Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2017-12-31 | 65604000 | vDKK |
| ifrs-full:Assets | 2016-12-31 | 50641000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 25155000 | vDKK |
| ifrs-full:Revenue | 2016-01-01 | 2016-12-31 | 20720000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/71300571/ZG9rdW1lbnRsYWdlcjovLzAzL2E3L2RmLzAyLzRhL2NiOWMtNDBhMy1iZjA1LTk0ZjY4YTkyZjdmNQ.xml
Separator
The full data:
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<gsd:FaxNumberOfReportingEntity contextRef="ctx1" xml:lang="da">(+45) 45290001</gsd:FaxNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx1" xml:lang="da">info@bioporto.com</gsd:EmailOfReportingEntity>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate governance in BioPorto</td></tr><tr><td colspan="1">In its corporate governance, BioPorto focuses on investor relations, and the Board of Directors gives priority to exercising good corporate governance as defined on the basis of the companyâs articles of association, values and policies, as well as relevant legislation and âRules for issuers of sharesâ issued by NASDAQ Copenhagen A/S.</td></tr><tr><td colspan="1">Recommendations for good corporate governance</td></tr><tr><td colspan="1">BioPorto is covered by the recommendations of the Committee for Good Corporate Governance, which are available on www.corporategovernance.dk.</td></tr><tr><td colspan="1">BioPortoâs Board of Directors continuously assess how the recommendations can help strengthen the Management of BioPorto and maximize value creation for the companyâs shareholders.</td></tr><tr><td colspan="1">The Board evaluates the recommendations once a year and evaluates the extent to which BioPorto complies with them. In the view of the Board, BioPorto complies with all of the Committeeâs recommendations concerning good corporate governance.</td></tr><tr><td colspan="1">The mandatory review of corporate governance, pursuant to Section 107b of the Danish Financial Statements Act, is found on the companyâs website.</td></tr><tr><td colspan="1">Work of the Management and Board of Directors</td></tr><tr><td colspan="1">The Board of Directors determines BioPortoâs objectives, policies and areas of activity. In addition, the Board makes decisions in all cases of an unusual nature or of great significance. The Board also approves, monitors, evaluates and revises the Managementâs business strategy and action plans.</td></tr><tr><td colspan="1">Furthermore, the Board ensures that BioPorto is properly led and managed pursuant to the companyâs articles of association, general guidelines, policies and current laws and regulations. The Board lays down the guidelines for the division of duties between the Board and Management, but does not take part in the day-to-day management.</td></tr><tr><td colspan="1">The Boardâs work is described in the rules of procedure of the Board and Management. Seven board meetings were held in 2017, including one lengthy strategy meeting. Seven meetings are planned for 2018, in accordance with the Boardâs annual schedule, which naturally can be changed at any time to allow for additional meetings, if the need arises.</td></tr><tr><td colspan="1">BioPortoâs Board appoints the companyâs Management and determines the Managementâs working conditions and tasks. BioPortoâs Management is responsible to the Board for ensuring that day-to-day operations are conducted in a proper businesslike and legal manner.</td></tr><tr><td colspan="1">The Chairman of the Board is responsible for evaluating the Management and the Board of Directors every year. In addition to examining the cooperation with the Management, the evaluation also looks at the composition and qualifications of the Board, and assesses the results produced over the year; this evaluation is subsequently presented and discussed at a Board meeting.</td></tr><tr><td colspan="1">Composition of the Board</td></tr><tr><td colspan="1">The shareholder meeting, which is the executive authority of BioPorto, elects a Board of three to seven members. The Board elects its officers from its midst with a Chairperson and one Vice Chairperson, and currently comprises four members elected at the shareholder meeting.</td></tr><tr><td colspan="1">The members of the Board elected at the shareholder meeting are elected for one year at a time. Persons aged 70 or over on the date of election are not eligible to become members of the companyâs Board.</td></tr><tr><td colspan="1">The members of the Board are selected and stand for election based on their specific qualifications and experience which are of relevance to BioPorto. Thus, the Board is composed with a view to ensuring an optimal combination of professional experience in the sector in general, in research and development, in IP rights and conclusion of contracts, in sales and marketing, as well as in finance and economics. All Board members are assessed by the Board as being independent. Details of the unique expertise of each member can be viewed at the companyâs website.</td></tr><tr><td colspan="1">Board committees</td></tr><tr><td colspan="1">BioPortoâs Board has appointed a remuneration committee, a nomination committee and an audit committee, as well as additional ad hoc committees. The Vice Chairman of the Board is the Chairman of the audit committee and possesses the expert knowledge and experience required. A review of the Board committeesâ remits and the composition of the committees is available on the companyâs website</td></tr><tr><td colspan="1">Amendments to the articles of association</td></tr><tr><td colspan="1">The shareholder meeting adopts amendments to the articles of association and takes all other decisions based on a simple majority, provided that a specific majority or representation is not required pursuant to the provisions of the Danish Companies Act or the articles of association.</td></tr><tr><td colspan="1">Remuneration policy</td></tr><tr><td colspan="1">The basic fee of the Board is set at a level assessed as being competitive and reasonable compared to the sector in general and the companyâs current situation. Board members are paid a fixed annual remuneration, while the Chairman and Vice Chairman, according to a specific decision of the shareholder meeting, can be remunerated with a higher fee. If a committee is established, or if Board members are charged with performing special tasks for the Board, the Board may submit a recommendation to the shareholder meeting that supplementary remuneration be provided for this. The Board may submit a recommendation to the shareholder meeting that alternates should also receive paid remuneration. Each year, the shareholder meeting approves the remuneration of Board members, and any remuneration for alternates, for the current fiscal year about the discussion of the annual report. The Board does not participate in the companyâs share-option programs.</td></tr><tr><td colspan="1">The annual Board memberâs fee amounted to DKKÂ 250,000 as from the Annual General Meeting in April 2017, while the Vice Chairman received DKKÂ 350,000, and the Chairman of the Board received DKKÂ 500,000. Participation on a committee is remunerated with a supplementary fee of DKKÂ 25,000 per committee, but with a cap of DKKÂ 50,000 per ordinary Board member. The Chairman and Vice Chairman do not receive supplementary fees for committee participation.</td></tr><tr><td colspan="1">The remuneration of the Executive Management is set at a level deemed competitive and reasonable compared to the sector in general and the companyâs current situation. The Executive Management does not receive remuneration for being a member of the Management or Board of BioPorto A/Sâs Danish subsidiaries. The Executive Management receives remuneration for management positions in BioPorto A/Sâ US subsidiaries.</td></tr><tr><td colspan="1">The remuneration comprises a fixed salary, pension scheme, annual bonus and participation in share-option programs. In the view of the Board, a combination of fixed and performance-dependent salary for the Executive Management helps to ensure that remuneration, which is in part incentive-based, motivates the Executive Management to create added value for the benefit of the shareholders.</td></tr><tr><td colspan="1">The annual bonus may comprise 150% of the fixed yearly salary. This may also involve a retention bonus, loyalty bonus or similar. Whether a bonus is paid out, will depend on whether the terms, conditions and targets defined in the agreement were achieved in part or in full. This may involve personal targets associated with the specific directorâs own performance, BioPortoâs results or the occurrence of relevant events.</td></tr><tr><td colspan="1">In 2017, the Executive Management was made up of one person. In 2017, the Executive Management was paid DKK 3.4 million in salary, including pension (contribution-based) and bonus, excluding share-based compensation.</td></tr><tr><td colspan="1">The company has not assumed any obligation to disburse severance pay to the Executive Management upon termination of the employment relationship.</td></tr><tr><td colspan="1">The employment relationship can be terminated by giving 12 monthsâ notice effective at the end of a month. No special severance terms have been entered into for the eventuality of a change of control. BioPortoâs remuneration policy can be found on the companyâs website.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Review of the gender-based composition of the Management and Board, cf. Section 99b of the Danish Financial Statements Act</td></tr><tr><td colspan="1">Diversity in the composition of the Board is endeavored, with a reasonable age composition, several nationalities and an equal gender ratio. The Board currently has four members, three of whom are men and one female, and thus BioPorto has a balanced representation of men and women on the Board of Directors.</td></tr><tr><td colspan="1">The nominating committee has a clear policy for evaluating candidates of both genders for vacant Board positions, and for the election of a new Board member in 2017, a female candidate was deemed to have the best competency profile. For future, vacant Board positions, the nomination committee will continue to evaluate candidates of both genders.</td></tr><tr><td colspan="1">Diversity in other layers of Management</td></tr><tr><td colspan="1">The company does not have a policy for diversity in other layers of Management, as the company is below the minimum threshold (cf. guidelines from the Danish Business Authority).</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Review of corporate social responsibility, cf. Section 99a of the Danish Financial Statements Act</td></tr><tr><td colspan="1">BioPorto is aware of its corporate social responsibility and endeavors to improve social and environmental conditions. BioPorto has signed up to the UN Global Compact, and the latest Communication on Progress, which also constitutes the Groupâs report on corporate social responsibility, is available on the companyâs website in accordance with the Danish Financial Statement Act § 99a.</td></tr><tr><td colspan="1">A significant action in 2017 was the development of a new Code of Conduct. No violations of BioPorto's code of conduct have been registered with suppliers or in the company during 2017.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Management</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of BioPorto A/S for the financial year January 1 â December 31, 2017.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Managementâs Review has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at December 31, 2017 of the Group and the Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial year January 1 - December 31, 2017.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Managementâs Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Hellerup</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2018-03-08</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditorâs report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of BioPorto A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Groupâs financial position at December 31, 2017 and of the results of the Groupâs operations and cash flows for the financial year January 1 to December 31, 2017 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at December 31, 2017 and of the results of the Parent Companyâs operations for the financial year January 1 to December 31, 2017 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements and the Parent Company Financial Statements of BioPorto A/S for the financial year January 1 to December 31, 2017 comprise income statement, balance sheet, statement of changes in equity and notes, including summary of significant accounting policies for the Group as well as for the Parent Company and statement of comprehensive income and cash flow statement for the Group. Collectively referred to as the âFinancial Statementsâ.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of BioPorto A/S on 10 April 2014 for the financial year 2014. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 4 years including the financial year 2017.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">We have determined that there are no key audit matters to communicate in our report.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">·         Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">·         Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">·         Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">·         Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">·         Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">·         Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2018-03-08</arr:SignatureOfAuditorsDate>
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<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vDKK" decimals="-3">18248000</ifrs-full:GrossProfit>
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<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">0</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
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<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="-3">11439000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">33771231</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Strandvejen 44</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2016-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2016-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx2" xml:lang="da">DK-2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx2" xml:lang="da">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorStreetName contextRef="ctx2" xml:lang="da">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx2" xml:lang="da">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<cmn:NameOfAuditFirm contextRef="ctx2" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx2">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx2" xml:lang="da">Torben Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx2" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx2">mne18651</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">Peter Mørch Eriksen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Thomas Magnussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Torben A. Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Niels Christian Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Kirsten Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfAuditor contextRef="ctx8" xml:lang="da">Allan Knudsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx8" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx8">mne29465</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx8">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx8" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<ifrs-full:Revenue contextRef="ctx9" unitRef="vDKK" decimals="-3">20720000</ifrs-full:Revenue>
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<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx9" unitRef="vDKK" decimals="-3">9669000</ifrs-full:ResearchAndDevelopmentExpense>
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<ifrs-full:FinanceIncome contextRef="ctx9" unitRef="vDKK" decimals="-3">346000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx9" unitRef="vDKK" decimals="-3">198000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx9" unitRef="vDKK" decimals="-3">-24899000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx9" unitRef="vDKK" decimals="-3">-2099000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx9" unitRef="vDKK" decimals="-3">-22800000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx9" unitRef="share" decimals="4">-0.1700</ifrs-full:BasicEarningsLossPerShare>
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<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx9" unitRef="vDKK" decimals="-3">-313000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:ComprehensiveIncome contextRef="ctx9" unitRef="vDKK" decimals="-3">-23113000</ifrs-full:ComprehensiveIncome>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx9" unitRef="vDKK" decimals="-3">390000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx9" unitRef="vDKK" decimals="-3">839000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">122000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">246000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">-2336000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">-19660000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">157000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">200000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">44000</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">0</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">-401000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:ProceedsFromIssuingShares contextRef="ctx9" unitRef="vDKK" decimals="-3">21793000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-dk:IssuanceCost contextRef="ctx9" unitRef="vDKK" decimals="-3">935000</ifrs-dk:IssuanceCost>
<ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">22000</ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx9" unitRef="vDKK" decimals="-3">20836000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx9" unitRef="vDKK" decimals="-3">774000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment contextRef="ctx10" unitRef="vDKK" decimals="-3">263000</ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx10" unitRef="vDKK" decimals="-3">1629000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-dk:NoncurrentPrepaymentsDeposits contextRef="ctx10" unitRef="vDKK" decimals="-3">731000</ifrs-dk:NoncurrentPrepaymentsDeposits>
<ifrs-full:NoncurrentFinancialAssets contextRef="ctx10" unitRef="vDKK" decimals="-3">731000</ifrs-full:NoncurrentFinancialAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx10" unitRef="vDKK" decimals="-3">2623000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx10" unitRef="vDKK" decimals="-3">3434000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx10" unitRef="vDKK" decimals="-3">6380000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx10" unitRef="vDKK" decimals="-3">4864000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx10" unitRef="vDKK" decimals="-3">1223000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:Cash contextRef="ctx10" unitRef="vDKK" decimals="-3">47080000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx10" unitRef="vDKK" decimals="-3">62981000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx10" unitRef="vDKK" decimals="-3">65604000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx10" unitRef="vDKK" decimals="-3">155510000</ifrs-full:IssuedCapital>
<ifrs-full:TreasuryShares contextRef="ctx10" unitRef="vDKK" decimals="-3">0</ifrs-full:TreasuryShares>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx10" unitRef="vDKK" decimals="-3">-70000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-full:RetainedEarnings contextRef="ctx10" unitRef="vDKK" decimals="-3">-99372000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx10" unitRef="vDKK" decimals="-3">56068000</ifrs-full:Equity>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">0</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:OtherNoncurrentLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">883000</ifrs-full:OtherNoncurrentLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">883000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPortionOfNonCurrentPayables contextRef="ctx10" unitRef="vDKK" decimals="-3">182000</ifrs-dk:CurrentPortionOfNonCurrentPayables>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx10" unitRef="vDKK" decimals="-3">3412000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:OtherCurrentPayables contextRef="ctx10" unitRef="vDKK" decimals="-3">5059000</ifrs-full:OtherCurrentPayables>
<ifrs-full:CurrentLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">8653000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">9536000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx10" unitRef="vDKK" decimals="-3">65604000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx10" unitRef="vDKK" decimals="-3">47080000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment contextRef="ctx11" unitRef="vDKK" decimals="-3">400000</ifrs-dk:OtherPlantFixturesAndFittingsToolsAndEquipment>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx11" unitRef="vDKK" decimals="-3">1959000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-dk:NoncurrentPrepaymentsDeposits contextRef="ctx11" unitRef="vDKK" decimals="-3">710000</ifrs-dk:NoncurrentPrepaymentsDeposits>
<ifrs-full:NoncurrentFinancialAssets contextRef="ctx11" unitRef="vDKK" decimals="-3">710000</ifrs-full:NoncurrentFinancialAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx11" unitRef="vDKK" decimals="-3">3069000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx11" unitRef="vDKK" decimals="-3">3941000</ifrs-full:Inventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx11" unitRef="vDKK" decimals="-3">4662000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx11" unitRef="vDKK" decimals="-3">2138000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx11" unitRef="vDKK" decimals="-3">1190000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:Cash contextRef="ctx11" unitRef="vDKK" decimals="-3">35641000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx11" unitRef="vDKK" decimals="-3">47572000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx11" unitRef="vDKK" decimals="-3">50641000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx11" unitRef="vDKK" decimals="-3">142494000</ifrs-full:IssuedCapital>
<ifrs-full:TreasuryShares contextRef="ctx11" unitRef="vDKK" decimals="-3">0</ifrs-full:TreasuryShares>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx11" unitRef="vDKK" decimals="-3">-313000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-full:RetainedEarnings contextRef="ctx11" unitRef="vDKK" decimals="-3">-97890000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx11" unitRef="vDKK" decimals="-3">44291000</ifrs-full:Equity>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">40000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:OtherNoncurrentLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">1164000</ifrs-full:OtherNoncurrentLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">1204000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPortionOfNonCurrentPayables contextRef="ctx11" unitRef="vDKK" decimals="-3">242000</ifrs-dk:CurrentPortionOfNonCurrentPayables>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx11" unitRef="vDKK" decimals="-3">1169000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:OtherCurrentPayables contextRef="ctx11" unitRef="vDKK" decimals="-3">3735000</ifrs-full:OtherCurrentPayables>
<ifrs-full:CurrentLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">5146000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">6350000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx11" unitRef="vDKK" decimals="-3">50641000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx11" unitRef="vDKK" decimals="-3">35641000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" xml:lang="da">Profit/loss before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" unitRef="vDKK" decimals="-3">-36494000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" xml:lang="da">Profit/loss before financial items</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" unitRef="vDKK" decimals="-3">-25047000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="da">Warrant expenses</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vDKK" decimals="-3">2856000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="da">Warrant expenses</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vDKK" decimals="-3">2061000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="da">Cash generated from operations before working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vDKK" decimals="-3">-33134000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">Cash generated from operations before working capital</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vDKK" decimals="-3">-22596000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vDKK" decimals="-3">-21757000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" unitRef="vDKK" decimals="-3">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" xml:lang="da">Establishment cost, subsidiaries</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" unitRef="vDKK" decimals="-3">-115000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx22" unitRef="vDKK" decimals="-3">35641000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx23" unitRef="vDKK" decimals="-3">34867000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>