Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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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</td></tr><tr><td colspan="1">With a long-term focus, the aim of the Company is to develop for the benefit of its stakeholders within the risk framework set out.</td></tr><tr><td colspan="1">The management of NORDEN is based on the values of Flexibility, Reliability, Empathy and Ambition and the Companyâs Corporate Soul Purpose aiming at enabling smarter global trade.</td></tr><tr><td colspan="1">The focus is long-term, and the goal for the Company is to develop for the benefit of its stakeholders within the risk framework set out by the Board of Directors (see âRisk managementâ on page 12 and note 2 to the financial statements âFinancial risk managementâ).</td></tr><tr><td colspan="1">Election, tasks and authorities</td></tr><tr><td colspan="1">NORDEN has a two-tier management structure with a Board of Directors and an Executive Management. There is no duality between the 2 bodies. The Board of Directors is made up of 6 members elected for a term of 1 year by the shareholders and 3 members elected for a term of 3 years by the employees.</td></tr><tr><td colspan="1">The Board of Directors determines strategies, policies, goals and budgets. In addition, it sets out the risk management framework and supervises the work, procedures, etc. carried out by the day-to-day management. The Board of Directors has a 1-year authority to authorise the Companyâs acquisition of treasury shares at a nominal value not exceeding 10% of the share capital and a 5-year authority to increase the share capital by a nominal value of 10%. The latter is effective until April 2021.</td></tr><tr><td colspan="1">Articles of Association can be found on the company website. Generally, resolutions to amend the Articles of Association require a quorum of at least two-thirds of the voting share capital represented at a general meeting and a majority of at least two-thirds of the votes cast as well as of the voting share capital represented at such general meeting. In addition, certain resolutions on changes of the shareholdersâ dividend or voting rights or the transferability of shares as set out in the Danish Companies Act require a special supermajority of at least 9/10 of the votes and of the capital represented.</td></tr><tr><td colspan="1">The Board of Directors appoints the Executive Management and sets out its responsibilities and conditions. The members of the Executive Management are responsible for the day-to-day management, organisation and development of NORDEN, for managing assets, liabilities and equity, accounting and reporting, and it also prepares and implements the strategies. The ongoing contact between the Board of Directors and the Executive Management is primarily handled by the Chairman and the CEO.</td></tr><tr><td colspan="1">The Executive Management participates in board meetings and is supplemented by other managers in the strategy meetings and when relevant.</td></tr><tr><td colspan="1">Board work</td></tr><tr><td colspan="1">The Board of Directors sets out an annual work schedule to ensure that all relevant issues are discussed during the year. As part of the annual schedule and to ensure focus on both short- and long-term targets, a board meeting specifically focusing on operational targets and short-term strategies is supplemented by daylong seminars reviewing the long-term strategy of the Company.</td></tr><tr><td colspan="1">In 2018, the Board of Directors held 14 board meetings of which 4 were teleconferences in connection with financial reporting. Attendance was 94% for the shareholder-elected board members and 67% for the employee-elected board members. To this should be added that one of the employee-elected board members is a seafarer, who might be otherwise occupied at sea and therefore cannot attend.</td></tr><tr><td colspan="1">Audit Committee</td></tr><tr><td colspan="1">The Board of Directors has an audit committee made up of Karsten Knudsen (committee chairman), Helle Ãstergaard Kristiansen and Klaus Nyborg. The committee supervises financial reporting, transactions with closely related parties, auditing, etc. The terms of reference are published on NORDENâs website where a statement of control and risk management in connection with financial reporting can also be found. During the year, the committee held 4 meetings, and all committee members participated in all the meetings.</td></tr><tr><td colspan="1">Risk Committee</td></tr><tr><td colspan="1">The Board of Directors has established a risk committee with the purpose of assisting the Board of Directors in its oversight of the Companyâs overall risk-taking tolerance and management of market, credit and liquidity risks. The members of the Risk Committee are Tom Intrator (committee chairman), Karsten Knudsen and Stephen John Kunzer. During the year, the committee held 4 meetings, and all committee members participated in all the meetings.</td></tr><tr><td colspan="1">Remuneration Committee</td></tr><tr><td colspan="1">The Board of Directors has a remuneration committee responsible for supervising the implementation of the Companyâs remuneration policy (see page 43). Its terms of reference are available on the website. The committee consists of Klaus Nyborg (committee chairman), Karsten Knudsen, Tom Intrator and John Stephen Kunzer, and the committee held 2 meetings in 2018 with a participation rate of 100% for all members.</td></tr><tr><td colspan="1">Nomination Committee</td></tr><tr><td colspan="1">The Board of Directorsâ Nomination Committee is made up of Klaus Nyborg (committee chairman) and Johanne Riegels ÃstergÃ¥rd. The committee is responsible for describing the qualifications required in i.a. the Board of Directors and the Executive Management, and the committee is also in charge of an annual assessment of the competences, knowledge and experience present in the 2 management bodies. The committee held 3 meetings during the year, and both committee members participated in all the meetings.</td></tr><tr><td colspan="1">Qualifications and evaluation</td></tr><tr><td colspan="1">For the Board of Directors to be able to perform its managerial and strategic tasks and, at the same time, act as a good sounding board to the Executive Management, the following skills are deemed particularly relevant: insight into shipping (specifically dry cargo and tankers), general management, strategic development, risk management, commodity trade, investment, finance/accounting as well as international experience.</td></tr><tr><td colspan="1">In 2018, the Board of Directors and the Executive Management assisted by external consultants conducted a self-assessment of the composition, qualifications and dynamics of the Board of Directors. The assessment concluded that the Board of Directors possesses relevant skills and has good working relationships and dynamics.</td></tr><tr><td colspan="1">Board composition and remuneration</td></tr><tr><td colspan="1">During the year, Arvid Grundkjøn and Hans Feringa resigned from the Board. At the annual general meeting in April 2018, Klaus Nyborg, Johanne Riegels ÃstergÃ¥rd, Karsten Knudsen and Tom Intrator were re-elected as members to the Board of Directors, and at an extraordinary general meeting in December, Helle Ãstergaard Kristiansen and Stephen John Kunzer joined the board as newly shareholder- elected board members.</td></tr><tr><td colspan="1">The Board of Directors has a target figure for the share of the underrepresented gender on the Board of Directors and formulated a policy to increase the share of the underrepresented gender on the other management levels. The target for the share of shareholder-elected women on the Board of Directors is to have 2 out of 6 shareholder-elected female board members by 2020. With the election of Helle Ãstergaard Kristiansen, the target has been met.</td></tr></table><br><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">Board remuneration amounts to a total of USD 0.7 million. Specific board remuneration can be found on page 43. The Board of Directors proposes unchanged remuneration in 2019.</td></tr></table><br><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</td></tr><tr><td colspan="1">The Board of Directors has discussed the recommendations from the Danish Committee on Corporate Governance.</td></tr><tr><td colspan="1">NORDEN follows all recommendations except for recommendation 3.4.2 as the Nomination Committee has 1 independent and 1 non-independent member, while all other committees in line with recommendations have a majority of independent members. A systematic review of the recommendations can be found at www.ds-norden.com/investor/corporategovernance/corporategovernance/.</td></tr><tr><td colspan="1">2019</td></tr><tr><td colspan="1">The Board of Directors has planned 14 meetings, 4 of which are teleconferences in connection with the annual and interim reports. At the annual general meeting on 11 April 2019, all board members elected by the shareholders will stand for re-election.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx1">www.ds-norden.com/investor/reportspresentations/csr-reports</mrv:LinkToStatementOfCorporateSocialResponsibility>
<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">Corporate Social Responsibility</td></tr><tr><td colspan="1">Conducting business in a legal, socially responsible and safe manner is an integrated part of NORDENâs DNA, and the Company has a long history working with CSR.</td></tr><tr><td colspan="1">In 2009, NORDEN signed up with UN Global Compact and has since then been working on the CSR agenda in a still more structured and focused way.</td></tr><tr><td colspan="1">New CSR Strategy</td></tr><tr><td colspan="1">In 2019, NORDEN is implementing a new CSR Strategy with special attention to the United Nations Sustainable Development Goals (SDGs). Adopted by the UN in 2015 to mobilise a global effort around a common set of goals, the SDGs define global sustainable development priorities and aspirations for 2030. NORDENâs strategy was developed during 2018 by mapping the 17 Sustainable Development Goals to our business activities and identifying specific challenges to focus on during the coming years. In all, 6 SDGs were identified as material to NORDENâs responsible business practices and 1 SDG as particularly important: SDG 9 Industry, Innovation and Infrastructure</td></tr><tr><td colspan="1">Under SDG 9, NORDEN has identified 2 focus areas in creating and supporting resilient and sustainable infrastructure</td></tr><tr><td colspan="1">Decarbonisation â Alternative solutions are needed to meet the emission reduction goals adopted by IMO in 2018. With successful testing of biofuel in 2018, NORDEN is contributing with a low-carbon transportation option. Under the heading Decarbonisation, NORDEN will further inves- tigate decarbonisation solutions (see also box regarding biofuel).</td></tr><tr><td colspan="1">Logistics optimisation â NORDEN possesses considerable know-how and experience on optimising infrastructure logistics. Removing bottleneck issues with for instance congestion or inefficiency in port handling, unpredictability in inland transportation or difficulties in transitions from inland transportation to ocean-going vessels holds potential to creating shared value for societies and customers.</td></tr><tr><td colspan="1">For an in-depth account of NORDENâs CSR efforts, please visit our CSR report 2018. The report serves as NORDENâs Communication on Progress to the UN Global Comact and meets the requirements of the Danish Financial Statements Act section 99a and 99b. The report is published at www.ds-norden.com/investor/reportspresentations/csr-reports</td></tr><tr><td colspan="1">Biofuel</td></tr><tr><td colspan="1">During 2018, NORDEN has been at the forefront of testing CO2 neutral fuel and thus shown a way towards a cleaner future for the shipping industry. The initiative is in line with SDG 9. We intend to offer CO2 neutral transport to a selected group of customers from 2019 and are excited to move forward with the biofuel option while contributing to low-carbon transportation.</td></tr><tr><td colspan="1">Founding member of MACN</td></tr><tr><td colspan="1">NORDEN is a founding member of the Maritime Anti-Corruption Network (MACN), a global business network working towards the vision of a maritime industry free of corruption that enables fair trade to the benefit of society at large. Established in 2011, MACN has grown to include more than 100 members globally in 2018 and has become one of the pre-eminent examples of collective action to tackle corruption.</td></tr><tr><td colspan="1">Increasing transparency</td></tr><tr><td colspan="1">During 2018, NORDEN was also part of the founding members of the Ship Recycling Transparency Initiative (SRTI). SRTI is a âone stop shopâ online platform for disclosing information on ship recycling. In the interest of transparency, shipowners share their recycling practice giving cargo owners and financial stakeholders access to information on companiesâ approaches to ship recycling. NORDEN operates a modern fleet, selling and redelivering vessels long before their end-of-life. Last recorded recycling of a NORDEN-owned vessel dates back to 1928. Nonetheless, should the company face a situation where this could become necessary, the standards for doing so would be high. NORDEN is adopting several initiatives to support the SRTI, among others regarding the sale of owned vessels and the return of chartered vessels, which are past a certain date.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1">www.ds-norden.com/investor/reportspresentations/csr-reports</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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">The Board of Directors has a target figure for the share of the underrepresented gender on the Board of Directors and formulated a policy to increase the share of the underrepresented gender on the other management levels. The target for the share of shareholder-elected women on the Board of Directors is to have 2 out of 6 shareholder-elected female board members by 2020. With the election of Helle Ãstergaard Kristiansen, the target has been met</td></tr><tr><td colspan="1">For an in-depth account of NORDENâs CSR efforts, please visit our CSR report 2018. The report serves as NORDENâs Communication on Progress to the UN Global Comact and meets the requirements of the Danish Financial Statements Act section 99a and 99b. The report is published at www.ds-norden.com/investor/reportspresentations/csr-reports</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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 Board of Directors and Executive 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 Dampskibsselskabet NORDEN A/S for the financial year 1 January â 31 December 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 are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements stated in the Danish Financial Statements Act. The Financial Statements of the Parent Company are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The Management Commentary is also 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 Financial Statements of the Parent Company give a true and fair view of the financial position at 31 December 2018 of the Group and the Parent Company and of the results of the Groupâs and the Parent Companyâs operations and the Groupâs consolidated cash flows for the financial year 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, the Management Commentary provides a fair review 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, which the Group and the Parent Company are facing.</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 on 11 April 2019.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-03-05</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 Dampskibsselskabet NORDEN 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 31 December 2018 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 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 Companyâs financial position at 31 December 2018 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2018 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 Dampskibsselskabet NORDEN A/S for the financial year 1 January to 31 December 2018 comprise Income Statement, Statement of Financial Position, 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 Statement of Cash Flows 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 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 Dampskibsselskabet NORDEN A/S for the financial year 1998. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 21 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">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2018. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Valuation of vessels, prepayments on new-buildings and provisions for onerous time charter contracts</td></tr><tr><td colspan="1">The carrying amount of the Groupâs and the Parent Companyâs vessels, prepayments on newbuildings and provisions for onerous time charter contracts is significant.</td></tr><tr><td colspan="1">Management monitors continuously the carrying value of the above-mentioned assets and provisions, managed on a portfolio basis. The assessment is based on the cash-generating units (CGUs); Dry Cargo and Tankers.</td></tr><tr><td colspan="1">Management performs an impairment test if any indication of impairment or reversal of previous impairments exists. The indications assessed by Management comprise, among others vessel values, newbuilding prices and future development in freight and time charter rates.</td></tr><tr><td colspan="1">If indications exist, the carrying value of the mentioned assets may be subject to material impairment or reversal of previous impairments. In addition, time charter contracts may be subject to provisions for onerous contracts or reversal of previous provisions.</td></tr><tr><td colspan="1">During 2018, Management assessed that indication of impairment exists for the CGU Tankers. Consequently, an impairment test was conducted as of 30 September 2018, resulting in no need for impairment. When an impairment test is performed, Management assesses the recoverable amount of the mentioned assets and provisions based on the net selling price and value-in-use calculation.</td></tr><tr><td colspan="1">As of 31 December 2018, Management concluded that no indicators of impairment, reversal of previous impairments and changes in the basis for determining the carrying amount for onerous contracts exists for both CGUâs; Dry Cargo and Tankers. Thus, no impairment tests have been performed at year-end.</td></tr><tr><td colspan="1">We focused on this area because Managementâs assessment of whether indication of impairment exists are dependent on complex and subjective judgements by Management.</td></tr><tr><td colspan="1">Refer to Note 11 and Note 22 in the Consolidated Financial Statements and Note 6 and Note 11 in the Parent Company Financial Statements.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We discussed with Management and evaluated the methodology by which Management monitors indicators of impairment of vessels, prepayments on newbuildings and provisions for onerous time charter contracts, including identification of CGUs.</td></tr><tr><td colspan="1">Regarding Managementâs assessment of indicators of impairment of vessels etc., we</td></tr><tr><td colspan="1">⢠Obtained and assessed the appropriateness of Managementâs assessment of whether any indicator of impairment on the mentioned assets and/ or provisions for onerous contracts or reversal of previous impairment losses and/or provisions for onerous contracts exists.</td></tr><tr><td colspan="1">⢠Evaluated the sources of information used by Management in their assessment.</td></tr><tr><td colspan="1">⢠Challenged Managementâs assessment by comparing assumptions when determining future freight and time charter rates to external markets rates.</td></tr><tr><td colspan="1">⢠Evaluated the independence, objectivity, qualifications and experience of brokers used by Management, the historical accuracy of such valuations and whether the valuations were appropriate for the purpose.</td></tr><tr><td colspan="1">⢠Evaluated Managementâs assessment of whether provisions for onerous time charter contracts shall be adjusted to reflect current best estimate.</td></tr><tr><td colspan="1">For the CGU Tankers indicators of impairment existed during 2018. Thus, we obtained Managementâs assessment of the recoverable amount of the mentioned assets and provisions.</td></tr><tr><td colspan="1">Regarding Managementâs assessment of the net selling price expressed by average of three broker valuations, we evaluated the matters mentioned above under the second last bullet.</td></tr><tr><td colspan="1">Regarding Managementâs assessment of value-in-use, we among other procedures</td></tr><tr><td colspan="1">⢠Assessed the methodology used by Management to calculate the future cash flows coming from the assets assigned to the CGU.</td></tr><tr><td colspan="1">⢠Tested relevant controls including applicable information systems and Managementâs review controls.</td></tr><tr><td colspan="1">⢠Assessed Managementâs underlying key assumptions including view of future short- and long-term rates applied, daily running costs, WACC, useful lives, scrap values and macroeconomic assumptions.</td></tr><tr><td colspan="1">⢠On a test-basis checked committed cash in- and outflows in the value in- use calculation.</td></tr><tr><td colspan="1">⢠Assessed the sensitivity calculations performed by Management. We determined that the calculations are sensitive to even minor changes in freight rates and WACC.</td></tr><tr><td colspan="1">We assessed the appropriateness of Managementâs presentation of these matters in the Financial Statements.</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 Commentary</td></tr><tr><td colspan="1">Management is responsible for Managementâs Commentary.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs Commentary, 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 Commentary and, in doing so, consider whether Managementâs Commentary 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 Commentary 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 Commentary 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 Commentary.</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">2019-03-05</arr:SignatureOfAuditorsDate>
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<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">2017-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2017-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Jan Rindbo</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">Martin Badsted</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Klaus Nyborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Johanne Riegels ÃstergÃ¥rd</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">Profit/loss for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" xml:lang="da">Reversed financial items, net</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" xml:lang="da">Reversed financial items, net</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx20" xml:lang="da">Investments in vessels and vessels held for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" xml:lang="da">Investments in vessels and vessels held for sale</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx22" xml:lang="da">Investments in other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx22" unitRef="vUSD" decimals="-3">-858000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx23" xml:lang="da">Investments in other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx23" unitRef="vUSD" decimals="-3">-453000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx24" xml:lang="da">Additions in prepayments on newbuildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx24" unitRef="vUSD" decimals="-3">-100105000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx25" xml:lang="da">Additions in prepayments on newbuildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx25" unitRef="vUSD" decimals="-3">-13556000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx26" xml:lang="da">Additions in prepayments received on sold vessels</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx26" unitRef="vUSD" decimals="-3">-1338000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" xml:lang="da">Additions in prepayments received on sold vessels</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx27" unitRef="vUSD" decimals="-3">-3762000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx28" xml:lang="da">Proceeds from sale of vessels and newbuildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx28" unitRef="vUSD" decimals="-3">88371000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx29" xml:lang="da">Proceeds from sale of vessels and newbuildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx29" unitRef="vUSD" decimals="-3">47813000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx30" xml:lang="da">Proceeds from sale of other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx30" unitRef="vUSD" decimals="-3">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx31" xml:lang="da">Proceeds from sale of other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx31" unitRef="vUSD" decimals="-3">8000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx32" xml:lang="da">Change in cash and cash equivalents with rate agreements of more than 3 months, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx32" unitRef="vUSD" decimals="-3">26612000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx33" xml:lang="da">Change in cash and cash equivalents with rate agreements of more than 3 months, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx33" unitRef="vUSD" decimals="-3">48741000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx34" xml:lang="da">Net distribution to shareholders</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx34" unitRef="vUSD" decimals="-3">-5865000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx35" xml:lang="da">Net distribution to shareholders</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx35" unitRef="vUSD" decimals="-3">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx36" xml:lang="da">Loan financing</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx36" unitRef="vUSD" decimals="-3">110187000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx37" xml:lang="da">Loan financing</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx37" unitRef="vUSD" decimals="-3">2994000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx38" unitRef="vUSD" decimals="-3">115562000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx39" unitRef="vUSD" decimals="-3">100627000</ifrs-full:CashAndCashEquivalents>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx40" xml:lang="da">DK-2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx40" xml:lang="da">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorStreetName contextRef="ctx40" xml:lang="da">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx40" xml:lang="da">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<cmn:NameOfAuditFirm contextRef="ctx40" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx40">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx40" xml:lang="da">Bo Schou-Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx40" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx40">mne28703</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx41" xml:lang="da">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx41" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx41">mne28705</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx41">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx41" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>