Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 3152671000 | DKK |
| ifrs-full:Assets | 2016-12-31 | 2823698000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 1370151000 | DKK |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 1006742000 | DKK |
XML
See the xml submitted here:
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Separator
The full data:
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Erik Gregers Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Frank A. G. M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Elizabeth M. Anderson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">DK-2300</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Copenhagen</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Denmark</gsd:AddressOfAuditorCountry>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">DK-2300 Copenhagen</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of Bavarian Nordic A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial<br/>statements and the parent financial<br/>statements of Bavarian Nordic<br/>A/S for<br/>the financial year January 1 â December<br/>31, 2017, which comprise the income<br/>statement, statement of financial<br/>position,<br/>statement of changes in equity and<br/>notes, including a summary of significant<br/>accounting policies, for the Group as<br/>well as the Parent, and the statement of<br/>comprehensive income and the cash flow<br/>statement of the Group. The consolidated<br/>financial statements are prepared in<br/>accordance with International Financial<br/>Reporting Standards as adopted by the<br/>EU and additional requirements of the<br/>Danish Financial<br/>Statements Act, and the<br/>parent financial statements are prepared<br/>in accordance with the Danish Financial<br/>Statements Act.<br/>In our opinion, the consolidated financial<br/>statements give a true and fair view of<br/>the Groupâs financial position at December<br/>31, 2017 and of the results of its operations<br/>and cash flows for the financial<br/>year January 1 â December 31, 2017 in<br/>accordance with International Financial<br/>Reporting Standards as adopted by the<br/>EU and additional requirements under<br/>the Danish Financial Statements Act.<br/>Further, in our opinion, the parent<br/>financial statements give a true and fair<br/>view of the Parentâs financial position at<br/>December 31, 2017 and of the results of<br/>its operations for the financial year January<br/>1 â December 31, 2017 in accordance<br/>with the Danish Financial Statements Act.<br/>Our opinion is consistent with our audit<br/>book comments issued to the Finance,<br/>Risk and Audit Committee and the Board<br/>of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance<br/>with International Standards on Auditing<br/>(ISAs) and the additional requirements<br/>applicable in Denmark. Our responsibilities<br/>under those standards and requirements<br/>are further described in the<br/>Auditorâs responsibilities for the audit of<br/>the consolidated financial statements<br/>and the parent financial statements<br/>section of this auditorâs report. We are<br/>independent of the Group in accordance<br/>with the International Ethics Standards<br/>Board of Accountants' Code of Ethics for<br/>Professional Accountants (IESBA Code)<br/>and the additional requirements applicable<br/>in Denmark, and we have fulfilled<br/>our other ethical responsibilities in<br/>accordance with these requirements. We<br/>believe that the audit evidence we have<br/>obtained is sufficient and appropriate to<br/>provide a basis for our opinion.<br/>To the best of our knowledge and belief,<br/>we have not provided any prohibited non-audit<br/>services as referred to in Article 5(1)<br/>of Regulation (EU) No 537/2014.<br/>After Bavarian Nordic A/S was listed on<br/>Nasdaq OMX Copenhagen in 1998, we<br/>were appointed auditors at the Annual<br/>General Meeting held on May 27, 1999<br/>for the 1999 financial year. We have been<br/>reappointed annually at the annual general<br/>meeting for a total consecutive engagement<br/>period of 19 years up to and including<br/>the 2017 financial year.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters are those matters that,<br/>in our professional judgement, were of<br/>most significance in our audit of the consolidated<br/>financial statements and the parent<br/>financial statements for the financial<br/>year January 1 â December<br/>31, 2017. These<br/>matters were addressed in the context<br/>of our audit of the consolidated financial<br/>statements and the parent financial<br/>statements as a whole, and in forming our<br/>opinion thereon, and we do not provide a<br/>separate opinion on these matters.<br/><br/>Key audit matter<br/>Revenue under the BARDA contracts<br/>for IMVAMUNE<br/>Revenue recognized under the Biomedical<br/>Advanced Research and Development Authority<br/>(BARDA) contracts with the U.S. Government related<br/>to IMVAMUNE amounted to DKK 840 million in 2017<br/>(DKK 876 million in 2016).<br/>Contracts with BARDA include multiple elements,<br/>and recognition of revenue is significant and<br/>requires subjective evaluations. Management therefore<br/>exercises judgement in determining whether<br/>the Group has fulfilled all of its performance<br/>obligations.<br/>Managementâs assessment includes whether it is<br/>probable that future economic benefits from the<br/>sale of IMVAMUNE bulk drug substance will flow to<br/>the Group, the benefits can be measured reliably,<br/>ownership of the goods and services is transferred<br/>to BARDA, and the Group no longer retains managerial<br/>responsibility for, or control of, the goods sold<br/>and services delivered to BARDA.<br/>Refer to notes 2 and 3 in the consolidated<br/>financial<br/>statements.<br/>How the matter was addressed in the audit<br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>revenue under the BARDA contracts, we tested the<br/>appropriateness of the Groupâs revenue recognition.<br/>We read the BARDA contracts, discussed them with<br/>Management and evaluated the related accounting<br/>treatment. During the audit, we tested whether the<br/>performance obligations for revenue recognized<br/>under the BARDA contracts were met in 2017.<br/>We also evaluated the financial statements<br/>disclosures<br/>related to revenue.<br/><br/>Revenue under the BMS<br/>PROSTVAC agreement<br/>Revenue recognized under the Bristol-Myers Squibb<br/>(BMS) agreement related to PROSTVAC amounted to<br/>DKK 399 million in 2017, representing the exclusive<br/>up-front option payment received from BMS in 2015.<br/>Revenue is recognized when it is assessed that the<br/>deliverables transferred have value to BMS on a<br/>stand-alone basis and the Group has no further performance<br/>obligations related to the option payment.<br/>The PROSTVAC agreement with BMS includes<br/>multiple elements, and recognition of revenue is<br/>complex and significant, and requires subjective<br/>evaluations. In particular, it requires Management<br/>to exercise judgment to ensure that revenue under<br/>the PROSTVAC agreement is recognized when the<br/>deliverables are made.<br/>Based on the recommendation from the independent<br/>Data Monitoring Committee in September<br/>2017, Management has decided to discontinue the<br/>PROSPECT study due to futility. Consequently, Management<br/>has assessed that no further performance<br/>obligations related to the option payment exist.<br/>Refer to notes 2 and 3 in the consolidated<br/>financial<br/>statements.<br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>revenue under the BMS PROSTVAC agreement, we<br/>tested the appropriateness of the Groupâs revenue<br/>recognition.<br/>We read the BMS PROSTVAC agreement, discussed<br/>it with Management and evaluated the related<br/>accounting treatment. During the audit, we tested<br/>that the performance obligations under the<br/>agreement were met in 2017, and that the option<br/>payment is recognized as revenue in the income<br/>statement for 2017.<br/>We also evaluated the financial statements<br/>disclosures<br/>related to revenue.<br/><br/>Changes from the previous year<br/>As stated in the consolidated financial<br/>statements for 2016, the utilization of<br/>the deferred tax asset recognized at<br/>December 31, 2016 was based on Managementâs<br/>expectations that it was more<br/>probable than not that PROSTVAC would<br/>generate significant future revenues as<br/>well as future taxable profits from sales<br/>of PROSTVAC and other products.<br/>As Management decided in September<br/>2017 to discontinue the PROSPECT study<br/>due to futility, the deferred tax assets<br/>was reevaluated. Consequently, Management<br/>assessed that the deferred<br/>tax asset in Denmark cannot be utilized<br/>within existing contracts and therefore<br/>the deferred tax asset has been written<br/>down in full.<br/>The deferred tax asset in Denmark is<br/>therefore no longer significant to the<br/>consolidated financial statements at<br/>December 31, 2017, and we have not<br/>considered the measurement of the deferred<br/>tax asset in Denmark a key audit<br/>matter for 2017.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management<br/>commentary.<br/>Our opinion on the consolidated financial<br/>statements and the parent<br/>financial<br/>statements does not cover<br/>the management<br/>commentary, and we do not<br/>express any form of assurance<br/>conclusion<br/>thereon.<br/>In connection with our audit of the<br/>consolidated financial statements and<br/>the parent financial statements, our<br/>responsibility is to read the management<br/>commentary and, in doing so, consider<br/>whether the management commentary<br/>is materially inconsistent with<br/>the consolidated financial statements<br/>and the parent financial statements or<br/>our knowledge obtained in the audit<br/>or otherwise appears to be materially<br/>misstated.<br/>Moreover, it is our responsibility to<br/>consider whether the management<br/>commentary provides the information<br/>required under the Danish Financial<br/>Statements Act.<br/>Based on the work we have performed,<br/>we conclude that the management<br/>commentary is in accordance with the<br/>consolidated financial statements and<br/>the parent financial statements and has<br/>been prepared in accordance with the<br/>requirements of the Danish Financial<br/>Statements Act. We did not identify any<br/>material misstatement of the management<br/>commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the<br/>preparation of consolidated financial<br/>statements that give a true and fair<br/>view in accordance with International<br/>Financial Reporting Standards as adopted<br/>by the EU and additional requirements<br/>of the Danish Financial Statements Act<br/>as well as the preparation of parent<br/>financial statements that give a true and<br/>fair view in accordance with the Danish<br/>Financial Statements Act, and for such<br/>internal control as Management determines<br/>is necessary to enable the preparation<br/>of consolidated financial statements<br/>and parent financial statements<br/>that are free from material misstatement,<br/>whether due to fraud or error.<br/>In preparing the consolidated financial<br/>statements and the parent financial<br/>statements, Management is responsible<br/>for assessing the Groupâs and the<br/>Parentâs ability to continue as a going<br/>concern, for disclosing, as applicable,<br/>matters related to going concern, and<br/>for using the going concern basis of<br/>accounting in preparing the consolidated<br/>financial statements and the parent<br/>financial statements unless Management<br/>either intends to liquidate the Group or<br/>the Entity or to cease operations, or has<br/>no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable<br/>assurance about whether the consolidated<br/>financial statements and the parent<br/>financial statements as a whole are free<br/>from material misstatement, whether<br/>due to fraud or error, and to issue an auditorâs<br/>report that includes our opinion.<br/>Reasonable assurance is a high level of<br/>assurance, but is not a guarantee that<br/>an audit conducted in accordance with<br/>ISAs and the additional requirements<br/>applicable in Denmark will always detect<br/>a material misstatement when it exists.<br/>Misstatements can arise from fraud or<br/>error and are considered material if, individually<br/>or in the aggregate, they could<br/>reasonably be expected to influence the<br/>economic decisions of users taken on<br/>the basis of these consolidated financial<br/>statements and these parent financial<br/>statements.<br/>As part of an audit conducted in<br/>accordance<br/>with ISAs and the additional<br/>requirements applicable in Denmark,<br/>we exercise professional judgement<br/>and maintain professional scepticism<br/>throughout the audit. We also:<br/>⢠Identify and assess the risks of material<br/>misstatement of the consolidated<br/>financial statements and the parent<br/>financial statements, whether due<br/>to fraud or error, design<br/>and perform<br/>audit procedures responsive to those<br/>risks, and obtain audit evidence that is<br/>sufficient and appropriate to provide<br/>a basis for our opinion. The risk of not<br/>detecting a material misstatement<br/>resulting from fraud is higher than for<br/>one resulting from error, as fraud may<br/>involve collusion, forgery, intentional<br/>omissions, misrepresentations, or the<br/>override of internal control.<br/>⢠Obtain an understanding of internal<br/>control relevant to the audit in order<br/>to design audit procedures that are appropriate<br/>in the circumstances, but not<br/>for the purpose of expressing an opinion<br/>on the effectiveness of the Groupâs<br/>and the Parentâs internal control.<br/>⢠Evaluate the appropriateness of accounting<br/>policies used and the reasonableness<br/>of accounting estimates and<br/>related disclosures made by Management.<br/>⢠Conclude on the appropriateness of<br/>Managementâs use of the going<br/>concern<br/>basis of accounting in preparing<br/>the consolidated financial statements<br/>and the parent financial statements,<br/>and, based on the audit evidence<br/>obtained, whether a material uncertainty<br/>exists related to events or<br/>conditions that may cast significant<br/>doubt on the Group's and the Parentâs<br/>ability to continue as a going concern.<br/>If we conclude that a material uncertainty<br/>exists, we are required to draw<br/>attention in our auditorâs report to the<br/>related disclosures in the consolidated<br/>financial statements and the parent<br/>financial statements or, if such disclosures<br/>are inadequate, to modify our<br/>opinion. Our conclusions are based on<br/>the audit<br/>evidence obtained up to the<br/>date of our auditorâs report. However,<br/>future events or conditions may cause<br/>the Group and the Entity to cease to<br/>continue as a going concern.<br/>⢠Evaluate the overall presentation,<br/>structure and content of the consolidated<br/>financial statements and the<br/>parent financial statements, including<br/>the disclosures in the notes, and<br/>whether the consolidated financial<br/>statements and the parent financial<br/>statements represent the underlying<br/>transactions and events in a manner<br/>that gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence<br/>regarding the financial information<br/>of the entities or business activities<br/>within the Group to express an<br/>opinion on the consolidated financial<br/>statements. We are responsible for the<br/>direction, supervision and performance<br/>of the group audit. We remain solely<br/>responsible for our audit opinion.<br/>We communicate with those charged<br/>with governance regarding, among other<br/>matters, the planned scope and timing<br/>of the audit and significant audit findings,<br/>including any significant deficiencies<br/>in internal control that we identify<br/>during our audit.<br/>We also provide those charged with governance<br/>with a statement that we have<br/>complied with relevant ethical requirements<br/>regarding independence, and to<br/>communicate with them all relationships<br/>and other matters that may reasonably<br/>be thought to bear on our independence,<br/>and where applicable, related<br/>safeguards.<br/>From the matters communicated with<br/>those charged with governance, we<br/>determine those matters that were of<br/>most significance in the audit of the<br/>consolidated financial statements and<br/>the parent financial statements of the<br/>current period and are therefore the<br/>key audit matters. We describe these<br/>matters in our auditorâs report unless law<br/>or regulation precludes public disclosure<br/>about the matter or when, in extremely<br/>rare circumstances, we determine that a<br/>matter should not be communicated in<br/>our report because the adverse consequences<br/>of doing so would reasonably<br/>be expected to outweigh the public<br/>interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2018-03-12</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Martin Norin Faarborg</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Henrik Hjort Kjelgaard</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">mne29395</arr:IdentificationNumberOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne29484</arr:IdentificationNumberOfAuditor>
<mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">In Bavarian Nordic, we maintain a strong<br/>corporate governance structure and<br/>communicate openly and transparently<br/>about our CSR efforts, which particularly<br/>focus on minimizing the environmental<br/>impact from our production, but also<br/>concentrate on the safety and well-being<br/>of our employees, as well as other areas<br/>of relevance to our business. We account<br/>annually for the development in these<br/>areas in our CSR report which constitutes<br/>an independent part of the annual report,<br/>and also covers sections 99a and 99b of<br/>the Danish Financial Statements Act.<br/>With the anticipated further growth of<br/>the Company as well as the expansion<br/>of our manufacturing facility to include a<br/>fill-finish line, we expect increased manufacturing<br/>activities in the future. Thus<br/>we are not able to lower our overall<br/>impact on the environment and climate.<br/>However, we are continuously seeking<br/>to optimize our processes and improve<br/>our efficiency in order to minimize the<br/>relative impact.<br/>Our mission is to make significant contributions<br/>to improve public health through<br/>the discovery and development of novel<br/>therapies that could help to protect or<br/>sustain peopleâs lives. With this is mind,<br/>we believe that our science makes the<br/>greater impact.<br/>Read more<br/>Download the full CSR report at<br/>www.bavarian-nordic.com/csr</mrv:StatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">www.bavarian-nordic.com/csr</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="duration_CY_only">Bavarian Nordic remains focused on<br/>good corporate governance, having implemented<br/>the recommendations from<br/>the Committee of Corporate Governance<br/>(Komitéen for god selskabsledelse) for<br/>companies listed on the Nasdaq Copenhagen<br/>exchange.<br/>Management believes that the Company<br/>is operated in compliance with guidelines<br/>and recommendations that support the<br/>Companyâs business model and can create<br/>value for Bavarian Nordicâs stakeholders.<br/>Regularly and at least once a year,<br/>Management monitors adherence to the<br/>recommendations on corporate governance<br/>in order to ensure the best possible<br/>utilization of and compliance with the<br/>recommendations and legislation.<br/>In accordance with Section 107 b<br/>of the Danish Financial Statements<br/>Act, Bavarian Nordic has published a<br/>statutory report on Corporate Governance<br/>for the financial year 2017 on the<br/>Companyâs website: www.bavariannordic.<br/>com/corporategovernance.<br/>The Board of Directors<br/>The Board of Directors (âthe Boardâ)<br/>is responsible for the overall strategic<br/>management and the financial and<br/>managerial supervision of Bavarian<br/>Nordic, as well as for regular evaluation<br/>of the work of the Corporate Management.<br/>In addition, the Board supervises<br/>the Company in a general sense and ensures<br/>that it is managed in an adequate<br/>manner and in accordance with applicable<br/>law and the Companyâs articles of<br/>association.<br/>The Board consists of seven external<br/>members elected by the shareholders at<br/>the annual general meeting for terms of<br/>one year; retiring members are eligible<br/>for re-election. The Board elects a chairman<br/>from among its members. Currently<br/>the Board has no employee-elected<br/>members as there has been no such<br/>request from the employees. The Board<br/>discharges its duties in accordance with<br/>the rules of procedure of the Board,<br/>which are reviewed and updated by all<br/>members of the Board.<br/>Board Committees<br/>To support the Board in its duties, the<br/>Board has established and appointed a<br/>Finance, Risk and Audit Committee and a<br/>Nomination and Compensation Committee.<br/>These committees are charged with<br/>reviewing issues pertaining to their respective<br/>fields that are due to be considered<br/>at board meetings. Written charters<br/>specifying the tasks and responsibilities<br/>for each of the committees are available<br/>on the Companyâs website.<br/>For more details on the work and composition<br/>of the Board and its committees,<br/>reference is made to the statutory<br/>report on Corporate Governance on the<br/>Companyâs website.<br/><br/>Remuneration of the Board<br/>The fee for the members of the Board<br/>has been fixed according to the standards<br/>in the market and reflects demands<br/>to their competencies and efforts in<br/>light of the scope of their work and the<br/>number of board meetings. The fee<br/>was approved at the Companyâs general<br/>meeting based on a proposal from the<br/>Board. The chairmanâs fee was 2.5 times<br/>and the deputy chairmanâs fee was 1.5<br/>times the fee of the ordinary board<br/>membersâ fee. The board membersâ<br/>expenses for transportation and housing<br/>etc. in connection with board meetings<br/>were reimbursed. In addition, the members<br/>of the board committees received<br/>an additional fixed fee. The chairman of<br/>the committeesâ fee was 1.5 times the<br/>fee of the ordinary board committee<br/>members.<br/>In 2017, the guidelines for incentivebased<br/>remuneration of the Board of<br/>Directors and Executive Management<br/>were amended by the general meeting<br/>to include award of restricted stock units<br/>(RSUs) to the Board.<br/>For detailed information on the remuneration<br/>of the Board in 2017, see note 8 in<br/>the consolidated financial statements.<br/>RISK<br/>MANAGEMENT<br/>Risk management is an integrated part<br/>of Bavarian Nordicâs operations. The<br/>Company is identifying material risks<br/>that could affect work, future performance<br/>or goals, or the interests of the<br/>shareholders with the purpose and<br/>intention of running the Company in<br/>accordance with best practice in the<br/>Companyâs area of business.<br/>During the growth and development<br/>of the Company focus on risk management<br/>has also increased. In 2017 a new<br/>process and tool to further consolidate the<br/>operational risk assessment was implemented.<br/>As a consequence we have listed<br/>the most significant risks in the Company<br/>separately under Risk Factors below.<br/>All relevant units in the Company participate<br/>in the identification and assessment<br/>of operational risk factors in order to address<br/>them properly. Risk Management<br/>is on the agenda at all Finance, Risk &<br/>Audit Committee meetings. The Board<br/>of Directors regularly receives reports on<br/>these initiatives, which then form part<br/>of the Boardâs overall assessment and<br/>decisions about the Companyâs activities<br/>and future.<br/>In 2017, the Company continued its<br/>work on securing the robustness and<br/>independence in production and thereby<br/>decreased the risk of contamination of<br/>manufacturing bulk drug substance.<br/>In July the partnership with Janssen was<br/>expanded with an additional worldwide<br/>license and collaboration agreement<br/>on our MVA-BN technology for vaccines<br/>against HBV and HIV. The agreement<br/>included amongst other an upfront<br/>payment of USD 10 million as well as<br/>an USD 33 million equity investment<br/>by subscription of new Bavarian Nordic<br/>shares. This addition to the Bavarian<br/>Nordic cash preparedness enables the<br/>Company to continue the development<br/>of its pipeline.<br/>In September 2017 the Company was<br/>awarded a contract from the U.S. Government<br/>on freeze-dried IMVAMUNE. The<br/>contract valued at up to USD 539 million,<br/>includes an additional bulk supply<br/>order of USD 100 million. The contract<br/>also includes an option for filling and<br/>freeze-drying of the bulk vaccine from<br/>this contract and the previously awarded<br/>bulk supply orders. In order to ensure<br/>the production capacity to secure the<br/>future U.S stockpile of IMVAMUNE, Bavarian<br/>Nordic will invest approximately USD<br/>75 million in the construction of a fill/<br/>finish manufacturing facility in Denmark.<br/>The filling line is expected to be operational<br/>in 2021.<br/>The primary risk to the revenue in<br/>2017 was related to the production and<br/>storage of IMVAMUNE bulk to the U.S.<br/>Government and thus an important point<br/>of focus. The number of IMVAMUNE bulk<br/>batches for the U.S. Government will further<br/>increase with continued production<br/>in 2018 and 2019. With the completion<br/>of the new storage facility at the Kvistgaard<br/>site in the first quarter of 2017 the<br/>Company has secured storage capacity<br/>also for the U.S. Government contract<br/>award in September 2017.<br/>The primary risks in 2018 relate to the<br/>final read out of the Phase 3 trial of IMVAMUNE,<br/>data from the Phase 2 booster<br/>trial of MVA-BN RSV as well as the<br />Human Challenge Trial of MVA-BN-RSV,<br/>recruitment of patients for the Phase 2<br/>trials of CV301 and Brachyury, production<br/>and storage of bulk drug substance of<br/>IMVAMUNE to U.S. Government, production<br/>of clinical trial material for our<br/>various studies and initiation of the construction<br/>of the fill/finish manufacturing<br/>facility in Denmark.<br/>Risk factors<br/>Expectations and assumptions in the<br/>annual report concerning the Companyâs<br/>business - the market for vaccines<br/>against smallpox, Ebola, RSV, other<br/>infectious diseases and for treatment<br/>of cancer - and the Companyâs revenue,<br/>accounting results and expected market<br/>share are subject to substantial uncertainty.<br/>There is no guarantee that the<br/>Company will wholly or partly achieve its<br/>expectations for revenue or the profit/<br/>loss for the year. The most significant operational<br/>risks as identified through the<br/>operational risk assessment program are:<br/>⢠Submission and approval of<br/>Biologics License Application (BLA)<br/>for IMVAMUNE liquid-frozen<br/>⢠Construction of the new fill/finish<br/>manufacturing facility in Kvistgaard<br/>⢠Warning letter from FDA and/or failed<br/>GMP inspections<br/>⢠Cyber attacks<br/>⢠The Human Challenge Model for RSV<br/>⢠The design of the Phase 3 trial for RSV<br/>⢠Supply of raw materials<br/>⢠Damage to the facility<br/>⢠Breakdown of critical equipment<br/>Other short-to-medium-term uncertainties<br/>include but are not limited to the<br/>following:<br/>⢠Securing new IMVAMUNE delivery<br/>contracts with the U.S. Government<br/>⢠Securing IMVAMUNE contracts with<br/>other governments<br/>⢠Maintaining a high efficiency and<br/>quality in the production of IMVAMUNE<br/>⢠Performance and dependence of the<br/>Companyâs subcontractors and most<br/>significantly CMOs and CROs<br/>⢠Collaborative agreements<br/>⢠Duration and outcome of review<br/>processes by various authorities<br/>⢠Protection of patents and other<br/>intellectual property rights<br/>⢠Clinical development and data from<br/>late-stage pipeline projects Risks relating<br/>to the Companyâs technologies,<br/>projects and products<br/>⢠The ability to attract and retain key<br/>personnel<br/>⢠Changes in the U.S. dollar exchange<br/>rate and how it affects the free liquidity,<br/>future revenue and net finances<br/>⢠Changes in the interest rates and how<br/>it affects net finances and the free<br/>liquidity<br/>⢠Tax risks<br/>⢠Risks related to IT in general All<br/>staff are performing according to<br/>the Companyâs Standard Operational<br/>Procedures and Policies and the Code<br/>of Conduct in order to reduce risk for<br/>production and delivery failures as<br/>well as fraud and other losses<br/>The Companyâs risks further include the<br/>ability to enter into collaborations with<br/>partners for development, manufacturing,<br/>marketing and financial resources.<br/>There are additional risks related to sales<br/>contracts and the related production and<br/>logistics.<br/>Currency risks include the risk arising<br/>from sales and production contracts<br/>being denominated in currencies<br/>other than Danish kroner. Contracts<br/>are primarily in U.S. dollars, meaning<br/>that other currencies do not represent<br/>significant currency risks. The exposure<br/>from fluctuations in the U.S. dollar is<br/>increased because a significant part of<br/>the exposure relates to an internal U.S.<br/>dollar denominated loan between the<br/>U.S. subsidiary and the parent company<br/>in Denmark. This internal loan is not<br/>hedged.<br/>Liquidity can be influenced by changes<br/>in the USD/DKK exchange rate. Profit or<br/>loss from the currency contracts can be<br/>settled when the contracts are due for<br/>extension. As long as the DKK is linked<br/>to the EUR the Companyâs revenue and<br/>costs in EUR will not be hedged.<br/>The Company has a strong intellectual<br/>property position. However, due to the<br/>complex legal issues in this area, there<br/>can be no assurance that the Company<br/>can successfully defend the validity of its<br/>patents or oppose infringement claims.<br/>Delays or intervention by the authorities<br/>in current or future clinical trials could<br/>also have a substantial impact on the<br/>Companyâs operations and financial<br/>position.<br/><br/>INTERNAL<br/>CONTROL<br/>Financial reporting process<br/>The Board of Directors and the Management<br/>of Bavarian Nordic are responsible<br/>for the Groupâs control and risk management<br/>in connection with the financial<br/>reporting process, including compliance<br/>with rules and regulations that are relevant<br/>in reporting.<br/>The Board has established a Finance,<br/>Risk and Audit Committee which reviews<br/>and discusses the accounting and audit<br/>practices with the Companyâs auditors<br/>elected at the Annual General Meeting<br/>and the Corporate Management in accordance<br/>with the working framework<br/>of the committee.<br/>Bavarian Nordicâs main focus is to ensure<br/>that its financial statements are in compliance<br/>and give a correct and reliable<br/>view of the Companyâs operations and<br/>financial position.<br/>Input to a written monthly management<br/>report is prepared by each line of business<br/>containing explanations for deviations<br/>in the central business areas within<br/>the Group. The inputs are combined into<br/>one group report that is distributed to<br/>the Corporate Management monthly. The<br/>Board of Directors receives a monthly<br/>executive summary of the Groupâs performance.<br/>The interim financial reports are prepared<br/>by group finance and discussed<br/>with the auditors.<br/>The annual audit and reporting process<br/>includes detailed planning of individual<br/>tasks and planning meetings between<br/>investor relations (IR), group finance and<br/>the auditors, and it is based on an audit<br/>strategy approved by the Finance, Risk<br/>and Audit Committee.<br/>Internal controls<br/>Bavarian Nordic has policies and procedures<br/>for key areas of financial reporting<br/>as well as work plans for the month-end<br/>closing process, ensuring an in-depth<br/>analysis of deviations between actual<br/>performance, business plans and budgets,<br/>and updated estimates for the financial<br/>year. The monthly closing procedures<br/>also ensure that all relevant reconciliations<br/>are prepared and reviewed and<br/>that records coding is in accordance with<br/>the requirements and guidelines that the<br/>U.S. authorities have in relation to reimbursement<br/>of project costs. The accounting<br/>and controller functions are responsible<br/>for the monthly closing process and<br/>reporting to corporate finance.<br/>Financial planning, follow-up and reporting<br/>is supported by a group reporting<br/>system that shows actual and budgeted<br/>financial figures down to the department<br/>and account level. All budget holders<br/>have access to the group reporting system,<br/>which is updated daily with direct<br/>links to the Groupâs ERP system.<br/>In 2016 the Group started working on<br/>fulfilling the requirements of the Sarbanes-<br/>Oxley Act (SOX). During 2017 the<br/>focus has been on describing the risks<br/>and the controls to mitigate the risks by<br/>preparing control and risk matrixes for<br/>all main accounting processes.<br/>Risk assessment<br/>At least once a year, the Finance, Risk<br/>and Audit Committee on behalf of the<br/>Board of Directors evaluates the risks<br/>connected with the financial reporting<br/>process, including the presence of internal<br/>controls and guidelines. The Finance,<br/>Risk and Audit Committee assesses the<br/>Groupâs organizational structure, including<br/>the risk of fraud and the measures<br/>to be taken to reduce and/or eliminate<br/>such risk. In that regard, any incentive or<br/>motive from the Corporate Management<br/>to manipulate earnings or perform any<br/>other fraudulent action is discussed. The<br/>Groupâs internal controls and guidelines<br/>provide a reasonable but not absolute<br/>certainty that unlawful use of assets,<br/>loss and/or significant errors or deficiencies<br/>in relation to the financial reporting<br/>process can be avoided.<br/>The Board of Directors has decided not<br/>to institute an internal audit at Bavarian<br/>Nordic, based on its assessment that the<br/>Companyâs size and complexity does not<br/>necessitate such a function.<br/>Control environment<br/>Information technology and computerized<br/>systems are widely used in almost<br/>any area at Bavarian Nordic. Several<br/>processes are automated and key<br/>decisions and actions are taken through<br/>electronic interfaces. In the ERP system,<br/>a number of user groups have been set<br/>up to ensure the required segregation<br/>of key functions in the finance department.<br/>Incoming invoices are approved<br/>electronically, and an approval hierarchy<br/>ensures that invoices are approved by<br/>the appropriate persons and according<br/>to the proxy rules of the Group. Payment<br/>proposals are approved through online<br/>banking and always by two staff members<br/>jointly.<br/>The business procedures in the IT department<br/>ensure that all IT development is<br/>according to Good Laboratory Practice<br/>(GLP), Good Clinical Practice (GCP) and<br/>Good Manufacturing Practice (GMP).<br/>There are effective procedures for identifying,<br/>monitoring and reporting IT risks<br/>and security measures set up to respond<br/>to emerging events.</mrv:CorporateGovernanceReport>
<mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">www.bavariannordic.com/corporategovernance.</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">Diversity in the Board In 2017, within the predefined time horizon, the Board met its target figure for female board members elected by the general meeting The target was 15%, corresponding to one member Considering the Board's current composition as well as the composition of the boards of comparable companies, the Board maintains the target for the period until 2021.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<ifrs-full:Equity contextRef="instant_LY_only" decimals="-3" unitRef="DKK">2017237000</ifrs-full:Equity>
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<ifrs-full:NoncurrentProvisions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">24949000</ifrs-full:NoncurrentProvisions>
<ifrs-dk:NoncurrentPayablesToCreditInstitutions contextRef="instant_CY_only" decimals="-3" unitRef="DKK">399760000</ifrs-dk:NoncurrentPayablesToCreditInstitutions>
<ifrs-dk:NoncurrentPayablesToCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">29714000</ifrs-dk:NoncurrentPayablesToCreditInstitutions>
<ifrs-full:NoncurrentLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">399760000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">54663000</ifrs-full:NoncurrentLiabilities>
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<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">2136000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="instant_CY_only" decimals="-3" unitRef="DKK">82901000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
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<ifrs-dk:CurrentPrepaymentsFromCustomers contextRef="instant_LY_only" decimals="-3" unitRef="DKK">530645000</ifrs-dk:CurrentPrepaymentsFromCustomers>
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<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="instant_LY_only" decimals="-3" unitRef="DKK">72000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:CurrentLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">246614000</ifrs-full:CurrentLiabilities>
<ifrs-full:CurrentLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">751798000</ifrs-full:CurrentLiabilities>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">81805000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:OtherCurrentLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">146987000</ifrs-full:OtherCurrentLiabilities>
<ifrs-full:Liabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">646374000</ifrs-full:Liabilities>
<ifrs-full:Liabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">806461000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_CY_only" decimals="-3" unitRef="DKK">3152671000</ifrs-full:EquityAndLiabilities>
<ifrs-full:EquityAndLiabilities contextRef="instant_LY_only" decimals="-3" unitRef="DKK">2823698000</ifrs-full:EquityAndLiabilities>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_CY_only" decimals="-3" unitRef="DKK">120937000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="duration_LY_only" decimals="-3" unitRef="DKK">8949000</ifrs-full:AdjustmentsForIncomeTaxExpense>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_CY_only" decimals="-3" unitRef="DKK">107340000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="duration_LY_only" decimals="-3" unitRef="DKK">31335000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="DKK">56426000</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="DKK">37877000</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_CY_only" decimals="-3" unitRef="DKK">37529000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_LY_only" decimals="-3" unitRef="DKK">45364000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_CY_only" decimals="-3" unitRef="DKK">0</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForProvisions contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-570000</ifrs-full:AdjustmentsForProvisions>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_CY_only" decimals="-3" unitRef="DKK">26797000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="duration_LY_only" decimals="-3" unitRef="DKK">18186000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="duration_CY_only" decimals="-3" unitRef="DKK">45164000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2825000</ifrs-full:OtherAdjustmentsForNoncashItems>
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<ifrs-dk:DecreaseIncreaseInInventories contextRef="duration_LY_only" decimals="-3" unitRef="DKK">55981000</ifrs-dk:DecreaseIncreaseInInventories>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_CY_only" decimals="-3" unitRef="DKK">114088000</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-dk:DecreaseIncreaseInReceivables contextRef="duration_LY_only" decimals="-3" unitRef="DKK">20711000</ifrs-dk:DecreaseIncreaseInReceivables>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_CY_only" decimals="-3" unitRef="DKK">219161000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations contextRef="duration_LY_only" decimals="-3" unitRef="DKK">258564000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">16498000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">3515000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">19707000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">21311000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">6305000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">8759000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">68785000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">-462262000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">126237000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">216065000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">267601000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">0</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">1979000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">56357000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">47810000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">22341000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">43709000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">896192000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">425976000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">2162790000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">784230000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in/disposal of financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">87000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-389000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-1345209000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-448183000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_only" decimals="-3" unitRef="DKK">4254000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2849000</ifrs-dk:PurchaseSaleOfTreasuryAssets>
<ifrs-dk:IssuanceCost contextRef="duration_CY_only" decimals="-3" unitRef="DKK">707000</ifrs-dk:IssuanceCost>
<ifrs-dk:IssuanceCost contextRef="duration_LY_only" decimals="-3" unitRef="DKK">40083000</ifrs-dk:IssuanceCost>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">372195000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">32389000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">2133000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">34363000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Proceeds from private placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Proceeds from private placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">40858000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">37305000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">207482000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">664800000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">613441000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">657199000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-515703000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_LY_only" decimals="-3" unitRef="DKK">476617000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-55372000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2916000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
</xbrli:xbrl>