Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 66201000 | vDKK |
| ifrs-full:Assets | 2017-12-31 | 65604000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 26016000 | vDKK |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 25155000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/71300571/ZG9rdW1lbnRsYWdlcjovLzAzLzgyLzk2Lzk4L2IwL2Y5N2ItNDYyNi05NDQwLTMwMGE5NTUwY2Y0YQ.xml
Separator
The full data:
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<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, two of whom are men and two women, and thus BioPorto has a balanced gender representation 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 2018, 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="4">Review of corporate social responsibility, cf. Section 99a of the Danish Financial Statements Act</td></tr><tr><td colspan="4">BioPorto is aware of its corporate social responsibility and endeavors to improve social and environmental conditions. In addition to the corporate social responsibility report provided below, BioPorto has signed up to the UN Global Compact, and the latest Communication on Progress, which is available on the company's website.</td></tr><tr><td colspan="4">In several areas, BioPorto fulfills its responsibility solely by complying with current law, but in other areas, the company's responsibility has been expanded to include preventive activities for optimizing various conditions. It is important to BioPorto to highlight these efforts vis-a-vis its customers, suppliers, stockholders, other stakeholders, etc., to ensure that the outside world trusts the company to live up to its social responsibility.</td></tr><tr><td colspan="4">BioPorto's business</td></tr><tr><td colspan="4">BioPorto's business model seeks to utilize its unique library of monoclonal antibodies and its biomarker expertise to develop new clinical diagnostic products with attractive potential and bring them to the global market.</td></tr><tr><td colspan="4">The NGAL Test⢠is an example of how BioPorto has successfully taken an antibody from research and discovery phase to a commercial clinical product. Starting with the development of unique monoclonal NGAL antibodies, it was transformed into a microtiter plate assay. From there BioPorto developed The NGAL Test⢠into its current format for automated testing on clinical chemistry systems and is now sold directly and via partners to hospital central laboratories across the world.</td></tr><tr><td colspan="4">BioPorto's other biomarker, Mannan-binding lectin (MBL), also started out as an antibody project and is now, in its present CE approved ELISA format, sold via distributors for analysis of immunodeficiencies.</td></tr><tr><td colspan="4">BioPorto will, in 2019, complete clinical studies and submit regulatory applications for two separate indications of The NGAL Test⢠with the FDA; one for risk use with AKI in adults based on plasma, and one for risk use with AKI in urine in children, which will enable BioPorto to sell The NGAL Test⢠for diagnostic purposes in the U.S. following FDA clearance.</td></tr><tr><td colspan="4">For a detailed description of BioPorto's strategy and objectives, see page 8.</td></tr><tr><td colspan="4">Risks</td></tr><tr><td colspan="4">The Group's risk of affecting the environment and climate, human rights and anti-corruption is assessed to be limited. The risk assessment has been carried out in such a way that selected topics have been analyzed for their potential risk for BioPorto and the Group's stakeholders, respectively. Risk is in this context, a product of the subject's proportional role in the daily business, and the likely negative impact the topic has on the group or stakeholders. To the extent that risks have been identified, the individual areas are described together with the relevant policies.</td></tr><tr><td colspan="4">For a detailed description of BioPorto's additional risks, see Risk management on page 14.</td></tr><tr><td colspan="4">Human rights</td></tr><tr><td colspan="4">1. Businesses should support and respect the protection of internationally proclaimed human rights; and</td></tr><tr><td colspan="4">2. make sure that they are not complicit in human rights abuses.</td></tr><tr><td colspan="4">BioPorto supports and respects human rights. In 2017, BioPorto established a Code of Conduct covering respect for human rights.</td></tr><tr><td colspan="4">BioPorto's employees are obliged by BioPorto's Code of Conduct. In 2018</td></tr><tr><td colspan="4">BioPorto initiated the process of implementing the Code of Conduct into supplier contracts to ensure that the company's suppliers respect human rights.</td></tr><tr><td colspan="4">Labor rights</td></tr><tr><td colspan="4">3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;</td></tr><tr><td colspan="4">4. the elimination of all forms of forced and compulsory labor;</td></tr><tr><td colspan="4">5. the effective abolition of child labor; and</td></tr><tr><td colspan="4">6. the elimination of discrimination with respect to employment and occupation.</td></tr><tr><td colspan="4">Danish and American traditions, culture and law mean that labor rights are naturally supported and complied with by BioPorto, both in Denmark and in the United States. BioPorto has no external suppliers in countries that use child labor or forced and compulsory labor, and BioPorto deems that there is a very low risk of this taking place in areas where BioPorto might be expected to operate. In 2017, BioPorto established a Code of Conduct covering the labor rights. BioPorto's employees are obliged by BioPorto's Code of Conduct. In 2018, BioPorto initiated the process of implementing the Code of Conduct into supplier contracts to ensure that the company's suppliers respect Labor rights.</td></tr><tr><td colspan="4">The BioPorto group has fair and equal employment terms and working conditions, including equality and non-discrimination. Both the physical and mental working environment are monitored and continually improved to avoid accidents, injury and illness.</td></tr><tr><td colspan="4">In the composition of its staff, BioPorto endeavors to achieve an equal gender breakdown as well as a diversity of educational backgrounds, nationalities and cultures. This diversity provides a dynamic workday and encourages different perspectives for the benefit of staff and company efforts alike.</td></tr><tr><td>2018</td><td>Female</td><td>Male</td><td>Non- Danish</td></tr><tr><td>All Employees</td><td>52%</td><td>48%</td><td>22%</td></tr><tr><td>Head of Departments</td><td>37%</td><td>63%</td><td>0%</td></tr><tr><td>Executive Management (one person)</td><td>0%</td><td>100%</td><td>0%</td></tr><tr><td>.Board of Directors</td><td>50%</td><td>50%</td><td>0%</td></tr><tr><td colspan="4">BioPorto has adopted a policy on Diversity</td></tr><tr><td colspan="4">âBioPorto is committed to continue working towards ensuring and furthering equal opportunities for all employees with respect to differences, such as gender, age, religion, sexual orientation and ethnicity, as all - in our view - serve as key components in ensuring a better, more dynamic and healthier business. We believe that employees should be recognized because of - and not despite - their diversity. The view extended through this policy also includes maintaining equal opportunities for women and men at all management levels in the BioPorto group. The Board of Directors annually discusses the company's activities to ensure relevant diversity at management levels and evaluates the policy on diversity.</td></tr><tr><td colspan="4">BioPorto has defined a target, that no later than in 2022, at least 25 % members of the Management of the company must be women. This target must not detract from other competency requirements in the nomination of members to the Management team of the company. With regards to diversity for the Board of Directors, the Company has reached its target and currently does not have an underrepresented gender, as the gender distribution is 50/50.â</td></tr><tr><td colspan="4">BioPorto's Nomination Committee has a clear policy for evaluating candidates of both genders for vacant board positions, and for the election in 2018 a female candidate was found to honor the competency requirements. For future vacancies in the Board, the Nomination Committee will continue to evaluate candidates of both genders.</td></tr><tr><td colspan="4">Environment</td></tr><tr><td colspan="4">7. Businesses should support a precautionary approach to environmental challenges;</td></tr><tr><td colspan="4">8. undertake initiatives to promote greater environmental responsibility; and</td></tr><tr><td colspan="4">9. encourage the development and diffusion of environmentally friendly technologies.</td></tr><tr><td colspan="4">BioPorto's in-house production is limited in scope and of such a nature that it has an insignificant environmental impact. An ongoing effort will be made to minimize any other possible environmental impact, including the consumption of water and electricity, which will cut costs at the same time. BioPorto's activities are primarily knowledge-based. In 2017, BioPorto established a Code of Conduct covering the above. BioPorto's employees are obliged by BioPorto's Code of Conduct. In 2018 BioPorto initiated the process of implementing the Code of Conduct into supplier contracts to ensure that the company's suppliers respect the environment.</td></tr><tr><td colspan="4">Anti-corruption</td></tr><tr><td colspan="4">10. Businesses should work against corruption in all its forms, including extortion and bribery.</td></tr><tr><td colspan="4">BioPorto takes sharp issue with corruption, bribery and similar methods.</td></tr><tr><td colspan="4">Suppliers and partners are chosen with care and are included in BioPorto's quality system. Corruption problems have not affected BioPorto's activities up to now. In 2017, BioPorto established a Code of Conduct covering the above. BioPorto's employees are obliged by BioPorto's Code of Conduct. In 2018 BioPorto initiated the process of implementing the Code of Conduct into supplier contracts to ensure that the company's suppliers follow anti-corruption policies.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
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<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx1" unitRef="vDKK" decimals="-3">18676000</ifrs-full:ResearchAndDevelopmentExpense>
<ifrs-full:AdministrativeExpense contextRef="ctx1" unitRef="vDKK" decimals="-3">20005000</ifrs-full:AdministrativeExpense>
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<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vDKK" decimals="-3">277000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vDKK" decimals="-3">113000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx1" unitRef="vDKK" decimals="-3">-41617000</ifrs-full:ProfitLossBeforeTax>
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<ifrs-full:ProfitLoss contextRef="ctx1" unitRef="vDKK" decimals="-3">-38048000</ifrs-full:ProfitLoss>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">-0.2400</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">-0.2400</ifrs-full:DilutedEarningsLossPerShare>
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<ifrs-dk:IssuanceCost contextRef="ctx1" unitRef="vDKK" decimals="-3">681000</ifrs-dk:IssuanceCost>
<ifrs-full:RepaymentsOfNoncurrentBorrowings contextRef="ctx1" unitRef="vDKK" decimals="-3">158000</ifrs-full:RepaymentsOfNoncurrentBorrowings>
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<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vDKK" decimals="-3">39121000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
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<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 Management have today considered and adopted the Annual Report of BioPorto A/S for the financial year January 1 - December 31, 2018.</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. Management's 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, 2018 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, 2018.</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, Management's 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">2019-02-22</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 auditor's 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 Group's financial position at December 31, 2018 and of the results of the Group's operations and cash flows for the financial year January 1 to December 31, 2018 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 Company's financial position at December 31, 2018 and of the results of the Parent Company's operations for the financial year January 1 to December 31, 2018 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditor's 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, 2018 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.</td></tr><tr><td colspan="1">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 Auditor's 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 Accountants' 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 5 years including the financial year 2018.</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 Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management's Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management's 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 Management's Review and, in doing so, consider whether Management's 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 Management's 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, Management's 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 Management's 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">Management's 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 Group's and the Parent Company's 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">Auditor's 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 auditor's 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 Group's and the Parent Company's 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 Management's 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 Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's 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 auditor's 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 auditor's 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">2019-02-22</arr:SignatureOfAuditorsDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">BioPorto A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" xml:lang="da">Tuborg Havnevej</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx1" xml:lang="da">15, ground floor</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx1" xml:lang="da">DK-2900</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="da">Hellerup</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="da">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx1" xml:lang="da">(+45) 4529 0000</gsd:TelephoneNumberOfReportingEntity>
<gsd:FaxNumberOfReportingEntity contextRef="ctx1" xml:lang="da">(+45) 4529 0001</gsd:FaxNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx1" xml:lang="da">info@bioporto.com</gsd:EmailOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx1">www.bioporto.com</gsd:HomepageOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">17500317</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:ReportingPeriodStartDate contextRef="ctx1">2018-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2018-12-31</gsd:ReportingPeriodEndDate>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2019-03-18</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Anders Ãrjan Jensen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:NameOfFinancialInstitution contextRef="ctx1" xml:lang="da">Nordea Bank Danmark A/S</gsd:NameOfFinancialInstitution>
<gsd:AddressOfFinancialStreetName contextRef="ctx1" xml:lang="da">Strandgade</gsd:AddressOfFinancialStreetName>
<gsd:AddressOfFinancialStreetBuildingIdentifier contextRef="ctx1" xml:lang="da">3</gsd:AddressOfFinancialStreetBuildingIdentifier>
<gsd:AddressOfFinancialPostCodeIdentifier contextRef="ctx1" xml:lang="da">DK-0900</gsd:AddressOfFinancialPostCodeIdentifier>
<gsd:AddressOfFinancialDistrictName contextRef="ctx1" xml:lang="da">Copenhagen C</gsd:AddressOfFinancialDistrictName>
<gsd:NameOfLawFirm contextRef="ctx1" xml:lang="da">Gorrissen Federspiel</gsd:NameOfLawFirm>
<gsd:AddressOfLawFirmPostCodeIdentifier contextRef="ctx1" xml:lang="da">DK-1609</gsd:AddressOfLawFirmPostCodeIdentifier>
<gsd:AddressOfLawFirmDistrictName contextRef="ctx1" xml:lang="da">København V</gsd:AddressOfLawFirmDistrictName>
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<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 of 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 by 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 Corporate Governance</td></tr><tr><td colspan="1">BioPorto is covered by the recommendations of the Committee for Corporate Governance, which are available on www.corporategovernance.dk.</td></tr><tr><td colspan="1">BioPortoâs Board of Directors continuously assesses how its 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, except for two of the Committeeâs recommendations.</td></tr><tr><td colspan="1">BioPorto has a vesting period or maturity period, of 24 months on all share-based compensation instead of 36 months as stipulated in the recommendations article 4.1.2 and 4.1.4. The Board of Directors has made the assessment that a vesting or maturing period in BioPortoâs warrant programs should be 24 months, and be below the recommended level, in order to motivate the recipient to implement the company's short-term goals that are relevant to the company's long-term value creation. Further, due to the size of BioPorto, the company does not have a Whistleblower Scheme as stipulated in the recommendations article 5.2.</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 day-to-day management.</td></tr><tr><td colspan="1">The Boardâs work is described in the rules of procedure of the Board of Directors and Management. thirteen board meetings were held in 2018, including a strategy meeting. six meetings are planned for 2019, 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">Evaluation of the performance of the Board of Directors and the Executive Management</td></tr><tr><td colspan="1">The Chairman of the Board is responsible for evaluating the Management and the Board of Directors every year by making a survey. In addition to examining cooperation with the Management, the survey, among other things, looks at the composition and qualifications of the Board, and assesses the results produced over the year. The evaluation is subsequently presented and discussed at a Board meeting each year. External assistance is obtained at least every third year to conduct the survey.</td></tr><tr><td colspan="1">In 2018, the Chairman of the Board concluded that focus on U.S. experience and competencies among Board members will be required once a U.S. FDA clearance is obtained.</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 Chairman and one Vice Chairman, 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. 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 and Remuneration Report</td></tr><tr><td colspan="1">This Section constitutes BioPortoâs Remuneration Report for 2018.</td></tr><tr><td colspan="1">Each year, the shareholder meeting approves the remuneration of Board members, and any remuneration for alternates, for the current fiscal year. The Board does not participate in the companyâs share-based compensation.</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.</td></tr><tr><td colspan="1">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. The Board may submit a recommendation to the shareholder meeting that alternates should also receive remuneration.</td></tr><tr><td colspan="1">In 2018 the Annual General Meeting approved a fee of DKKÂ 250,000 per ordinary Board member, and a fee of DKKÂ 350,000 to the Vice Chairman and DKKÂ 500,000 to the Chairman. Further it was approved that participation in a committee is remunerated with a supplementary fee of DKKÂ 25,000 per committee, but with an overall 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">BioPortoâs remuneration policy can be found on the companyâs website.</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 U.S. subsidiaries of BioPorto A/S.</td></tr><tr><td colspan="1">The remuneration comprises a fixed salary, pension scheme, annual bonus and participation in share-based compensation. 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 2018, the Executive Management was made up of one person. In 2018, the Executive Management was paid DKK 3.8 million in salary, including pension (contribution-based) and bonus, excluding share-based compensation.</td></tr></table></mrv:CorporateGovernanceReport>
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<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="da">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx18" xml:lang="da">Britt Meelby Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx19" xml:lang="da">Kirsten Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx20" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx20">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx20" xml:lang="da">Torben Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx20" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx20">mne18651</arr:IdentificationNumberOfAuditor>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx20" xml:lang="da">DK-2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx20" xml:lang="da">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorStreetName contextRef="ctx20" xml:lang="da">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx20" xml:lang="da">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<cmn:NameAndSurnameOfAuditor contextRef="ctx21" xml:lang="da">Allan Knudsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx21" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx21">mne29465</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx21">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx21" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>