.</td></tr><tr><td colspan="1">We communicate with those</td></tr><tr><td colspan="1">charged with governance regarding,</td></tr><tr><td colspan="1">among other matters, the planned</td></tr><tr><td colspan="1">scope and timing of the audit and</td></tr><tr><td colspan="1">significant audit findings, including</td></tr><tr><td colspan="1">any significant deficiencies in internal</td></tr><tr><td colspan="1">control that we identify during</td></tr><tr><td colspan="1">our audit.</td></tr><tr><td colspan="1">We also provide those charged with</td></tr><tr><td colspan="1">governance with a statement that</td></tr><tr><td colspan="1">we have complied with relevant</td></tr><tr><td colspan="1">ethical requirements regarding</td></tr><tr><td colspan="1">independence, and to communicate</td></tr><tr><td colspan="1">with them all relationships and</td></tr><tr><td colspan="1">other matters that may reasonably</td></tr><tr><td colspan="1">be thought to bear on our</td></tr><tr><td colspan="1">independence, and where applicable,</td></tr><tr><td colspan="1">related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with</td></tr><tr><td colspan="1">those charged with governance, we</td></tr><tr><td colspan="1">determine those matters that were of</td></tr><tr><td colspan="1">most significance in the audit of the</td></tr><tr><td colspan="1">consolidated financial statements and</td></tr><tr><td colspan="1">the parent financial statements of the</td></tr><tr><td colspan="1">current period and are therefore the</td></tr><tr><td colspan="1">key audit matters. We describe these</td></tr><tr><td colspan="1">matters in our auditorâs report unless</td></tr><tr><td colspan="1">law or regulation precludes public</td></tr><tr><td colspan="1">disclosure about the matter or when,</td></tr><tr><td colspan="1">in extremely rare circumstances, we</td></tr><tr><td colspan="1">determine that a matter should not be</td></tr><tr><td colspan="1">communicated in our report because</td></tr><tr><td colspan="1">the adverse consequences of doing</td></tr><tr><td colspan="1">so would reasonably be expected to</td></tr><tr><td colspan="1">outweigh the public interest benefits</td></tr><tr><td colspan="1">of such communication.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-02-27</arr:SignatureOfAuditorsDate>
<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">SUSTAINABILITY</td></tr><tr><td colspan="1">NKTâs annual statutory report on Corporate Social</td></tr><tr><td colspan="1">Responsibility is available at</td></tr><tr><td colspan="1">http://www.nkt.com/csr-report-2017</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="en"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">Management bodies</td></tr><tr><td colspan="1">The management structure of NKT</td></tr><tr><td colspan="1">has been revised after the demerger</td></tr><tr><td colspan="1">of Nilfisk in October 2017. The current</td></tr><tr><td colspan="1">management structure comprises</td></tr><tr><td colspan="1">the Board of Directors, the parent</td></tr><tr><td colspan="1">company NKT A/S and the business</td></tr><tr><td colspan="1">leadership teams.</td></tr><tr><td colspan="1">The Board of Directors</td></tr><tr><td colspan="1">The Board of Directors currently</td></tr><tr><td colspan="1">comprises seven members. Six</td></tr><tr><td colspan="1">members are up for election every</td></tr><tr><td colspan="1">year at the Annual General Meeting</td></tr><tr><td colspan="1">AGM), and all were re-elected</td></tr><tr><td colspan="1">at the AGM in April 2017. At the</td></tr><tr><td colspan="1">Extraordinary General Meeting (EGM)</td></tr><tr><td colspan="1">on 10 October 2017, Anders Runevad</td></tr><tr><td colspan="1">stepped down from the Board of</td></tr><tr><td colspan="1">Directors of NKT A/S and Andreas</td></tr><tr><td colspan="1">Nauen was elected as a new member.</td></tr><tr><td colspan="1">Traditionally, the Board of Directors</td></tr><tr><td colspan="1">comprises three employee-elected</td></tr><tr><td colspan="1">members serving four-year terms. As</td></tr><tr><td colspan="1">two of these stepped down from their</td></tr><tr><td colspan="1">positions in NKT during 2017 with no</td></tr><tr><td colspan="1">alternate candidates available, the</td></tr><tr><td colspan="1">Board of Directors currently includes</td></tr><tr><td colspan="1">only one employee-elected member.</td></tr><tr><td colspan="1">An ordinary election of employee</td></tr><tr><td colspan="1">representatives will take place in</td></tr><tr><td colspan="1">spring 2018.</td></tr><tr><td colspan="1">The AGM-elected Board members</td></tr><tr><td colspan="1">currently comprise one woman</td></tr><tr><td colspan="1">and five men. The employeeelected</td></tr><tr><td colspan="1">member is male. Of the six</td></tr><tr><td colspan="1">AGM-elected members, four live</td></tr><tr><td colspan="1">in Denmark, one lives in Germany</td></tr><tr><td colspan="1">and one in Luxembourg. One AGMelected</td></tr><tr><td colspan="1">Board member has served for</td></tr><tr><td colspan="1">more than 12 years and is thereby not</td></tr><tr><td colspan="1">considered independent as defined</td></tr><tr><td colspan="1">by the Danish Corporate Governance</td></tr><tr><td colspan="1">recommendations. A minimum of</td></tr><tr><td colspan="1">six ordinary Board meetings are</td></tr><tr><td colspan="1">held annually.</td></tr><tr><td colspan="1">The Board of Directors represents</td></tr><tr><td colspan="1">international business experience</td></tr><tr><td colspan="1">in the areas of industry, energy,</td></tr><tr><td colspan="1">infrastructure projects, high</td></tr><tr><td colspan="1">technology, business development</td></tr><tr><td colspan="1">and financial matters, and is deemed</td></tr><tr><td colspan="1">to possess requisite competences</td></tr><tr><td colspan="1">and seniority.</td></tr><tr><td colspan="1">Governance structure</td></tr><tr><td colspan="1">The President &amp; CEOs of NKT and of</td></tr><tr><td colspan="1">NKT Photonics, respectively, report to</td></tr><tr><td colspan="1">the Board of Directors. The Executive</td></tr><tr><td colspan="1">Management for the parent company,</td></tr><tr><td colspan="1">NKT A/S, comprises two people;</td></tr><tr><td colspan="1">the President &amp; CEO and the CFO of</td></tr><tr><td colspan="1">NKT. The CFO joined the Executive</td></tr><tr><td colspan="1">Management in January 2018.</td></tr><tr><td colspan="1">Committees</td></tr><tr><td colspan="1">The Board of Directors has</td></tr><tr><td colspan="1">appointed a chairmanship and three</td></tr><tr><td colspan="1">committees. The committees are</td></tr><tr><td colspan="1">appointed for one year at a time</td></tr><tr><td colspan="1">and receive special remuneration</td></tr><tr><td colspan="1">approved by the AGM.</td></tr><tr><td colspan="1">Until the NKT A/S demerger,</td></tr><tr><td colspan="1">the Board of Directors also had</td></tr><tr><td colspan="1">a committee representing each</td></tr><tr><td colspan="1">business unit; NKT, NKT Photonics</td></tr><tr><td colspan="1">and Nilfisk. The committee for the</td></tr><tr><td colspan="1">business unit NKT Photonics will</td></tr><tr><td colspan="1">continue.</td></tr><tr><td colspan="1">Committee Members Meetings*</td></tr><tr><td colspan="1">Chairmanship Jens Due Olsen (Chair), René Svendsen-Tune N/A</td></tr><tr><td colspan="1">Audit Jutta af Rosenborg (Chair), Jens Maaløe 6</td></tr><tr><td colspan="1">Remuneration Jutta af Rosenborg (Chair), Jens Maaløe 5</td></tr><tr><td colspan="1">Nomination Lars S. Sørensen (Chair), Jens Due Olesen 5</td></tr><tr><td colspan="1">NKT Photonics Jens Maaløe (Chair), Jens Due Olsen 4</td></tr><tr><td colspan="1">* Members and meetings held in the period AGM 2017 - AGM 2018. Full terms of reference for the</td></tr><tr><td colspan="1">Audit, Remuneration and Nomination Committees can be found at www.nkt.com.</td></tr><tr><td colspan="1">Audit Committee</td></tr><tr><td colspan="1">The Audit Committee monitors the</td></tr><tr><td colspan="1">companyâs accounting and internal</td></tr><tr><td colspan="1">controls as defined in an annual plan,</td></tr><tr><td colspan="1">and establishes conditions and a</td></tr><tr><td colspan="1">framework for the work of the external</td></tr><tr><td colspan="1">auditors. Its principal tasks are</td></tr><tr><td colspan="1">â â To monitor the financial reporting</td></tr><tr><td colspan="1">process and compliance with</td></tr><tr><td colspan="1">existing legislation, standards</td></tr><tr><td colspan="1">and other regulations for listed</td></tr><tr><td colspan="1">companies relating to presentation</td></tr><tr><td colspan="1">and publication of financial</td></tr><tr><td colspan="1">reporting</td></tr><tr><td colspan="1">â â To monitor whether the companyâs</td></tr><tr><td colspan="1">internal control and risk</td></tr><tr><td colspan="1">management systems function</td></tr><tr><td colspan="1">effectively</td></tr><tr><td colspan="1">â â To monitor the statutory audit of</td></tr><tr><td colspan="1">the annual financial statements</td></tr><tr><td colspan="1">â â To monitor the independence of</td></tr><tr><td colspan="1">auditors, including in particular the</td></tr><tr><td colspan="1">supply to the company of non-audit</td></tr><tr><td colspan="1">services</td></tr><tr><td colspan="1">â â To make recommendations to the</td></tr><tr><td colspan="1">Board of Directors concerning the</td></tr><tr><td colspan="1">election of auditors</td></tr><tr><td colspan="1">Monitoring of internal control</td></tr><tr><td colspan="1">and risk management systems for</td></tr><tr><td colspan="1">financial reporting</td></tr><tr><td colspan="1">The internal control and risk</td></tr><tr><td colspan="1">management systems for financial</td></tr><tr><td colspan="1">reporting are designed to ensure</td></tr><tr><td colspan="1">that the financial reporting presents</td></tr><tr><td colspan="1">a true and fair view of the companyâs</td></tr><tr><td colspan="1">results and financial position, without</td></tr><tr><td colspan="1">material misstatements, and in</td></tr><tr><td colspan="1">compliance with current financial</td></tr><tr><td colspan="1">legislation and accounting standards.</td></tr><tr><td colspan="1">Framework</td></tr><tr><td colspan="1">The Audit Committee systematically</td></tr><tr><td colspan="1">assesses material risks relating to the</td></tr><tr><td colspan="1">financial reporting process, as well as</td></tr><tr><td colspan="1">compliance with related key internal</td></tr><tr><td colspan="1">controls. The Committee reviews</td></tr><tr><td colspan="1">the scope of the internal control</td></tr><tr><td colspan="1">system, also referred to as EuroSox,</td></tr><tr><td colspan="1">in June each year, and monitors the</td></tr><tr><td colspan="1">effectiveness of the internal controls</td></tr><tr><td colspan="1">in June and in January.</td></tr><tr><td colspan="1">The EuroSox framework at NKT A/S</td></tr><tr><td colspan="1">is designed to reduce material risks</td></tr><tr><td colspan="1">in the financial reporting process</td></tr><tr><td colspan="1">and covers all material entities. The</td></tr><tr><td colspan="1">EuroSox framework is furthermore</td></tr><tr><td colspan="1">designed so that the key controls</td></tr><tr><td colspan="1">cover all major financial processes</td></tr><tr><td colspan="1">in the material subsidiaries. Key</td></tr><tr><td colspan="1">controls comprise both manual and</td></tr><tr><td colspan="1">IT-dependent controls.</td></tr><tr><td colspan="1">The key controls are systematically</td></tr><tr><td colspan="1">tested in conjunction with controller</td></tr><tr><td colspan="1">visits performed by NKT A/S</td></tr><tr><td colspan="1">Controlling or by external audit. In</td></tr><tr><td colspan="1">entities covered by EuroSox all key</td></tr><tr><td colspan="1">controls as well as general IT controls</td></tr><tr><td colspan="1">are tested at least once every</td></tr><tr><td colspan="1">three years.</td></tr><tr><td colspan="1">Scope</td></tr><tr><td colspan="1">During the present reporting period,</td></tr><tr><td colspan="1">the company continued its work of</td></tr><tr><td colspan="1">strengthening the EuroSox framework</td></tr><tr><td colspan="1">by including newly acquired entities in</td></tr><tr><td colspan="1">the scope.</td></tr><tr><td colspan="1">Compliance</td></tr><tr><td colspan="1">The Audit Committee performs</td></tr><tr><td colspan="1">general supervision of compliance</td></tr><tr><td colspan="1">with policies and guidelines related</td></tr><tr><td colspan="1">to risk management and financial</td></tr><tr><td colspan="1">reporting. This covers i.a. policies for</td></tr><tr><td colspan="1">accounting, treasury, metal hedging</td></tr><tr><td colspan="1">and tax. Furthermore, the Audit</td></tr><tr><td colspan="1">Committee oversees the compliance</td></tr><tr><td colspan="1">programme, including the Business</td></tr><tr><td colspan="1">Code of Conduct and related</td></tr><tr><td colspan="1">compliance programmes.</td></tr><tr><td colspan="1">The company further operates a</td></tr><tr><td colspan="1">whistleblower scheme whereby</td></tr><tr><td colspan="1">employees and associated business</td></tr><tr><td colspan="1">partners can report irregularities.</td></tr><tr><td colspan="1">The Audit Committee is notified</td></tr><tr><td colspan="1">of any incidents reported, and in</td></tr><tr><td colspan="1">the event of incidents of a serious</td></tr><tr><td colspan="1">nature consultations are immediately</td></tr><tr><td colspan="1">held with the Chairman of the Audit</td></tr><tr><td colspan="1">Committee and the Chairman of the</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">Remuneration Committee</td></tr><tr><td colspan="1">The Remuneration Committee is</td></tr><tr><td colspan="1">responsible for establishing the</td></tr><tr><td colspan="1">remuneration policy for the Board</td></tr><tr><td colspan="1">of Directors and the Executive</td></tr><tr><td colspan="1">Management for NKT A/S, for</td></tr><tr><td colspan="1">making proposals on changes</td></tr><tr><td colspan="1">to the remuneration policy, and</td></tr><tr><td colspan="1">for obtaining the approval of the</td></tr><tr><td colspan="1">Board of Directors prior to seeking</td></tr><tr><td colspan="1">shareholdersâ approval at the</td></tr><tr><td colspan="1">AGM. The remuneration policy</td></tr><tr><td colspan="1">contains guidelines for setting</td></tr><tr><td colspan="1">and approving the remuneration</td></tr><tr><td colspan="1">for the Board of Directors and the</td></tr><tr><td colspan="1">Executive Management.</td></tr><tr><td colspan="1">The Board of Directors receives a</td></tr><tr><td colspan="1">fixed salary, while the Executive</td></tr><tr><td colspan="1">Management for NKT A/S receives</td></tr><tr><td colspan="1">both a fixed salary and incentive pay.</td></tr><tr><td colspan="1">This structure ensures commonality</td></tr><tr><td colspan="1">of interest between the management</td></tr><tr><td colspan="1">and shareholders, and maintains</td></tr><tr><td colspan="1">managementâs motivation to achieve</td></tr><tr><td colspan="1">the strategic goals set. All parties</td></tr><tr><td colspan="1">must receive competitive pay which</td></tr><tr><td colspan="1">is commensurate with the duties</td></tr><tr><td colspan="1">assigned and which represents</td></tr><tr><td colspan="1">an attractive incentive for longterm</td></tr><tr><td colspan="1">commitment. Severance</td></tr><tr><td colspan="1">arrangements related to âChange of</td></tr><tr><td colspan="1">controlâ are described in Note 3.3 on</td></tr><tr><td colspan="1">page 84.</td></tr><tr><td colspan="1">Terms of reference for the</td></tr><tr><td colspan="1">Remuneration Committee and the</td></tr><tr><td colspan="1">remuneration policy can be found</td></tr><tr><td colspan="1">on investors.nkt.com</td></tr><tr><td colspan="1">Main activities in 2017</td></tr><tr><td colspan="1">Over the course of 2017, the main</td></tr><tr><td colspan="1">activities of the Remuneration</td></tr><tr><td colspan="1">Committee were as follows</td></tr><tr><td colspan="1">â â Drafting and approval of a new</td></tr><tr><td colspan="1">remuneration policy, in connection</td></tr><tr><td colspan="1">with the demerger of Nilfisk, which</td></tr><tr><td colspan="1">was approved by the EGM on 10</td></tr><tr><td colspan="1">October 2017 and which replaced</td></tr><tr><td colspan="1">the remuneration policy previously</td></tr><tr><td colspan="1">approved by the AGM held on 21</td></tr><tr><td colspan="1">April 2017.</td></tr><tr><td colspan="1">â â Review of the achievement against</td></tr><tr><td colspan="1">targets under the annual bonus</td></tr><tr><td colspan="1">plan.</td></tr><tr><td colspan="1">â â Review of fee levels for the Board</td></tr><tr><td colspan="1">of Directors.</td></tr><tr><td colspan="1">Board of Directors and</td></tr><tr><td colspan="1">Executive Management</td></tr><tr><td colspan="1">remuneration policy in 2018</td></tr><tr><td colspan="1">Following the demerger of Nilfisk,</td></tr><tr><td colspan="1">the Board of Directors determined</td></tr><tr><td colspan="1">that a new remuneration policy was</td></tr><tr><td colspan="1">required for NKT A/S. This has led to</td></tr><tr><td colspan="1">proposed changes in how NKT A/S</td></tr><tr><td colspan="1">approaches remuneration in 2018</td></tr><tr><td colspan="1">with a new remuneration policy</td></tr><tr><td colspan="1">to be put before shareholders at</td></tr><tr><td colspan="1">the AGM in 2018, where the Board</td></tr><tr><td colspan="1">of Directors will propose that the</td></tr><tr><td colspan="1">existing remuneration policy be</td></tr><tr><td colspan="1">amended accordingly.</td></tr><tr><td colspan="1">The revised approach to remuneration</td></tr><tr><td colspan="1">has been developed taking account</td></tr><tr><td colspan="1">of the Recommendations on</td></tr><tr><td colspan="1">Corporate Governance as updated by</td></tr><tr><td colspan="1">the Danish Committee on Corporate</td></tr><tr><td colspan="1">Governance in November 2017.</td></tr><tr><td colspan="1">Subject to shareholder approval, the</td></tr><tr><td colspan="1">revised approach is summarised in</td></tr><tr><td colspan="1">the following section.</td></tr><tr><td colspan="1">Board of Directors remuneration</td></tr><tr><td colspan="1">As in previous years, the Board of</td></tr><tr><td colspan="1">Directors will receive a base fee as</td></tr><tr><td colspan="1">well as fees for committee duties.</td></tr><tr><td colspan="1">Fees are evaluated relative to Danish</td></tr><tr><td colspan="1">and other European companies of</td></tr><tr><td colspan="1">comparable size and complexity to</td></tr><tr><td colspan="1">NKT A/S. No member of the Board</td></tr><tr><td colspan="1">of Directors will participate in any of</td></tr><tr><td colspan="1">the companyâs incentive plans. At</td></tr><tr><td colspan="1">the AGM in 2018 it will be proposed</td></tr><tr><td colspan="1">that the remuneration for the Board</td></tr><tr><td colspan="1">of Directors will be unchanged from</td></tr><tr><td colspan="1">2017. The former working committees</td></tr><tr><td colspan="1">for NKT and Nilfisk are not part of the</td></tr><tr><td colspan="1">structure following the demerger.</td></tr><tr><td colspan="1">See Note 3.2 on page 83</td></tr><tr><td colspan="1">Remuneration of</td></tr><tr><td colspan="1">Executive Management</td></tr><tr><td colspan="1">The Remuneration Committee is</td></tr><tr><td colspan="1">proposing amendments to the current</td></tr><tr><td colspan="1">remuneration policy to ensure that</td></tr><tr><td colspan="1">it adopts best practice features in</td></tr><tr><td colspan="1">remuneration practices and links</td></tr><tr><td colspan="1">the strategy and long-term financial</td></tr><tr><td colspan="1">performance of the company to</td></tr><tr><td colspan="1">remuneration outcomes</td></tr><tr><td colspan="1">The proposed remuneration approach for Executive Management is summarised below</td></tr><tr><td colspan="1">Component Operation Maximum award level</td></tr><tr><td colspan="1">Fixed salary Set in relation to comparable Danish and European companies.</td></tr><tr><td colspan="1">Salary is set in the context of the total remuneration package to</td></tr><tr><td colspan="1">ensure an appropriate balance between fixed and variable</td></tr><tr><td colspan="1">remuneration.</td></tr><tr><td colspan="1">Salary levels take into account market</td></tr><tr><td colspan="1">remuneration as well as the executivesâ skills</td></tr><tr><td colspan="1">and experience.</td></tr><tr><td colspan="1">Pension and</td></tr><tr><td colspan="1">benefits</td></tr><tr><td colspan="1">Where appropriate, NKT provides competitive pension and benefit</td></tr><tr><td colspan="1">arrangements.</td></tr><tr><td colspan="1">Benefits include company car, phone and other</td></tr><tr><td colspan="1">benefits in line with market practice.Individual</td></tr><tr><td colspan="1">members of Executive Management may also</td></tr><tr><td colspan="1">be covered by pension schemes, with details</td></tr><tr><td colspan="1">provided in the annual report.</td></tr><tr><td colspan="1">Annual bonus</td></tr><tr><td colspan="1">plan</td></tr><tr><td colspan="1">The annual cash bonus plan aligns executive reward with</td></tr><tr><td colspan="1">achievement of NKTâs short-term objectives, as determined by the</td></tr><tr><td colspan="1">corporate strategy. This may consist of financial and or non-financial</td></tr><tr><td colspan="1">targets such as revenue, EBITDA and operating margin and or other</td></tr><tr><td colspan="1">key strategic performance indicators. Details of measures used in a</td></tr><tr><td colspan="1">given year will be outlined in the annual report as will actual bonus</td></tr><tr><td colspan="1">outcomes.</td></tr><tr><td colspan="1">70% of fixed annual salary.</td></tr><tr><td colspan="1">Long-term</td></tr><tr><td colspan="1">incentive plan</td></tr><tr><td colspan="1">Long-term incentives will consist of performance share awards.</td></tr><tr><td colspan="1">In any given year, Executive Management may be awarded</td></tr><tr><td colspan="1">performance shares. Performance shares represent a conditional</td></tr><tr><td colspan="1">right to receive shares after a three-year performance period at nil</td></tr><tr><td colspan="1">payment. At this point, the performance shares vest, subject to</td></tr><tr><td colspan="1">continuous service and the achievement of performance targets</td></tr><tr><td colspan="1">over a period of three financial years.</td></tr><tr><td colspan="1">The decision to make awards under a long-term incentive plan is</td></tr><tr><td colspan="1">made by the Board of Directors each year after recommendation</td></tr><tr><td colspan="1">from the Remuneration Committee. The Board of Directors may at</td></tr><tr><td colspan="1">their discretion decide to make cash awards in a given year</td></tr><tr><td colspan="1">instead of making awards of performance shares.</td></tr><tr><td colspan="1">The performance measures applying to performance shares will</td></tr><tr><td colspan="1">represent key measures of long-term growth and will be disclosed</td></tr><tr><td colspan="1">in the annual report. These measures will ensure alignment of</td></tr><tr><td colspan="1">vesting outcomes with the long-term performance of the Company.</td></tr><tr><td colspan="1">Vesting will be subject to customary good leaver/bad leaver</td></tr><tr><td colspan="1">provisions.</td></tr><tr><td colspan="1">No performance share award will normally vest before the end of</td></tr><tr><td colspan="1">the three-year performance period. However, the Board may</td></tr><tr><td colspan="1">decide that awards may be subject to early vesting and exercise in</td></tr><tr><td colspan="1">various situations including (but not limited to) for certain corporate</td></tr><tr><td colspan="1">events such as a change of control.</td></tr><tr><td colspan="1">The Board of Directors has a discretionary right to decide to make</td></tr><tr><td colspan="1">cash settlement at vesting instead of delivering shares.</td></tr><tr><td colspan="1">NKT may, on an ongoing basis, cover any performance share</td></tr><tr><td colspan="1">rights granted through the issue of new shares and/or a buyback</td></tr><tr><td colspan="1">of own shares and/or the use of own shares in accordance with</td></tr><tr><td colspan="1">the Articles of Association of the Company as adopted from time</td></tr><tr><td colspan="1">to time or resolutions by NKTâs shareholders.</td></tr><tr><td colspan="1">The maximum value of performance share</td></tr><tr><td colspan="1">awards that can be made in any financial year,</td></tr><tr><td colspan="1">based on face value, is 100% of the</td></tr><tr><td colspan="1">participantâs fixed annual salary as of the date</td></tr><tr><td colspan="1">of award.</td></tr><tr><td colspan="1">The value at vesting will depend on the share</td></tr><tr><td colspan="1">price at the time of vesting and the number of</td></tr><tr><td colspan="1">performance shares vesting based on</td></tr><tr><td colspan="1">achievement against performance targets.</td></tr><tr><td colspan="1">However, the value at vesting in respect of</td></tr><tr><td colspan="1">each individual in respect of each award,</td></tr><tr><td colspan="1">cannot exceed three times the participantâs</td></tr><tr><td colspan="1">fixed annual salary as of the time of award. In</td></tr><tr><td colspan="1">such cases where this cap is applied the</td></tr><tr><td colspan="1">number of shares vesting will be reduced</td></tr><tr><td colspan="1">accordingly.</td></tr><tr><td colspan="1">Other key remuneration policy components</td></tr><tr><td colspan="1">Other key policy components</td></tr><tr><td colspan="1">Reclaiming</td></tr><tr><td colspan="1">variable pay</td></tr><tr><td colspan="1">In the event of misconduct, or if an annual bonus or long-term incentive award is made</td></tr><tr><td colspan="1">on the basis of accounts that prove to be materially misstated, the Company may</td></tr><tr><td colspan="1">reclaim, in full or in part, any overpayment from the annual bonus, or cancel or withdraw</td></tr><tr><td colspan="1">unvested and or vested long-term incentive awards made to Executive Management.</td></tr><tr><td colspan="1">Notice period</td></tr><tr><td colspan="1">and severance pay</td></tr><tr><td colspan="1">The total value of the remuneration during the period of notice for Executive</td></tr><tr><td colspan="1">Management, including severance pay, may not exceed 24 monthsâ remuneration,</td></tr><tr><td colspan="1">including all components of remuneration.</td></tr><tr><td colspan="1">Award of extraordinary</td></tr><tr><td colspan="1">incentive remuneration</td></tr><tr><td colspan="1">The Board of Directors is authorized, in individual cases, to operate extraordinary bonus</td></tr><tr><td colspan="1">or other extraordinary incentive remuneration in respect of recruitment to the Executive</td></tr><tr><td colspan="1">Management.</td></tr><tr><td colspan="1">The value of such extraordinary incentive remuneration may not exceed an amount</td></tr><tr><td colspan="1">equal to 100% of the individualâs base salary for the full calendar year. This amount is</td></tr><tr><td colspan="1">exclusive of any remuneration the Board deems appropriate in order to compensate an</td></tr><tr><td colspan="1">individual for loss of incentive remuneration from a former employer.</td></tr><tr><td colspan="1">Any extraordinary incentive remuneration may consist of cash and or share-based</td></tr><tr><td colspan="1">remuneration with any associated performance targets or vesting determined by the</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">Nomination Committee</td></tr><tr><td colspan="1">The Nomination Committee defines</td></tr><tr><td colspan="1">and assesses the qualifications</td></tr><tr><td colspan="1">required by the Board of Directors,</td></tr><tr><td colspan="1">the Executive Management and the</td></tr><tr><td colspan="1">business leadership teams, and</td></tr><tr><td colspan="1">initiates an annual self-assessment</td></tr><tr><td colspan="1">within the Board.</td></tr><tr><td colspan="1">Self-assessments</td></tr><tr><td colspan="1">The purpose of the annual</td></tr><tr><td colspan="1">self-assessments is to define</td></tr><tr><td colspan="1">competences required within the</td></tr><tr><td colspan="1">Board of Directors, taking into</td></tr><tr><td colspan="1">account the contribution of the</td></tr><tr><td colspan="1">individual members, and to identify</td></tr><tr><td colspan="1">future areas of focus. The selfassessment</td></tr><tr><td colspan="1">for the current election</td></tr><tr><td colspan="1">period will be performed prior to the</td></tr><tr><td colspan="1">AGM in March 2018.</td></tr><tr><td colspan="1">The Board of Directors also performs</td></tr><tr><td colspan="1">an annual assessment of the</td></tr><tr><td colspan="1">Executive Management covering two</td></tr><tr><td colspan="1">main areas: the interaction between</td></tr><tr><td colspan="1">both parties, and the competences</td></tr><tr><td colspan="1">and performance of the Executive</td></tr><tr><td colspan="1">Management. The assessment takes</td></tr><tr><td colspan="1">the form of a general discussion by</td></tr><tr><td colspan="1">the Board, the assessment findings</td></tr><tr><td colspan="1">then being communicated by the</td></tr><tr><td colspan="1">Chairman of the Board of Directors to</td></tr><tr><td colspan="1">the Executive Management.</td></tr><tr><td colspan="1">Target figure for the</td></tr><tr><td colspan="1">under-represented gender</td></tr><tr><td colspan="1">The Board of Directors wishes</td></tr><tr><td colspan="1">to ensure that both genders are</td></tr><tr><td colspan="1">represented on the Board. The</td></tr><tr><td colspan="1">quantitative target for the underrepresented</td></tr><tr><td colspan="1">gender among AGMelected</td></tr><tr><td colspan="1">Board members is at</td></tr><tr><td colspan="1">least 17%, corresponding to one</td></tr><tr><td colspan="1">individual. This target was met</td></tr><tr><td colspan="1">in 2017. The focus on diversity and</td></tr><tr><td colspan="1">equal opportunities for both genders</td></tr><tr><td colspan="1">is described in the annual UN</td></tr><tr><td colspan="1">Global Compact Communication on</td></tr><tr><td colspan="1">Progress report, which can be found</td></tr><tr><td colspan="1">at www.nkt.com.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate governance</td></tr><tr><td colspan="1">As a listed company on the Nasdaq</td></tr><tr><td colspan="1">Copenhagen stock exchange,</td></tr><tr><td colspan="1">NKT A/S is subject to rules governing</td></tr><tr><td colspan="1">share issuers and also to corporate</td></tr><tr><td colspan="1">governance recommendations.</td></tr><tr><td colspan="1">NKT A/S fulfils its obligations</td></tr><tr><td colspan="1">in respect of the latter either by</td></tr><tr><td colspan="1">compliance or by explanation of the</td></tr><tr><td colspan="1">reason for non-compliance.</td></tr><tr><td colspan="1">NKT A/S complies fully with 44 of</td></tr><tr><td colspan="1">the 47 recommendations. Three</td></tr><tr><td colspan="1">recommendations are complied with</td></tr><tr><td colspan="1">in part or not complied with. These</td></tr><tr><td colspan="1">three recommendations comprise</td></tr><tr><td colspan="1">Recommendation Comment</td></tr><tr><td colspan="1">Recommendation 3.1.4 that the companyâs</td></tr><tr><td colspan="1">Articles of Association should stipulate a</td></tr><tr><td colspan="1">retirement age for the members of the</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">There is no retirement age for the Board of Directors. In the updated corporate</td></tr><tr><td colspan="1">governance recommendations from November 2017 that will enter into force from</td></tr><tr><td colspan="1">January 2018, a stipulated retirement age is not part of the recommendations.</td></tr><tr><td colspan="1">Recommendation 3.4.6 that the Board of</td></tr><tr><td colspan="1">Directors should establish a Nomination</td></tr><tr><td colspan="1">Committee chaired by the Chairman of the</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">The Board of Directors has appointed a Nomination Committee consisting of two</td></tr><tr><td colspan="1">members of the Board of Directors, including the Chairman. The Chairman of the Board</td></tr><tr><td colspan="1">of Directors is, however, not the chairman of the Nomination Committee. The Board</td></tr><tr><td colspan="1">believes that it is good governance for a non-chair AGM elected board member to chair</td></tr><tr><td colspan="1">this committee.</td></tr><tr><td colspan="1">Recommendation 4.1.2 on variable</td></tr><tr><td colspan="1">components of remuneration.</td></tr><tr><td colspan="1">NKT A/S considers that it is only reasonable to claim repayment of variable</td></tr><tr><td colspan="1">remuneration components in instances where an obligation for such repayment would</td></tr><tr><td colspan="1">follow from generally applicable principles of Danish law. Accordingly, NKT A/S has not</td></tr><tr><td colspan="1">considered it necessary to include a specific clause in its remuneration policy to cover</td></tr><tr><td colspan="1">repayment of variable components of remuneration in exceptional cases. However, in</td></tr><tr><td colspan="1">the proposed amendments to the current remuneration policy by the Remuneration</td></tr><tr><td colspan="1">Committee described on the previous page, the policy includes a component of</td></tr><tr><td colspan="1">reclaiming variable pay.</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">Target figure for the under-represented gender</td></tr><tr><td colspan="1">The Board of Directors wishes</td></tr><tr><td colspan="1">to ensure that both genders are</td></tr><tr><td colspan="1">represented on the Board. The</td></tr><tr><td colspan="1">quantitative target for the underrepresented</td></tr><tr><td colspan="1">gender among AGM-elected</td></tr><tr><td colspan="1">Board members is at</td></tr><tr><td colspan="1">least 17%, corresponding to one</td></tr><tr><td colspan="1">individual. This target was met</td></tr><tr><td colspan="1">in 2017. The focus on diversity and</td></tr><tr><td colspan="1">equal opportunities for both genders</td></tr><tr><td colspan="1">is described in the annual UN</td></tr><tr><td colspan="1">Global Compact Communication on</td></tr><tr><td colspan="1">Progress report, which can be found</td></tr><tr><td colspan="1">at www.nkt.com.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="en">NKT A/S</gsd:NameOfReportingEntity>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2018-03-22</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="en">Christian Lundgren</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">62725214</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="en">Vibeholms Alle 25</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="en">René Svendsen-Tune</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx11" xml:lang="en">Anders Dons</cmn:NameAndSurnameOfAuditor>
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<ifrs-full:Equity contextRef="ctx14" unitRef="vEUR" decimals="-5">816300000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-5">59900000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx14" unitRef="vEUR" decimals="-5">52500000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentProvisions contextRef="ctx14" unitRef="vEUR" decimals="-5">28500000</ifrs-full:NoncurrentProvisions>
<ifrs-full:LongtermBorrowings contextRef="ctx14" unitRef="vEUR" decimals="-5">332800000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-5">473700000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings contextRef="ctx14" unitRef="vEUR" decimals="-5">7200000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
<ifrs-full:TradeAndOtherCurrentPayables contextRef="ctx14" unitRef="vEUR" decimals="-5">582200000</ifrs-full:TradeAndOtherCurrentPayables>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx14" unitRef="vEUR" decimals="-5">11700000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentProvisions contextRef="ctx14" unitRef="vEUR" decimals="-5">13500000</ifrs-full:CurrentProvisions>
<ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale contextRef="ctx14" unitRef="vEUR" decimals="-6">0</ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale>
<easyx:EasyX_1472764471 contextRef="ctx14" unitRef="vEUR" decimals="-6">0</easyx:EasyX_1472764471>
<ifrs-full:CurrentLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-5">614600000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx14" unitRef="vEUR" decimals="-5">1088300000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-5">1904600000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx14" unitRef="vEUR" decimals="-5">44700000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:Goodwill contextRef="ctx15" unitRef="vEUR" decimals="-6">27000000</ifrs-full:Goodwill>
<ifrs-full:BrandNames contextRef="ctx15" unitRef="vEUR" decimals="-6">0</ifrs-full:BrandNames>
<ifrs-dk:CustomerrelatedAssets contextRef="ctx15" unitRef="vEUR" decimals="-5">2600000</ifrs-dk:CustomerrelatedAssets>
<ifrs-dk:CompletedDevelopmentProjects contextRef="ctx15" unitRef="vEUR" decimals="-5">11500000</ifrs-dk:CompletedDevelopmentProjects>
<ifrs-dk:PatentsAndLicenses contextRef="ctx15" unitRef="vEUR" decimals="-5">13800000</ifrs-dk:PatentsAndLicenses>
<ifrs-dk:DevelopmentProjectsInProgress contextRef="ctx15" unitRef="vEUR" decimals="-5">18600000</ifrs-dk:DevelopmentProjectsInProgress>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx15" unitRef="vEUR" decimals="-5">73500000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:LandAndBuildings contextRef="ctx15" unitRef="vEUR" decimals="-5">122500000</ifrs-full:LandAndBuildings>
<ifrs-dk:PlantAndMachinery contextRef="ctx15" unitRef="vEUR" decimals="-5">121600000</ifrs-dk:PlantAndMachinery>
<ifrs-full:OtherPropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-5">16300000</ifrs-full:OtherPropertyPlantAndEquipment>
<ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-5">12400000</ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-5">272800000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInAssociates contextRef="ctx15" unitRef="vEUR" decimals="-5">100000</ifrs-full:InvestmentsInAssociates>
<ifrs-dk:OtherSecuritiesAndInvestments contextRef="ctx15" unitRef="vEUR" decimals="-5">1200000</ifrs-dk:OtherSecuritiesAndInvestments>
<ifrs-full:DeferredTaxAssets contextRef="ctx15" unitRef="vEUR" decimals="-5">34700000</ifrs-full:DeferredTaxAssets>
<ifrs-full:OtherNoncurrentFinancialAssets contextRef="ctx15" unitRef="vEUR" decimals="-6">36000000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx15" unitRef="vEUR" decimals="-5">382300000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx15" unitRef="vEUR" decimals="-5">142100000</ifrs-full:Inventories>
<ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx15" unitRef="vEUR" decimals="-5">205600000</ifrs-full:TradeAndOtherCurrentReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx15" unitRef="vEUR" decimals="-6">2000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:CurrentLoansAndReceivables contextRef="ctx15" unitRef="vEUR" decimals="-5">1600000</ifrs-full:CurrentLoansAndReceivables>
<ifrs-full:Cash contextRef="ctx15" unitRef="vEUR" decimals="-5">127800000</ifrs-full:Cash>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale contextRef="ctx15" unitRef="vEUR" decimals="-5">52700000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForDistributionToOwners contextRef="ctx15" unitRef="vEUR" decimals="-6">833000000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForDistributionToOwners>
<ifrs-full:CurrentAssets contextRef="ctx15" unitRef="vEUR" decimals="-5">1364800000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx15" unitRef="vEUR" decimals="-5">1747100000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx15" unitRef="vEUR" decimals="-6">72000000</ifrs-full:IssuedCapital>
<ifrs-full:OtherReserves contextRef="ctx15" unitRef="vEUR" decimals="-5">29900000</ifrs-full:OtherReserves>
<ifrs-full:RetainedEarnings contextRef="ctx15" unitRef="vEUR" decimals="-5">849500000</ifrs-full:RetainedEarnings>
<easyx:EasyX_50816419 contextRef="ctx15" unitRef="vEUR" decimals="-6">0</easyx:EasyX_50816419>
<ifrs-full:Equity contextRef="ctx15" unitRef="vEUR" decimals="-5">951400000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">8000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx15" unitRef="vEUR" decimals="-5">53100000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentProvisions contextRef="ctx15" unitRef="vEUR" decimals="-5">12800000</ifrs-full:NoncurrentProvisions>
<ifrs-full:LongtermBorrowings contextRef="ctx15" unitRef="vEUR" decimals="-6">83000000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-5">156900000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings contextRef="ctx15" unitRef="vEUR" decimals="-5">11600000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
<ifrs-full:TradeAndOtherCurrentPayables contextRef="ctx15" unitRef="vEUR" decimals="-5">272400000</ifrs-full:TradeAndOtherCurrentPayables>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx15" unitRef="vEUR" decimals="-5">7300000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentProvisions contextRef="ctx15" unitRef="vEUR" decimals="-5">15800000</ifrs-full:CurrentProvisions>
<ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale contextRef="ctx15" unitRef="vEUR" decimals="-5">24600000</ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale>
<easyx:EasyX_1472764471 contextRef="ctx15" unitRef="vEUR" decimals="-5">307100000</easyx:EasyX_1472764471>
<ifrs-full:CurrentLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-5">638800000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx15" unitRef="vEUR" decimals="-5">795700000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-5">1747100000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx15" unitRef="vEUR" decimals="-5">158100000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx16" xml:lang="en">Intangible assets and other investments, net</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx16" unitRef="vEUR" decimals="-5">-43800000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx17" xml:lang="en">Intangible assets and other investments, net</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx17" unitRef="vEUR" decimals="-5">-38500000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx18" xml:lang="en">Changes in non-current loans from credit institutions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx18" unitRef="vEUR" decimals="-6">250000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx19" xml:lang="en">Changes in non-current loans from credit institutions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx19" unitRef="vEUR" decimals="-5">-53800000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx20" xml:lang="en">Changes in current loans from credit institutions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx20" unitRef="vEUR" decimals="-5">33500000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx21" xml:lang="en">Changes in current loans from credit institutions</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx21" unitRef="vEUR" decimals="-5">-400000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx22" xml:lang="en">Non-controlling interest, dividend, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx22" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" xml:lang="en">Non-controlling interest, dividend, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-5">-4400000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" xml:lang="en">Dividend, treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx25" xml:lang="en">Dividend, treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx25" unitRef="vEUR" decimals="-5">100000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" xml:lang="en">Cash from disposal of treasury shares / share buyback programme</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx27" xml:lang="en">Cash from disposal of treasury shares / share buyback programme</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx27" unitRef="vEUR" decimals="-6">11000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" xml:lang="en">Cash from issue of new shares / exercise of warrants</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" unitRef="vEUR" decimals="-5">10100000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" xml:lang="en">Cash from issue of new shares / exercise of warrants</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" unitRef="vEUR" decimals="-5">139500000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx30" unitRef="vEUR" decimals="-5">158100000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx31" unitRef="vEUR" decimals="-5">58300000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>