Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 22364000000 | DKK |
| ifrs-full:Assets | 2016-12-31 | 24112000000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 18000000000 | DKK |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 18192000000 | DKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/21908185/ZG9rdW1lbnRsYWdlcjovLzAzLzYzLzZkL2VjLzUyLzhjNzAtNGRmNi05NmE3LTg0ZjE4YjBiYTc5Ng.xml
Separator
The full data:
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<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of FLSmidth & Co. A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial statements and the<br/>parent company financial statements of FLSmidth & Co. A/S for<br/>the financial year 1 January â 31 December 2017, which<br/>comprise income statement, balance sheet, statement of<br/>changes in equity and notes, including accounting policies, for<br/>the Group and the Parent Company, and a consolidated<br/>statement of comprehensive income and a consolidated cash<br/>flow statement. The consolidated financial statements are<br/>prepared in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements of<br/>the Danish Financial Statements Act, and the parent company<br/>financial statements are prepared in accordance with the<br/>Danish Financial Statements Act.<br/>In our opinion, the consolidated financial statements give a true<br/>and fair view of the financial position of the Group at 31<br/>December 2017 and of the results of the Group's operations<br/>and cash flows for the financial year 1 January â 31 December<br/>2017 in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements of<br/>the Danish Financial Statements Act.<br/>Further, in our opinion the parent company financial statements<br/>give a true and fair view of the financial position of the Parent<br/>Company at 31 December 2017 and of the results of the Parent<br/>Company's operations for the financial year 1 January â 31<br/>December 2017 in accordance with the Danish Financial<br/>Statements Act.<br/>Our opinion is consistent with our long-form audit report to the<br/>Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and additional requirements<br/>applicable in Denmark. Our responsibilities under those<br/>standards and requirements are further described in the<br/>"Auditor's responsibilities for the audit of the consolidated<br/>financial statements and the parent company financial<br/>statements" (hereinafter collectively referred to as "the financial<br/>statements") section of our report. We believe that the audit<br/>evidence we have obtained is sufficient and appropriate to<br/>provide a basis for our conclusion.<br/>INDEPENDENCE<br/>We are independent of the Group in accordance with the<br/>International Ethics Standards Board for Accountants' Code of<br/>Ethics for Professional Accountants (IESBA Code) and<br/>additional requirements applicable in Denmark, and we have<br/>fulfilled our other ethical responsibilities in accordance with<br/>these rules and requirements.<br/>To the best of our knowledge, we have not provided any<br/>prohibited non-audit services as described in article 5(1) of<br/>Regulation (EU) no. 537/2014.<br/>APPOINTMENT OF AUDITOR<br/>We were initially appointed as auditor of FLSmidth & Co. A/S on<br/>30 March 2017 for the financial year 2017</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters are those matters that, in our professional<br/>judgement, were of most significance in our audit of the<br/>financial statements for the financial year 2017. These matters<br/>were addressed during our audit of the financial statements as<br/>a whole and in forming our opinion thereon. We do not provide<br/>a separate opinion on these matters. For each matter below,<br/>our description of how our audit addressed the matter is<br/>provided in that context.<br/>We have fulfilled our responsibilities described in the "Auditor's<br/>responsibilities for the audit of the financial statements" section,<br/>including in relation to the key audit matters below. Our audit<br/>included the design and performance of procedures to respond<br/>to our assessment of the risks of material misstatement of the<br/>financial statements. The results of our audit procedures,<br/>including the procedures performed to address the matters<br/>below, provide the basis for our audit opinion on the financial<br/>statements.<br/>Accounting for projects<br/>The accounting principles and disclosures about revenue<br/>recognition related to projects are included in chapter 1 and<br/>notes 2.4, 5.2 and 5.8 to the consolidated financial statements.<br/>FLSmidthâs Cement and Minerals divisions delivers long term<br/>projects as well as performs Operation & Maintenance for its<br/>customers, which typically extends over more than one financial<br/>year. Due to the nature of these projects and in accordance<br/>with the accounting principles, FLSmidth applies the<br/>percentage-of-completion method based on cost-to-cost for<br/>recognising and measuring revenue from such long-term<br/>projects.<br/>Accounting for projects involve significant management<br/>judgments in respect of estimating the cost to complete the<br/>projects, including risk contingencies, warranties, and claims for<br/>liquidated damages and the expected time to completion as<br/>well as the impact from executing projects in parts of the world<br/>where macro-economic and political factors could materially<br/>impact these estimates. Changes in these estimates during the<br/>execution of projects can significantly impact the revenue, cost<br/>and contribution recognised. Accordingly, we considered the<br/>accounting for projects to be a key audit matter for the<br/>consolidated financial statements.<br/>As part of our procedures, we obtained an understanding of the<br/>process for how project cost are estimated and risk evaluated.<br/>We further evaluated the design and tested the operating<br/>effectiveness of selected controls in this area. We evaluated the<br/>judgments made by management regarding the estimated<br/>costs to complete and the assumptions made in assessment of<br/>warranty provisions versus underlying historical data. We<br/>evaluated the changes in estimated project cost, and<br/>contingencies, and discussed these with project accounting,<br/>project management and group management. We evaluated<br/>managementâs assessments regarding exposures related to<br/>liquidated damages for projects and provisions to mitigate<br/>contract-specific financial risks. For those balances subject to<br/>claims, we made inquiries of external and internal legal counsel.<br/>We also assessed whether policies and processes for making<br/>these estimates have been applied consistently to all contracts<br/>of a similar nature.<br/>Valuation of inventory<br/>The accounting principles and disclosures about inventory are<br/>included in chapter 1 and note 5.3 to the consolidated financial<br/>statements.<br/>FLSmidth carries inventory in the balance sheet at the lower of<br/>cost and net realisable value. The inventory includes strategic<br/>items which are held in inventory, even if slow moving, because<br/>they are considered key equipment for the customers that<br/>FLSmidth needs to be able to deliver with very short notice.<br/>The valuation of inventory involves significant management<br/>judgements following the economic downturn in the market to<br/>determine whether inventory is still technical relevant when the<br/>demand for the inventory items are expected. Accordingly, we<br/>considered this to be a key audit matter for the consolidated<br/>financial statements.<br/>As part of our procedures, we obtained an understanding of<br/>FLSmidth's process for monitoring inventory and recording<br/>write-down for obsolete items. We analysed the inventory<br/>recorded in the balance sheet and obtained evidence<br/>regarding valuation of slow moving items. Further, we<br/>evaluated managementâs assessment of the expected market<br/>demand and expected sales price for significant aged items.<br/>Valuation of trade receivables<br/>The accounting principles and disclosures about trade<br/>receivables are included in chapter 1 and note 5.4 to the<br/>consolidated financial statements.<br/>FLSmidth carries trade receivables in the balance sheet at the<br/>anticipated realisable value, which is the original invoice<br/>amount less an estimated valuation allowance for impairment.<br/>FLSmidth has significant trade receivables from a wide range of<br/>customers across the world. Trade receivables include inherent<br/>risk of credit losses influenced by specific characteristics and<br/>circumstances of the customer, e.g. the customersâ ability to<br/>pay, access to securities and payment guarantees, as well as<br/>the aging of the receivable. The current market conditions and<br/>any country specific matters are also considered. Accordingly,<br/>we considered this to be a key audit matter for the<br/>consolidated financial statements.<br/>As part of our procedures, we obtained an understanding of<br/>FLSmidth's process for monitoring receivables and recording<br/>impairment relating to receivables with risk of nonrecoverability<br/>as well as credit risk in respect of customers. We<br/>analysed the trade receivables recorded in the balance sheet<br/>and obtained evidence regarding the appropriate valuation of<br/>items with particular risk characteristics. We evaluated<br/>managementâs assessment of recoverability particularly for<br/>significant aged items by corroborating them against internal<br/>and external evidence regarding the likelihood of payment and<br/>assessed FLSmidthâs ability to make reliable estimates by<br/>performing retrospective analysis of past estimates.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the Management's review.<br/>Our opinion on the financial statements does not cover the<br/>Management's review, and we do not express any form of<br/>assurance conclusion thereon.<br/>In connection with our audit of the financial statements, our<br/>responsibility is to read the Management's review and, in doing<br/>so, consider whether the Management's review is materially<br/>inconsistent with the financial statements or our knowledge<br/>obtained during the audit, or otherwise appears to be materially<br/>misstated.<br/>Moreover, it is our responsibility to consider whether the<br/>Management's review provides the information required under<br/>the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the<br/>Management's review is in accordance with the financial<br/>statements and has been prepared in accordance with the<br/>requirements of the Danish Financial Statements Act. We did<br/>not identify any material misstatement of the Management's<br/>review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of consolidated<br/>financial statements that give a true and fair view in accordance<br/>with International Financial Reporting Standards as adopted by<br/>the EU and additional requirements of the Danish Financial<br/>Statements Act and for the preparation of parent company<br/>financial statements that give a true and fair view in accordance<br/>with the Danish Financial Statements Act.<br/>Moreover, Management is responsible for such internal control<br/>as Management determines is necessary to enable the<br/>preparation of financial statements that are free from material<br/>misstatement, whether due to fraud or error.<br/>In preparing the financial statements, Management is<br/>responsible for assessing the Group's and the Parent<br/>Company's ability to continue as a going concern, disclosing, as<br/>applicable, matters related to going concern and using the<br/>going concern basis of accounting in preparing the financial<br/>statements unless Management either intends to liquidate the<br/>Group or the Parent Company or to cease operations, or has no<br/>realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance as to<br/>whether the financial statements as a whole are free from<br/>material misstatement, whether due to fraud or error, and to<br/>issue an auditor's report that includes our opinion. Reasonable<br/>assurance is a high level of assurance, but is not a guarantee<br/>that an audit conducted in accordance with ISAs and additional<br/>requirements applicable in Denmark will always detect a<br/>material misstatement when it exists. Misstatements can arise<br/>from fraud or error and are considered material if, individually or<br/>in the aggregate, they could reasonably be expected to<br/>influence the economic decisions of users taken on the basis of<br/>the financial statements.<br/>As part of an audit conducted in accordance with ISAs and<br/>additional requirements applicable in Denmark, we exercise<br/>professional judgement and maintain professional scepticism<br/>throughout the audit. We also:<br/>â Identify and assess the risks of material misstatement of the<br/>financial statements, whether due to fraud or error, design<br/>and perform audit procedures responsive to those risks and<br/>obtain audit evidence that is sufficient and appropriate to<br/>provide a basis for our opinion. The risk of not detecting a<br/>material misstatement resulting from fraud is higher than for<br/>one resulting from error, as fraud may involve collusion,<br/>forgery, intentional omissions, misrepresentations or the<br/>override of internal control.<br/>â Obtain an understanding of internal control relevant to the<br/>audit in order to design audit procedures that are appropriate<br/>in the circumstances, but not for the purpose of expressing an<br/>opinion on the effectiveness of the Group's and the Parent<br/>Company's internal control.<br/>â Evaluate the appropriateness of accounting policies used and<br/>the reasonableness of accounting estimates and related<br/>disclosures made by Management.<br/>â Conclude on the appropriateness of Management's use of<br/>the going concern basis of accounting in preparing the<br/>financial statements and, based on the audit evidence<br/>obtained, whether a material uncertainty exists related to<br/>events or conditions that may cast significant doubt on the<br/>Group's and the Parent Company's ability to continue as a<br/>going concern. If we conclude that a material uncertainty<br/>exists, we are required to draw attention in our auditor's<br/>report to the related disclosures in the financial statements or,<br/>if such disclosures are inadequate, to modify our opinion. Our<br/>conclusions are based on the audit evidence obtained up to<br/>the date of our auditor's report. However, future events or<br/>conditions may cause the Group and the Parent Company to<br/>cease to continue as a going concern.<br/>â Evaluate the overall presentation, structure and contents of<br/>the financial statements, including the note disclosures, and<br/>whether the financial statements represent the underlying<br/>transactions and events in a manner that gives a true and fair<br/>view.<br/>â Obtain sufficient appropriate audit evidence regarding the<br/>financial information of the entities or business activities<br/>within the Group to express an opinion on the consolidated<br/>financial statements. We are responsible for the direction,<br/>supervision and performance of the group audit. We remain<br/>solely responsible for our audit opinion.<br/>We communicate with those charged with governance<br/>regarding, among other matters, the planned scope and timing<br/>of the audit and significant audit findings, including any<br/>significant deficiencies in internal control that we identify during<br/>our audit.<br/>We also provide those charged with governance with a<br/>statement that we have complied with relevant ethical<br/>requirements regarding independence, and to communicate<br/>with them all relationships and other matters that may<br/>reasonably be thought to bear on our independence, and<br/>where applicable, related safeguards.<br/>From the matters communicated with those charged with<br/>governance, we determine those matters that were of most<br/>significance in the audit of the consolidated financial<br/>statements and the parent company financial statements of the<br/>current period and are therefore the key audit matters. We<br/>describe these matters in our auditor's report unless law or<br/>regulation precludes public disclosure about the matter or<br/>when, in extremely rare circumstances, we determine that a<br/>matter should not be communicated in our report because the<br/>adverse consequences of doing so would reasonably be<br/>expected to outweigh the public interest benefits of such<br/>communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2018-02-07</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne24687</arr:IdentificationNumberOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne32800</arr:IdentificationNumberOfAuditor>
<mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">In 2017, we have made great progress on<br/>mapping our sustainability risks and<br/>opportunities. Internal environmental<br/>management has improved significantly<br/>and human rights are being addressed.<br/>Concurrently with the Annual Report, FLSmidth has published<br/>its annual Sustainability Report, covering non-financial<br/>performance related to the environmental and social impacts.<br/>The 2017 Sustainability Report is in full compliance with<br/>Section 99a of the Danish Financial Statements Act, and<br/>also serves as the Communication on Progress to the<br/>United Nations Global Compact. The report is available at:<br/>http://www.flsmidth.com/SustainabilityReport2017<br/><br/>SUSTAINABILITY HIGHLIGHTS<br/>Material Topic 2017 2016<br/>SAFETY<br/>Lost Time Injury Frequency Rate 1.8 1.5<br/>Total Training (in '000s of hours) 258 187<br/>PEOPLE<br/>Number of employees having undergone corporate development programs 541 376<br/>Percent women managers 10.5% 10.7%<br/>COMPLIANCE<br/>Total number of whistle-blower cases 51 25<br/>Numbers of in-depth due diligence screenings conducted 398 226<br/>ENVIRONMENT<br/>Absolute carbon emissions, scope 1 & scope 2 (in tons) 64,267 44,195<br/>Freshwater withdrawal (m3) 241,651 N/A<br/>SUPPLY CHAIN<br/>Number of suppliers screened for social and environmental performance 113 161<br/>% suppliers screened for social and environmental performance from total spend 6% N/A<br/><br/>SUSTAINABILITY IN FLSMIDTH<br/>Sustainable development is a key driver in the industries we<br/>serve and our focus on productivity enhancement increases our<br/>customersâ performance, as well as our own. By focusing on our<br/>suppliers, our business and the entire life-cycle of our<br/>customersâ operations, we can identify where the largest<br/>sustainability impacts and cost savings opportunities lie.<br/>Controlling and systematically improving sustainability<br/>performance requires a strong corporate commitment, and<br/>more importantly, an encompassing governance structure. The<br/>governance structure at FLSmidth is centred around a<br/>Sustainability Board whose members include the CEO and<br/>CFO. The Sustainability Board reports to the Board of Directors.<br/>Non-financial key performance indicators are presented to<br/>business owners and the Sustainability Board on a quarterly<br/>basis and to the board of directors on an annual basis. This<br/>governance structure ensures that sustainability is anchored in<br/>top management and the Board of Directors.<br/>PROGRESS IN 2017<br/>In 2017, we carried out a thorough internal materiality<br/>assessment of the organisation, which showed how nonfinancial<br/>risks can impact the bottom line, the share price,<br/>reputation and morale. This information provided a basis for<br/>Group Risk to support internal stakeholders in mitigating risks.<br/>The most significant advancement in 2017 has been the way we<br/>manage internal environmental impacts. With the progress<br/>made on the Group level certification for the ISO 14001<br/>Environmental Management System, we can now measure<br/>carbon, water and energy on a much more granular level. This<br/>is why the carbon emissions appear to increase this year, and it<br/>is not because of any significant change to the business.<br/>Furthermore, human rights have been identified as an area<br/>requiring a centralised approach and Group Compliance has<br/>therefore dedicated resources to address them. Initial scoping<br/>has been concluded and a baseline compliance assessment of<br/>global human rights risks has been initiated. This provides the<br/>foundation for identifying and remediating human rights<br/>impacts going forward.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">http://www.flsmidth.com/SustainabilityReport2017</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="duration_CY_only">In the Boardâs opinion, FLSmidth complies with all<br/>recommendations on corporate governance<br/>applicable to Danish listed companies.<br/>The following statutory statement (including the Corporate<br/>Governance section, the Remuneration Report, as well as the<br/>overview of the Board of Directors and Group Executive<br/>Management) is provided pursuant to the Danish Financial<br/>Statements Act Sections 107a and 107b.<br/>CAPITAL AND SHARE STRUCTURE<br/>FLSmidth & Co. A/S is listed on NASDAQ Copenhagen. At the<br/>end of 2017, FLSmidth had about 38,000 registered<br/>shareholders and a free-float of around 85%. Two shareholders<br/>had flagged major shareholdings in FLSmidth & Co. A/S at the<br/>end of 2017. Lundbeckfond Invest A/S' investment exceeded<br/>10% and Novo Holding A/S' investment exceeded 5%.<br/>FLSmidth's holding of Treasury shares at the end of 2017<br/>accounted for 3.4% of the share capital.<br/>The Board of Directors is authorised until the next<br/>Annual General Meeting to let the Company acquire<br/>treasury shares up to a total nominal value of 10% of<br/>the Companyâs share capital in accordance with Section<br/>12 of the Danish Companies Act.<br/><br/>CORPORATE GOVERNANCE HIGHLIGHTS 2017 2016<br/>Number of registered shareholders (1,000) 38 39<br/>Treasury shares (1,000) 1,729 (3.4%) 2,276 (4.4%)<br/>Number of shares held by Board and Group Executive Management (1,000) 30 36<br/>Total Board remuneration DKK 6.6m DKK 5.9m<br/>Total Executive Management remuneration DKK 20.7m DKK 15.2m<br/>Number of Board members (elected at the AGM) 6 7<br/>Female representation on Board of Directors (elected at the AGM) 33% 14%<br/>Independent directors 100% 89%<br/>Number of board committees 4 4<br/>Number of board meetings held (overall meeting attendance%) 7 (100%) 9<br/><br/>The adoption of a resolution to amend the Companyâs<br/>Articles of Association or to wind up the Company requires<br/>that the resolution is passed by not less than two<br/>thirds of the votes cast as well as of the share capital<br/>represented at the General Meeting.<br/>MANAGEMENT STRUCTURE<br/>According to general practice in Denmark, FLSmidth maintains<br/>a clear division of responsibility and separation between the<br/>Board of Directors and the Group Executive Management.<br/>Tasks and responsibilities are defined at an overall level via<br/>rules of procedure for the Board of Directors and rules of<br/>procedure for the Group Executive Management. In addition,<br/>terms of reference apply to the Board committees.<br/>The Group Executive Management is responsible for the dayto-<br/>day business of the company, and the Board of Directors<br/>oversees the Group Executive Management and handles<br/>overall managerial issues of a strategic nature. The Chairman is<br/>the Board of Directorsâ primary liaison with the Group Executive<br/>Management.<br/>THE BOARD OF DIRECTORS<br/>Composition of the Board of Directors<br/>The Board of Directors is elected at the Annual General<br/>Meeting apart from those Board members who are elected<br/>pursuant to the provisions of the Danish Companies Act on<br/>employee representation.<br/>Board members elected at the Annual General Meeting<br/>constitute not less than five and not more than eight members,<br/>currently six members, in order to maintain a small, competent<br/>and quorate Board. The members of the Board elected at the<br/>Annual General Meeting retire at each Annual General Meeting.<br/>Re-election may take place. The Nomination Committee<br/>identifies and recommends candidates to the Board of<br/>Directors.<br/>Pursuant to the provisions of the Danish Companies Act<br/>regarding employee representation, FLSmidthâs employees are<br/>represented on the Board by currently three members, who are<br/>elected for terms of four years. The most recent election took<br/>place in 2017, and the next one will take place in January 2021.<br/>Immediately after the Annual General Meeting, the Board of<br/>Directors elects, from among its own members, a Chairman and<br/>a Vice Chairman. A job and task description has been created<br/>and outlines the duties and responsibilities of the Chairman and<br/>the Vice Chairman.<br/>Board meetings are called and held in accordance with the<br/>Board rules of procedure and its annual plan. In general,<br/>between six and eight ordinary Board meetings are held every<br/>year. However, when deemed necessary, additional meetings<br/>may be held. To enhance Board meeting efficiency, the<br/>Chairman conducts a planning meeting with the CEO and CFO<br/>prior to each Board meeting.<br/>In 2017, seven Board meetings were held. Apart from<br/>contemporary business issues, the most important issues dealt<br/>with in 2017 were: digitalization, productivity, procurement,<br/>âone face to customerâ and wear parts strategy. All members of<br/>the Board of Directors participated, physically or virtually, in all<br/>relevant board and committee meetings in 2017.<br/>To achieve a highly informed debate with the Group Executive<br/>Management, the Company strives for a Board membership<br/>profile reflecting substantial managerial experience from<br/>internationally operating industrial companies.<br/>At least one member of the Board must have CFO experience<br/>from a major listed company, and all other members must<br/>preferably have CEO experience from a major internationally<br/>operating and preferably listed company. To the extent<br/>possible, all members elected at the Annual General Meeting<br/>hold competencies in acquisition and sale of companies,<br/>financing and stock market issues, international contracts and<br/>accounting. In addition, a majority of the Board members will<br/>preferably possess technical expertise on process plants and<br/>process technology, including from the cement and/or minerals<br/>industries.<br/>All members of the Board elected at the Annual General<br/>Meeting are independent as defined by the Committee on<br/>Corporate Governance, which is an independent Danish body<br/>promoting corporate governance best practice in Danish<br/>companies.<br/>As part of its annual plan, the Board of Directors performs an<br/>annual self-evaluation to evaluate the contribution, engagement<br/>and competencies of its individual members. The Chairman is<br/>responsible for the evaluation which is conducted by an<br/>external provider. MEETING ATTENDANCE IN 2017<br/>Board of directors<br/>Board<br/>meetings<br/>attended<br/>Audit<br/>Committee<br/>meetings<br/>attended<br/>Compensation<br/>Committee<br/>meetings<br/>attended<br/>Nomination<br/>Committee<br/>meetings<br/>attended<br/>Technology<br/>Committee<br/>meetings<br/>attended<br/>Vagn Ove Sørensen (Chairman) â¢â¢â¢â¢â¢â¢â¢ ⢠â¢â¢â¢â¢ â¢â¢<br/>Tom Knutzen â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢ â¢â¢â¢ â¢<br/>Caroline Grégoire Sainte Marie â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢<br/>â¢â¢â¢<br/>Marius Jacques Kloppers â¢â¢â¢â¢â¢â¢â¢<br/>â¢â¢â¢â¢ â¢â¢<br/>Richard Robinson Smith â¢â¢â¢â¢â¢â¢â¢<br/>â¢â¢â¢<br/>Anne Louise Eberhard* â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢<br/>Mette Dobel (employee-elected) â¢â¢â¢â¢â¢â¢â¢<br/>Søren Qvistgaard Larsen (employee-elected) â¢â¢â¢â¢â¢â¢â¢<br/>â¢â¢<br/>Claus Ãstergaard (employee-elected)* â¢â¢â¢â¢â¢<br/>*Joined on 30 March 2017<br/><br/>The Nomination Committee<br/>The nomination committee consists of Mr. Vagn Sørensen, Mr.<br/>Tom Knutzen and Mr. Marius Kloppers. In 2017, the committee<br/>met two times. Its main activities in 2017 have been related to<br/>assessing the composition of the Board of Directors and the<br/>nomination of a new director.<br/>The Compensation Committee<br/>The compensation committee consists of Mr. Vagn Sørensen,<br/>Mr. Tom Knutzen and Mr. Marius Kloppers. The compensation<br/>committee met four times in 2017, and the committeeâs main<br/>activities in 2017 were related to the approval of incentive plans<br/>and overall remuneration schemes for Group Executive<br/>Management and the management layer reporting to the Group<br/>Executive Management.<br/>The Audit Committee<br/>The audit committee consists of Mr. Tom Knutzen (Chairman),<br/>Ms. Caroline Grégoire Sainte-Marie and Ms. Anne Louise<br/><br/>Eberhard who are all independent and have considerable<br/>insight and experience in financial matters, accounting and<br/>auditing in listed companies.<br/>In 2017, the Audit Committee met six times and the committeeâs<br/>main activities in 2017 were to look into specific financial,<br/>accounting and auditing matters, as well as paying special<br/>attention to cyber security, mergers & acquisitions &<br/>divestments, as well as financial management, including<br/>systems, costs, risks, internal controls and compliance.<br/>The Technology Committee<br/>The Technology Committee consists of three Board members,<br/>Mr. Rob Smith (Chairman), Mrs. Caroline Grégoire Sainte Marie<br/>and Mr. Søren Quistgaard Larsen. The Technology Committee<br/>met three times in 2017. The main tasks in 2017 were to monitor<br/>the major development projects across the divisions and to<br/>approve the strategic focus areas for the coming years.<br/>THE GROUP EXECUTIVE MANAGEMENT<br/>Composition of the Management<br/>The officially registered Executive Management of FLSmidth<br/>consists of the Group CEO and the Group CFO.<br/>Group Executive Management holds overall responsibility for<br/>the day-to-day operations of the Group and consists of five<br/>Group Executive Vice Presidents, including the CEO and the<br/>CFO. The members of the Group Executive Management are all<br/>experienced business executives, each possessing insights and<br/>hands-on experience that match the practical issues and<br/>challenges currently facing FLSmidth.<br/>In 2017, Bjarne Moltke Hansen, Group Executive Vice President,<br/>Product Companies Division decided to resign after 33 yearsâ of<br/>dedicated service to FLSmidth. Jan Kjaersgaard, aged 51 and a<br/>Danish citizen, will take up the position as Head of Product<br/>Companies Division on 1 March 2018.<br/>On 1 February 2018, Virve Elisabeth Meesak, Group Executive<br/>Vice President, Group HR resigned for personal reasons.<br />PRESENTATION OF FINANCIAL STATEMENTS AND<br/>INTERNAL CONTROLS<br/>To ensure a high quality of the Groupâs financial reporting, the<br/>Board of Directors and the Group Executive Management have<br/>adopted a number of policies, procedures and guidelines for<br/>presentation of the financial statements and internal controls<br/>which the subsidiaries and reporting entities must adhere to,<br/>including:<br/>â Continuous monitoring of goals and results achieved<br/>measured against approved budgets<br/>â Continuous monitoring of projects including accounting for<br/>and handling of risks<br/>â Policies for use of IT, insurance, cash management,<br/>procurement, etc.<br/>â Reporting instructions and reporting manual<br/>â Finance manual<br/>â Closing procedure manual<br/>Responsibility for maintaining sufficient and effective internal<br/>controls and risk management in connection with financial<br/>reporting lies with the Group Executive Management.<br/>The Audit Committee continuously monitors the process of<br/>financial reporting and the adequacy and effectiveness of the<br/>internal control systems established, including new accounting<br/>standards, accounting policies and accounting estimates. The<br/>Audit Committee monitors and checks the independence of the<br/>external auditor and monitors the planning, execution and<br/>conclusions of the external audit.<br/>COMPLIANCE WITH THE RECOMMENDATIONS FOR<br/>CORPORATE GOVERNANCE<br/>Pursuant to Section 4.3 of the rules for issuers of shares<br/>listed on Nasdaq Copenhagen, Danish companies must<br/>provide a statement on how they address the<br/>recommendations on Corporate Governance issued by the<br/>Committee on Corporate Governance in May 2013 based on<br/>the âcomply or explainâ principle<br/>(www.corporategovernance.dk).<br/>FLSmidthâs position on each specific recommendation is<br/>summarised in the corporate governance statement available<br/>at: http://www.flsmidth.com/governance_statement.<br/>In the Boardâs opinion, FLSmidth complies with all<br/>recommendations on corporate governance applicable to<br/>Danish listed companies.</mrv:CorporateGovernanceReport>
<mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">http://www.flsmidth.com/governance_statement</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">DIVERSITY IN BOARD AND MANAGEMENT<br/>The Board of Directors of FLSmidth continuously evaluates the<br/>diversity of the Board and the Group Executive Management as<br/>well as among managers and employees. In connection with<br/>recommendations and appointments, diversity is deliberately<br/>taken into account when considering the profiles and<br/>qualifications of potential candidates.<br/>At the end of 2017, women accounted for 33% (end 2016: 14%)<br/>of the members of the Board of Directors elected at the Annual<br/>General Meeting, fulfilling the target that minimum 25% of the<br/>members elected at the annual general meeting should be<br/>female.<br/>At the end of 2017, women accounted for 13% (end 2016: 14%)<br/>of the total workforce, while 10.5% of all managers were female<br/>(end 2016: 10.7%). The share of women decreased in 2017 as a<br/>consequence of the corrective actions, which in particular<br/>impacted administrative functions, where the share of women is<br/>highest. The Group target is that a minimum of 14.5% of the total<br/>workforce should be female and that 11.5% of all managers<br/>should be female by 2018 (revised from previously 15%). When<br/>filling management vacancies externally, at least one female<br/>candidate must be in the run-up.<br/>Due to FLSmidthâs global presence in over 50 countries, the<br/>total workforce naturally reflects a multitude of cultures and<br/>nationalities. The Board of Directors has set a long-term goal<br/>according to which global managers (top 70) should to a<br/>greater extent reflect the representation of nationalities among<br/>all employees and the geographical location of FLSmidthâs<br/>technology centres in Denmark and the USA. Today, non-<br/>Danes account for 66% (end 2016: 61%) of the total number of<br/>global managers (top 70), but 90% of the total number of<br/>employees (end 2016: 91%). At the end of 2017, non-Danes<br/>accounted for 67% (end 2016: 57%) of the members of Group<br/>Executive Management.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<ifrs-full:CurrentLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">10613000000</ifrs-full:CurrentLiabilities>
<ifrs-full:CurrentLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">9863000000</ifrs-full:CurrentLiabilities>
<ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="instant_CY_only" decimals="-6" unitRef="DKK">9000000</ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="instant_LY_only" decimals="-6" unitRef="DKK">9000000</ifrs-full:CurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">1623000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">1828000000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:Liabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">14326000000</ifrs-full:Liabilities>
<ifrs-full:Liabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">15650000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_CY_only" decimals="-6" unitRef="DKK">22364000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_LY_only" decimals="-6" unitRef="DKK">24112000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_CY_only" decimals="-6" unitRef="DKK">156000000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-109000000</ifrs-full:AdjustmentsForProvisions>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-140000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="duration_LY_only" decimals="-6" unitRef="DKK">526000000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1439000000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1958000000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">329000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">441000000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">EBITDA, continuing activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">EBITDA, continuing activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_2">EBITDA, discontinued activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_2">EBITDA, discontinued activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">EBITDA</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">EBITDA</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_4">Adjustment for gain/(losses) on sale of tangible and intangible assets and special non-recurring items etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_4">Adjustment for gain/(losses) on sale of tangible and intangible assets and special non-recurring items etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_5">Adjusted EBITDA</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_5">Adjusted EBITDA</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_6">Financial items received and paid</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_6">Financial items received and paid</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-6" unitRef="DKK">1732000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-6" unitRef="DKK">1588000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_2" decimals="-6" unitRef="DKK">-325000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_2" decimals="-6" unitRef="DKK">-63000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-6" unitRef="DKK">1407000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-6" unitRef="DKK">1525000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_4" decimals="-6" unitRef="DKK">16000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_4" decimals="-6" unitRef="DKK">16000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_5" decimals="-6" unitRef="DKK">1423000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_5" decimals="-6" unitRef="DKK">1541000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_6" decimals="-6" unitRef="DKK">-45000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_6" decimals="-6" unitRef="DKK">-70000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">1065000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1447000000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">46000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">60000000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">174000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">203000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">91000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">59000000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">0</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">9000000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">0</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1000000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisitions of enterprises and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisitions of enterprises and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Disposal of enterprises and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Disposal of enterprises and activities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-6" unitRef="DKK">108000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-6" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-6" unitRef="DKK">-2000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-6" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-113000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-194000000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_only" decimals="-6" unitRef="DKK">186000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_only" decimals="-6" unitRef="DKK">1000000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">296000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">197000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Disposal of treasury shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Change in net interest-bearing debt</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Change in net interest-bearing debt</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Addition of minority shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Addition of minority shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-6" unitRef="DKK">300000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-6" unitRef="DKK">14000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-6" unitRef="DKK">-764000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-6" unitRef="DKK">-689000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-6" unitRef="DKK">5000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-6" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-941000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-873000000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_CY_only" decimals="-6" unitRef="DKK">11000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_LY_only" decimals="-6" unitRef="DKK">380000000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_CY_only" decimals="-6" unitRef="DKK">-99000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_LY_only" decimals="-6" unitRef="DKK">-24000000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_CY_only_start" decimals="-6" unitRef="DKK">1513000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_LY_only_start" decimals="-6" unitRef="DKK">1157000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_CY_only" decimals="-6" unitRef="DKK">1425000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="instant_LY_only" decimals="-6" unitRef="DKK">1513000000</ifrs-full:CashAndCashEquivalents>
<PP:PP_982DAAE4_A665_4EFA_A84F_E91314641C76 contextRef="instant_CY_only" decimals="-6" unitRef="DKK">43000000</PP:PP_982DAAE4_A665_4EFA_A84F_E91314641C76>
<PP:PP_982DAAE4_A665_4EFA_A84F_E91314641C76 contextRef="instant_LY_only" decimals="-6" unitRef="DKK">65000000</PP:PP_982DAAE4_A665_4EFA_A84F_E91314641C76>
<PP:PP_08A5090D_BE0B_41DD_A88E_6D6EBEBFDAD2 contextRef="instant_CY_only" decimals="-6" unitRef="DKK">1382000000</PP:PP_08A5090D_BE0B_41DD_A88E_6D6EBEBFDAD2>
<PP:PP_08A5090D_BE0B_41DD_A88E_6D6EBEBFDAD2 contextRef="instant_LY_only" decimals="-6" unitRef="DKK">1448000000</PP:PP_08A5090D_BE0B_41DD_A88E_6D6EBEBFDAD2>
</xbrli:xbrl>