Assets
| Type | Time | Amount | Unit |
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Revenue
| Type | Start date | End date | Amount | Unit |
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XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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id="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41"><xbrli:entity><xbrli:identifier scheme="http://www.dcca.dk/cvr">20045078</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2017-01-01</xbrli:startDate><xbrli:endDate>2017-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension"><ifrs-dk:componentOfCashFlowsIdentifier>41</ifrs-dk:componentOfCashFlowsIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis">ifrs-full:SeparateMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context 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rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_C_only">20045078</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_C_only">Zealand Pharma A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_C_only">Smedeland</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_C_only">36</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_C_only">2600</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_C_only">Glostrup</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityCountry contextRef="duration_CY_C_only">Denmark</gsd:AddressOfReportingEntityCountry><gsd:DateOfFoundationOfReportingEntity contextRef="duration_CY_C_only">1997-04-01</gsd:DateOfFoundationOfReportingEntity><gsd:RegisteredOfficeOfReportingEntity contextRef="duration_CY_C_only">Albertslund</gsd:RegisteredOfficeOfReportingEntity><gsd:TelephoneNumberOfReportingEntity contextRef="duration_CY_C_only">+ 45 88 77 36 00</gsd:TelephoneNumberOfReportingEntity><gsd:FaxNumberOfReportingEntity contextRef="duration_CY_C_only">+ 45 88 77 38 98</gsd:FaxNumberOfReportingEntity><gsd:HomepageOfReportingEntity contextRef="duration_CY_C_only">www.zealandpharma.com</gsd:HomepageOfReportingEntity><gsd:EmailOfReportingEntity contextRef="duration_CY_C_only">info@zealandpharma.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_C_only">2017-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_C_only">2017-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_C_only">2016-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_C_only">2016-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_C_only">2018-04-19</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_C_only">Thomas Holst Laursen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">Britt Meelby Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">Mats Peter Blom</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">President and Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">Senior Vice President and Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Alf Gunnar Martin Nicklasson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Rosemary Crane</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Catherine Moukheibir</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Alain Munoz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Michael John Owen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Jens Peter Stenvang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Hanne Heidenheim Bak</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Helle Haxgart</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Board member</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Board member</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Board member</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Board member, Employee elected</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Board member, Employee elected</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Board member, Employee elected</cmn:TitleOfMemberOfSupervisoryBoard><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_C_only">20045078</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_C_only">Zealand Pharma A/S</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_C_only">Smedeland 36</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_C_only">2600 Glostrup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_only">To the shareholders of Zealand Pharma A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_C_only">We have audited the consolidated financial statements<br/>and the parent financial statements of Zealand<br/>Pharma A/S for the financial year January 1<br/>â December<br/>31, 2017, which comprise the income<br/>statement, statement of comprehensive income,<br/>statement of financial position, statement of changes<br/>in equity, statement of cash flows and notes, including<br/>a summary of significant accounting policies, for<br/>the Group as well as for the Parent. The consolidated<br/>financial statements and the parent financial statements<br/>have been prepared in accordance with International<br/>Financial Reporting Standards as adopted<br/>by the EU and additional requirements of the Danish<br/>Financial Statements Act.<br/><br/>In our opinion, the consolidated financial statements<br/>and the parent financial statements give a true and<br/>fair view of the Groupâs and the Parentâs financial<br/>position at December 31, 2017, and of the results<br/>of their operations and cash flows for the financial<br/>year January 1 â December 31, 2017, in accordance<br/>with International Financial Reporting Standards as<br/>adopted by the EU and additional requirements of the<br/>Danish Financial Statements Act.<br/><br/>Our opinion is consistent with our audit book comments<br/>issued to the Audit Committee and the Board<br/>of Directors.</arr:OpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_C_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and the additional<br/>requirements applicable in Denmark. Our responsibilities<br/>under those standards and requirements are<br/>further described in the Auditorâs responsibilities for<br/>the audit of the consolidated financial statements<br/>and the parent financial statements section of this<br/>auditorâs report. We are independent of the Group in<br/>accordance with the International Ethics Standards<br/>Board of Accountantsâ Code of Ethics for Professional<br/>Accountants (IESBA Code) and the additional requirements<br/>applicable in Denmark, and we have fulfilled<br/>our other ethical responsibilities in accordance with<br/>these requirements. We believe that the audit evidence<br/>we have obtained is sufficient and appropriate<br/>to provide a basis for our opinion.<br/><br/>To the best of our knowledge and belief, we have not<br/>provided any prohibited nonaudit services as referred<br/>to in Article 5(1) of Regulation (EU) No 537/2014.<br/><br/>We were first appointed auditors of Zealand Pharma<br/>A/S on April 29, 2014 for the financial year 2014. We<br/>have been reappointed annually by decision of the<br/>general meeting for a total continuous engagement<br/>period of four years up to and including the financial<br/>year 2017.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_C_only">Key audit matters are those matters that, in our professional<br/>judgment, were of most significance in our<br/>audit of the consolidated financial statements and<br/>the parent financial statements for the financial year<br/>January 1 â December 31, 2017. These matters were<br/>addressed in the context of our audit of the consolidated<br/>financial statements and the parent financial<br/>statements as a whole, and in forming our opinion<br/>thereon, and we do not provide a separate opinion<br/>on these matters.<br/>Milestone revenue from Sanofi and Boehringer<br/>Ingelheim<br/><br/>Milestone revenue recognized amounted to DKK<br/>101 million in 2017 (DKK 210 million in 2016). Milestone<br/>revenue primarily related to the Sanofi License<br/>Agreements in connection with the approval<br/>of Soliqua® in the EU and revenue from Boehringer<br/>Ingelheim related to the initiation of the Phase 1 trial<br/>for the long-acting amylin analog. The Sanofi and<br/>Boehringer Ingelheim License Agreements include<br/>multiple elements, and recognition of revenue is<br/>complex and significant, and requires subjective<br/>evaluations. Management therefore exercises judgment<br/>in determining whether the Group has fulfilled<br/>all of its performance obligations. As the recognition<br/>events for the milestone revenue related to the<br/>Sanofi and Boehringer Ingelheim License Agreements<br/>recognized in 2017 were the regulatory approvals<br/>and initiation of trials respectively, there were limited<br/>elements of judgment in determining the appropriateness<br/>of recognition of milestone revenue in 2017.<br/><br/>However, due to the financial significance to the<br/>Group of milestone revenue from Sanofi and<br/>Boehringer Ingelheim, we have identified this as a key<br/>audit matter.<br/><br/>Refer to notes 1 and 2 to the consolidated financial<br/>statements.<br/><br/>How the matter was addressed in the audit<br/>Based on our risk assessment procedures focused on<br/>the Groupâs business process and internal controls<br/>for milestone revenue, we tested the appropriateness<br/>of the Groupâs revenue recognition. We read the Sanofi<br/>and Boehringer Ingelheim License Agreements,<br/>discussed them with Management and evaluated the<br/>related accounting treatment. During the audit, using<br/>third-party sources, we tested whether the performance<br/>obligations for revenue recognized under the<br/>Sanofi and Boehringer Ingelheim License Agreements<br/>were met in 2017. We also evaluated the disclosures<br/>in the financial statements related to milestone revenue.<br/><br/>Royalty revenue from Sanofi<br/>Royalty revenue recognized amounted to DKK 39<br/>million in 2017 (DKK 24 million in 2016). Royalty<br/>revenue corresponds to a 10% royalty on global net<br/>sales of a combination of lixisenatide marketed under<br/>the brand name Lyxumia® and insulin glargine 100<br/>units/ml (Lantus®) marketed under the brand name<br/>Soliqua® 100/33 in the U.S. and as Suliqua® in the EU.<br/>Sanofi sales of Lyxumia® of EUR 19.6 million and sales<br/>of Soliqua® and Suliqua® of EUR 19.2 million generated<br/>DKK 39 million of royalty revenue for Zealand<br/>Pharma A/S in 2017.<br/><br/>While there is limited Management judgment in<br/>determining the appropriateness of recognition of<br/>royalty revenue in 2017, we have identified this as a<br/>key audit matter as the inputs used in the calculation<br/>of royalty revenue are driven by third-party sources.<br/><br/>How the matter was addressed in the audit<br/>Based on our risk assessment procedures focused on<br/>the Groupâs business process and internal controls<br/>for royalty revenue, we tested the appropriateness of<br/>the Groupâs revenue recognition. We read the Sanofi<br/>Royalty Agreement, discussed it with Management<br/>and evaluated the related accounting treatment. We<br/>obtained Managementâs calculation of royalty revenue<br/>and evaluated the validity of the calculation by<br/>testing the accuracy and completeness of the inputs<br/>to such calculation using third-party sources. We also<br/>evaluated the disclosures in the financial statements<br/>related to royalty revenue.<br/><br/>Refer to notes 1 and 2 to the consolidated financial<br/>statements.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_only">Management is responsible for the management<br/>review.<br/><br/>Our opinion on the consolidated financial statements<br/>and the parent financial statements does not cover<br/>the management review, and we do not express any<br/>form of assurance conclusion thereon.<br/><br/>In connection with our audit of the consolidated<br/>financial statements and the parent financial statements,<br/>our responsibility is to read the management<br/>review and, in doing so, consider whether the management<br/>review is materially inconsistent with the<br/>consolidated financial statements and the parent financial<br/>statements or our knowledge obtained in the<br/>audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether<br/>the management review provides the information<br/>required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude<br/>that the management review is in accordance with<br/>the consolidated financial statements and the parent<br/>financial statements and has been prepared in accordance<br/>with the requirements of the Danish Financial<br/>Statements Act. We did not identify any material<br/>misstatement of the management review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_C_only">Management is responsible for the preparation of<br/>consolidated financial statements and parent financial<br/>statements that give a true and fair view in<br/>accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements<br/>of the Danish Financial Statements Act,<br/>and for such internal control as Management determines<br/>is necessary to enable the preparation of consolidated<br/>financial statements and parent financial<br/>statements that are free from material misstatement,<br/>whether due to fraud or error.<br/><br/>In preparing the consolidated financial statements<br/>and the parent financial statements, Management is<br/>responsible for assessing the Groupâs and the Parentâs<br/>ability to continue as a going concern, for disclosing,<br/>as applicable, matters related to going concern, and<br/>for using the going concern basis of accounting in<br/>preparing the consolidated financial statements and<br/>the parent financial statements unless Management<br/>either intends to liquidate the Group or the Entity or<br/>to cease operations, or has no realistic alternative but<br/>to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_C_only">Our objectives are to obtain reasonable assurance<br/>about whether the consolidated financial statements<br/>and the parent financial statements as a whole are<br/>free from material misstatement, whether due to<br/>fraud or error, and to issue an auditorâs report that<br/>includes our opinion. Reasonable assurance is a<br/>high level of assurance, but is not a guarantee that<br/>an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark will<br/>always detect a material misstatement when it exists.<br/>Misstatements can arise from fraud or error and are<br/>considered material if, individually or in the aggregate,<br/>they could reasonably be expected to influence<br/>the economic decisions of users taken on the basis<br/>of these consolidated financial statements and these<br/>parent financial statements.<br/><br/>As part of an audit conducted in accordance with<br/>ISAs and the additional requirements applicable in<br/>Denmark, we exercise professional judgment and<br/>maintain professional skepticism throughout the<br/>audit. We also:<br/><br/>⢠Identify and assess the risks of material misstatement<br/>of the consolidated financial statements and<br/>the parent financial statements, whether due to<br/>fraud or error, design and perform audit procedures<br/>responsive to those risks, and obtain audit evidence<br/>that is sufficient and appropriate to provide a basis<br/>for our opinion. The risk of not detecting a material<br/>misstatement resulting from fraud is higher than<br/>for one resulting from error, as fraud may involve<br/>collusion, forgery, intentional omissions, misrepresentations,<br/>or the override of internal control.<br/><br/>⢠Obtain an understanding of internal control relevant<br/>to the audit in order to design audit procedures<br/>that are appropriate in the circumstances, but<br/>not for the purpose of expressing an opinion on<br/>the effectiveness of the Groupâs and the Parentâs<br/>internal control.<br/><br/>⢠Evaluate the appropriateness of accounting policies<br/>used and the reasonableness of accounting<br/>estimates and related disclosures made by Management.<br/><br/>⢠Conclude on the appropriateness of Managementâs<br/>use of the going concern basis of accounting in<br/>preparing the consolidated financial statements<br/>and the parent financial statements, and, based on<br/>the audit evidence obtained, whether a material<br/>uncertainty exists related to events or conditions<br/>that may cast significant doubt on the Groupâs and<br/>the Parentâs ability to continue as a going concern.<br/>If we conclude that a material uncertainty exists,<br/>we are required to draw attention in our auditorâs<br/>report to the related disclosures in the consolidated<br/>financial statements and the parent financial<br/>statements or, if such disclosures are inadequate, to<br/>modify our opinion. Our conclusions are based on<br/>the audit evidence obtained up to the date of our<br/>auditorâs report. However, future events or conditions<br/>may cause the Group and the Entity to cease<br/>to continue as a going concern.<br/><br/>⢠Evaluate the overall presentation, structure and<br/>content of the consolidated financial statements<br/>and the parent financial statements, including the<br/>disclosures in the notes, and whether the consolidated<br/>financial statements and the parent financial<br/>statements represent the underlying transactions<br/>and events in a manner that gives a true and fair<br/>view.<br/><br/>⢠Obtain sufficient appropriate audit evidence regarding<br/>the financial information of the entities or<br/>business activities within the Group to express an<br/>opinion on the consolidated financial statements.<br/>We are responsible for the direction, supervision<br/>and performance of the group audit. We remain<br/>solely responsible for our audit opinion.<br/><br/>We communicate with those charged with governance<br/>regarding, among other matters, the planned<br/>scope and timing of the audit and significant audit<br/>findings, including any significant deficiencies in internal<br/>control that we identify during our audit.<br/><br/>We also provide those charged with governance with<br/>a statement that we have complied with relevant<br/>ethical requirements regarding independence, and to<br/>communicate with them all relationships and other<br/>matters that may reasonably be thought to bear on<br/>our independence, and where applicable, related<br/>safeguards.<br/>From the matters communicated with those charged<br/>with governance, we determine those matters that<br/>were of most significance in the audit of the consolidated<br/>financial statements and the parent financial<br/>statements of the current period and are therefore<br/>the key audit matters. We describe these matters in<br/>our auditorâs report unless law or regulation precludes<br/>public disclosure about the matter or when,<br/>in extremely rare circumstances, we determine that<br/>a matter should not be communicated in our report<br/>because the adverse consequences of doing<br/>so would reasonably be expected to outweigh the<br/>public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_C_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_C_only">2018-03-07</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Martin Norin Faarborg</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Sumit Sudan</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State Authorised Public Accountant</cmn:DescriptionOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne29395</arr:IdentificationNumberOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne33716</arr:IdentificationNumberOfAuditor><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_C_only">We believe that operating as<br/>a responsible company that<br/>serves broader economic and<br/>societal interests will best create<br/>value by enabling us to attract<br/>and consolidate relations with<br/>customers, suppliers, investors<br/>and key stakeholders, while<br/>attracting and retaining our<br/>employees.<br/><br/>Our corporate social ressponsibility (CSR) efforts<br/>are based on the requirements of the Danish Financial<br/>Statements Act, and we comply with relevant<br/>laws, standards and guidelines for reporting on CSR<br/>activities. Zealandâs CSR policy focuses on areas most<br/>relevant to our core business:<br/>⢠Working environment and employee well-being<br/>⢠Ethics and quality in relation to research and development<br/>activities<br/>⢠Patient-centric approach<br/>⢠Environmental sustainability and climate<br/>⢠Business ethics<br/>Developing products that make a difference to<br/>patientsâ lives<br/>When developing our products, we keep the patientsâ<br/>needs and their safety in focus. We constantly strive<br/>to optimize our products to maximize the therapeutic<br/>value, convenience and safety for patients.<br/>A motivating and healthy working environment<br/>A new engagement survey was implemented in<br/>2017 to help leaders and employees to continuously<br/>improve the working environment. This evaluation<br/>clearly shows that Zealand has a healthy and motivating<br/>working environment. The goals for 2018 are<br/>equally ambitious, and we remain focused on maintaining<br/>a healthy and motivating working environment<br/>on a continuous basis.<br/>Ethics in clinical development and product supply<br/>While Zealandâs business strategy describes what the<br/>Company wants to achieve in the future, the Zealand<br/>DNA (see page 40) describes how patients, external<br/>partners and employees can expect us to behave in<br/>our endeavors to execute the business strategy. Every<br/>day at Zealand, we work to develop better treatment<br/>options in close partnerships with all our suppliers.<br/>In clinical development and product supply activities<br/>in particular, we work to ensure good business<br/>ethics in our processes. Our focus when evaluating<br/>these partners is business ethics, financial stability,<br/>and compliance with regulations and guidelines of<br/>relevance for the services they provide. Besides GxP<br/>and data protection regulations, this entails having a<br/>robust quality management system, experienced and<br/>educated key personnel as well as business continuity<br/>and disaster recovery plans.<br/>Based on our ambition of bringing our own products<br/>to market, we are far advanced in implementing the<br/>associated requirements, such as processes for commercial<br/>operations in order to fulfill the §39 criteria.<br/>An IT strategy was established to cover implementation<br/>of future business IT systems to support latestage<br/>development and commercial operations.</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_C_only">zealandpharma.com/csr/</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_C_only">Zealandâs approach to corporate<br/>governance is founded on ethics and<br/>integrity, and forms the basis of our<br/>efforts to ensure strong confidence<br/>from our shareholders, partners,<br/>employees and other stakeholders.<br/><br/>Open and transparent communication is the best<br/>way to maintain the confidence of our shareholders,<br/>and we achieve this through company announcements,<br/>investor meetings, company presentations,<br/>our company website and social media.<br/>As a company incorporated under the laws of Denmark,<br/>and with its shares admitted to trading and<br/>official listing on Nasdaq Copenhagen, as well as<br/>having American Depositary Shares representing Zealand<br/>shares trading on Nasdaq Global Select Market<br/>in New York, Zealand is subject to various applicable<br/>legislations, standards and other regulations for publicly<br/>traded companies. These include Danish and U.S.<br/>securities law and the recommendations on corporate<br/>governance issued by the Danish Committee on<br/>Corporate Governance.<br/>At Zealand, we regularly review our activities to<br/>ensure that we meet our obligations to shareholders,<br/>employees, regulatory authorities and other stakeholders<br/>while maximizing long-term value. Zealand<br/>also regularly reviews its rules, policies and practices<br/>within risk management and internal control with the<br/>purpose of improving guidelines and policies for corporate<br/>governance and to ensure that the standards<br/>that we set are up to date with accepted practice<br/>where this is appropriate.<br/>Furthermore, the Board of Directors and the Corporate<br/>Management constantly seek to ensure that<br/>Zealandâs management structure and control systems<br/>are efficient and functioning properly. A number of<br/>internal procedures have been developed and are<br/>continuously updated in order to ensure active, secure<br/>and efficient management of the Company.<br/><br/>Nomination Committee<br/>The Nomination Committee acts within Zealandâs<br/>corporate governance area. The Nomination Committee<br/>consists of a minimum of three and a maximum<br/>of five members and includes the Chairman of<br/>the Board. Up to four shareholder representatives are<br/>elected by the general meeting. The current Nomination<br/>Committee consists of three members.<br/>The Nomination Committee specifies the qualifications<br/>required and evaluates the skills, knowledge and<br/>experience of the individual members of the Board<br/>of Directors and the CEO of the Company. It also<br/>considers proposals submitted by relevant persons,<br/>including shareholders, for Board and CEO positions,<br/>and identifies and recommends candidates for the<br/>Board of Directors.<br/>The Board has assessed the structure of our Nomination<br/>Committee, and has resolved to propose to<br/>substitute the current Nomination Committee, which<br/>is appointed at our general meeting, with a Boardappointed<br/>Nomination Committee in accordance<br/>with the recommendations on corporate governance<br/>issued by the Danish Committee on Corporate<br/>Governance. The proposal will require approval by<br/>shareholders and will be considered at our next<br/>Annual General Meeting, scheduled to take place on<br/>April 19, 2018.<br/>Board of Directors<br/>The Board of Directors plays an active role in setting<br/>the Companyâs strategies and goals and in monitoring<br/>its operations and results. The Board of Directors<br/>functions according to its rules of procedure. Board<br/>duties include establishing Zealandâs strategy, policies<br/>and activities to achieve the Companyâs objectives<br/>in accordance with its Articles of Association. These<br/>also define the responsibilities of the Board of Directors,<br/>for example ensuring that Zealandâs bookkeeping,<br/>accounting, asset management, information<br/>technology systems, budgeting and internal control<br/>are properly organized.<br/>The Board of Directors met 14 times in 2017, of which<br/>nine meetings were physical meetings.<br/>Audit Committee<br/>The Audit Committee assists the Board of Directors<br/>with oversight of financial reporting, internal control<br/>and risk management systems, external auditing of<br/>the annual report and control of the auditorâs inde-<br/>pendence, including oversight of nonaudit services<br/>and other activities delegated by the Board of Directors.<br/>Specific topics discussed in 2017 included the U.S.<br/>listing, auditorâs reports, accounting policies, internal<br/>controls, including SOX (SarbanesâOxley Act) compliance,<br/>risk management, finance policy, insurance<br/>policy, year-end issues and external financing.<br/>Remuneration and Compensation Committee<br/>The Remuneration and Compensation Committee<br/>proposes the remuneration policy and general<br/>guidelines for incentive pay for the Board of Directors<br/>and the CEO of the Company as well as targets for<br/>Company-operated performance-related incentive<br/>programs. These policies and guidelines set out the<br/>various components of the remuneration, including<br/>fixed and variable remuneration such as pension<br/>schemes, benefits, retention bonuses, severance and<br/>incentive schemes as well as the related bonus and<br/>evaluation criteria.<br/>Specific topics discussed in 2017 included warrant<br/>programs, company goals, employee salary levels, employee<br/>pensions, and CEO and Board compensation.<br/><br/>Compliance with the Corporate Governance recommandations<br/>Zealand complies with the recommendations on corporate<br/>governance issued by the Danish Committee on Corporate<br/>Governance, with the following two exceptions:<br/>Board committees (recommendation 3.4.8): The Remuneration<br/>and Compensation Committee might be using<br/>the same external advisers as the Executive Management.<br/>The Board considers that the external advisers will provide<br/>professional and unbiased advice in both capacities: as<br/>advisers to the Executive Management and to the Remuneration<br/>and Compensation Committee.<br/>Form and content of the remuneration policy (recommendation<br/>4.1.4): The Danish Committee on Corporate<br/>Governance recommends that if share-based remuneration<br/>is provided, such programs be established as rollover<br/>programs, meaning that the options are granted periodically<br/>and should have a maturity of at least three years<br/>from the date of allocation. Some of the warrants granted<br/>to the Executive Management have a maturity of less than<br/>three years from the date of allocation.</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_C_only">zealandpharma.com/corporate-governance/</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_C_only">Diversity on the Board of Directors<br/>In 2013, the Board of Directors set a target to have<br/>a minimum of 25% female board members elected<br/>by the shareholders within the next three years. 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unitRef="DKK">23302000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital><ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">5855000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital><ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">25111000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">22790000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">24969000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">730000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">784000</ifrs-full:InterestPaidClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">2048000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">592000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">1269000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">1751000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">344000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">-5500000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">-5875000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">-6250000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-5500000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-5875000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">-278746000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">40904000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">-224767000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-121137000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-91842000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">120000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">120000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">0</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">7226000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">2600000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">4040000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">7226000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">2600000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">9312000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">9312000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">75037000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">75037000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">0</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Change in deposit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Change in deposit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Change in deposit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Change in deposit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Change in deposit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Transfer to restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Transfer to restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22">Transfer to restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Transfer from restricted cash for royalty bond interest payments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Transfer from restricted cash for royalty bond interest payments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23">Transfer from restricted cash for royalty bond interest payments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24">Transfer from restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24">Transfer from restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24">Transfer from restricted cash related to the royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-39000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-24000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">27000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-39000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-24000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-3" unitRef="DKK">-60675000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-3" unitRef="DKK">-305120000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_22" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23" decimals="-3" unitRef="DKK">7725000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23" decimals="-3" unitRef="DKK">7786000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_23" decimals="-3" unitRef="DKK">2419000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24" decimals="-3" unitRef="DKK">365795000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_24" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">221351000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">-299958000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">-1594000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-91494000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-2624000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:ProceedsFromIssuingShares contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">6790000</ifrs-full:ProceedsFromIssuingShares><ifrs-full:ProceedsFromIssuingShares contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">21935000</ifrs-full:ProceedsFromIssuingShares><ifrs-full:ProceedsFromIssuingShares contextRef="duration_2Y_C_only" decimals="-3" unitRef="DKK">96413000</ifrs-full:ProceedsFromIssuingShares><ifrs-full:ProceedsFromIssuingShares contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">6790000</ifrs-full:ProceedsFromIssuingShares><ifrs-full:ProceedsFromIssuingShares contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">21935000</ifrs-full:ProceedsFromIssuingShares><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Costs related to private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Costs related to private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Costs related to private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Costs related to private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Costs related to private placement of new shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Proceeds from initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Proceeds from initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Proceeds from initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Proceeds from initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Proceeds from initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44">Costs related to initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44">Costs related to initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44">Costs related to initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44">Costs related to initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44">Costs related to initial public offering</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_45">Repayment of royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_45">Repayment of royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_45">Repayment of royalty bond</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">143072000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">143072000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">-7861000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">-7861000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-3" unitRef="DKK">567076000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-3" unitRef="DKK">567076000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44" decimals="-3" unitRef="DKK">-59576000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_2Y_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44" decimals="-3" unitRef="DKK">-59576000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_44" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_45" decimals="-3" unitRef="DKK">-176360000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_45" decimals="-3" 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