Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 33867000 | vUSD |
| ifrs-full:Assets | 2017-12-31 | 31454000 | vUSD |
| ifrs-full:Assets | 2018-12-31 | 51398000 | vUSD |
| ifrs-full:Assets | 2017-12-31 | 49176000 | vUSD |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 67314000 | vUSD |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 58194000 | vUSD |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 3312000 | vUSD |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 1233000 | vUSD |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/22508843/ZG9rdW1lbnRsYWdlcjovLzAzL2YwLzlhLzA0LzZhLzA1MmUtNDZmNy05OGYwLTllZjVkMDhmNmQ4Nw.xml
Separator
The full data:
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<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 (CSR)</td></tr><tr><td colspan="1">CSR Policy. Asetek seeks to be a good corporate citizen in everything that it does, and therefore has combined its operating principles into one framework policy of Corporate Social Responsibility (CSR). This policy encompasses all areas of Asetek's operations and its aim is to provide a set of guidelines, standards and practical guidance for the Company's employees in conducting business globally. Important aspects of the CSR policy include the following, which are referenced in subsequent paragraphs in this section</td></tr><tr><td colspan="1">// Code of conduct</td></tr><tr><td colspan="1">// Anti-corruption and bribery</td></tr><tr><td colspan="1">// Internal environment, knowledge resources and employee relations</td></tr><tr><td colspan="1">// Equal opportunities</td></tr><tr><td colspan="1">// External environment</td></tr><tr><td colspan="1">// Adherence to human rights principles</td></tr><tr><td colspan="1">CSR Policy and risk management. Maintenance of, and adherence to the CSR policy is important in mitigating several aforementioned business risks including manufacturing supply, research and development, product innovation, project &amp; contract management, and employee relations (refer to the prior section titled "Risk exposure and management").</td></tr><tr><td colspan="1">The Company's CSR policy can be found at: https://www. asetek.com/media/2221/corporate-social-responsibility-policy.pdf</td></tr><tr><td colspan="1">Code of conduct. Asetek's Code of Business Conduct and Ethics is the general ethical policy for business conduct to promote global ethical business practices and protect Asetek against corruption and other unethical business behavior. Per the policy, Asetek employees, officers, directors and independent contractors are expected to perform their duties ethically, honestly and with integrity; and communicate in good faith any concerns regarding improper business practices or conflicts of interests, if observed. The business conduct guidelines and policy can be found at http://asetek.com/investorrelations/corporate-governance/ethical-guidelines.aspx</td></tr><tr><td colspan="1">Anti-corruption and bribery. As documented in its CSR Policy, Asetek will not tolerate corruption, money laundering, bribery or other illegal or unethical business activity. The Company's performance and competitiveness are strengthened solely through lawful conduct. The Group's anti-corruption position is clearly communicated to all employees at at least annually, and thus also during 2018. Furthermore, Asetek has implemented an Ethics Website operated by a third-party company. Via the website, all stakeholders can keep themselves informed about Asetek's policies as well as report any concern to the Company's leadership. No reports related to alleged infringing activities have been received during 2018.</td></tr><tr><td colspan="1">Internal environment and knowledge resources. Asetek recognizes that its employees are its key assets and it is committed to maintaining a stimulating working environment that offers opportunity for both personal and professional development.</td></tr><tr><td colspan="1">The Company's CSR Policy on Employment reinforces the framework established by the Organization for Economic Cooperation and Development (OECD), encouraging openness, sustainability and respect for employee rights. The Company maintains a team-oriented culture where all employees have the opportunity to contribute significantly to the success of the Company. This is also necessary to continue to attract and retain highly qualified employees within the computer industry. Asetek welcomes applications for employment from all sectors of the community and strives to promote equal opportunity of employment to all. The Group maintains a positive working environment and sick leave is not significant. During 2018, total employee attrition was 18%, which is comparable with the global average of a recent Radford report on turnover rates at technology companies. Of Asetek's employees at December 31, 2018, 29% have been continuously employed by the Company for five years or longer. No working accidents or injuries occurred in 2018. During 2018, the work on internal environment continued to focus on enhancing the collaboration between Asetek's various global locations and cultures. The work resulted in improved collaboration regarding quality assurance of products. To enable the Company to support initiatives aimed at improving working conditions, the Company monitors sick leave by job type.</td></tr><tr><td colspan="1">Equal opportunities. The Board of Directors set a goal for Asetek to have at least 15% female representation at board and management level by 2018. At the end of 2018, the Board of Directors consisted of 100% male members. Therefore, the Company did not meet this goal in 2018. During 2018 the Chairman of the Board retired, and one other Board member did not make himself available for re-election. On January 14, 2019, the Board elected Ms. Maria Hjorth to the Board. After Ms. Hjorth's election in 2019, the Board consists of 75% male and 25% female members. When evaluating new potential board members, the Board of Directors encourages female candidates, while at the same time continues to search for relevant experience specific to Asetek. At other management levels, there is 14% female representation at the end of 2018, which is a reduction from the year before (18%). During 2018 the Company has continued to actively encourage women to apply for open positions as well as it has continued its communication with educational institutions which trains both male and female candidates. The work to increase the female representation continues into 2019</td></tr><tr><td colspan="1">External environment. Asetek Group operations' effect on the environment is minimal and is typical for a supplier of computer components. As such, the Company does not have a policy on environment and climate impact. The principal source of strain on the environment from the business is related to shipment of inventory, which is conducted in accordance with normal routine commerce.</td></tr><tr><td colspan="1">Asetek's principal manufacturing operations are outsourced to a commercial manufacturer in China, which is continuously monitored on various factors relating to the environment and other social responsibilities. The Company monitors the consumption of select resources at its manufacturing partner, enabling an ongoing discussion about how to design manufacturing processes that minimize the use of environmental resources.</td></tr><tr><td colspan="1">Internally, the Company is committed to achieving continuous improvement in environmental performance. Asetek takes great care to ensure that the materials and liquids used are not harmful to the environment. In 2018, the Company increased its focus on minimizing waste materials, including the improvement of sort, reuse and recycle procedures to reduce the impact of waste on the external environment.</td></tr><tr><td colspan="1">Adherence to Human Rights Principles. Asetek supports the fundamental principles of EICC (Electronic Industry Citizenship Coalition) on human rights, employees' rights, child labor, health and safety, environment and anticorruption. The Company's CSR Policy includes standards of conduct that include the fair and honest treatment of employees, respecting human rights and the interests of employees, customers and third parties.</td></tr><tr><td colspan="1">The Company requires that suppliers respect and conform to the same human rights principles. Asetek's CSR Policy specifies its commitment to obtaining and retaining goods and services while at the same time ensuring they are from sources which have not jeopardized human rights, safety or the environment. Asetek periodically validates via its supplier review and evaluation process that its suppliers conform to the principles. During 2018, a questionaire was sent to suppliers as part of the of the annual supplier audit. The principles can be found at http://www.eicc.info/eicc_ code.shtml The Company's work in 2018 primarily focused on working with and monitoring new suppliers.</td></tr><tr><td colspan="1">Transparency and credibility. Asetek is committed to show complete openness towards shareholders, customers, employees, suppliers and other stakeholders.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx1">asetek.com/media/2221/corporate-social-responsibility-policy.pdf</mrv:LinkToStatementOfCorporateSocialResponsibility>
<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">Equal opportunities. The Board of Directors set a goal for Asetek to have at least 15% female representation at board and management level by 2018. At the end of 2018, the Board of Directors consisted of 100% male members. Therefore, the Company did not meet this goal in 2018. During 2018 the Chairman of the Board retired, and one other Board member did not make himself available for re-election. On January 14, 2019, the Board elected Ms. Maria Hjorth to the Board. After Ms. Hjorth's election in 2019, the Board consists of 75% male and 25% female members. When evaluating new potential board members, the Board of Directors encourages female candidates, while at the same time continues to search for relevant experience specific to Asetek. At other management levels, there is 14% female representation at the end of 2018, which is a reduction from the year before (18%). During 2018 the Company has continued to actively encourage women to apply for open positions as well as it has continued its communication with educational institutions which trains both male and female candidates. The work to increase the female representation continues into 2019.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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">THE WORK OF THE BOARD OF DIRECTORS</td></tr><tr><td colspan="1">Asetek's management model and organization are adapt ed continuously to ensure the Company is equipped to manage all obligations to shareholders, customers, em ployees, authorities and other stakeholders to the utmost. In this process, Asetek uses the corporate governance recommendations from NASDAQ Copenhagen as an im portant source of inspiration. The recommendations can be found at http://www.nasdaqomx.com/listing/europe/ surveillance/copenhagen/corporategovernance.</td></tr><tr><td colspan="1">The Board of Directors is fundamentally in full agreement with Danish Committee on Corporate Governance recommendations for good company governance. Asetek endeavors to follow the relevant recommendations for the Company, which support the business and ensure value for the Company's stakeholders. The statutory report on Corporate Governance, cf. section 107b of the Danish Financial Statements Act, is available on the Company's website: https://www.asetek.com/media/2948/scgs2018.pdf</td></tr><tr><td colspan="1">Dialogue between the Company and its shareholders. The communication between Asetek and shareholders primarily takes place at the Company's Annual General Meeting and via company announcements. Asetek share holders are encouraged to subscribe to the e-mail service to receive company announcements, interim manage ment statements, interim reports and annual reports as well as other news via e-mail.</td></tr><tr><td colspan="1">The general meeting. The General Meeting has the final authority over the Company. The Board of Directors em phasize that shareholders are given detailed information and an adequate basis for the decisions to be made by the General Meeting.</td></tr><tr><td colspan="1">The General Meeting elects the Board of Directors, which currently consists of four members. The board members are elected for one year at a time with the option for re-election.</td></tr><tr><td colspan="1">Amendment of Articles of Association. Unless other wise required by the Danish Companies Act, resolutions to amend the Articles of Association must be approved by at least 2/3 of the votes cast as well as at least 2/3 of the voting share capital represented at the General Meeting.</td></tr><tr><td colspan="1">Board responsibilities. The Board of Directors' main tasks include participating in developing and adopting the Company's strategy, performing the relevant control functions and serving as an advisory body for the exec utive management. The Board reviews and adopts the Company's plans and budgets. Items of major strategic or financial importance for the Company are items pro cessed by the Board. The Board is responsible for hiring the CEO and defining his or her work instructions as well as setting of his or her compensation. The Board peri odically reviews the Company's policies and procedures to ensure that the Group is managed in accordance with good corporate governance principles, upholding high ethics.</td></tr><tr><td colspan="1">Financial reporting. The Board of Directors receives regular financial reports on the Company's business and financial status.</td></tr><tr><td colspan="1">Notification of meetings and discussion of items. The Board schedules regular meetings each year. Ordinarily, the Board meets eight to ten times a year, of which four are quarterly update teleconferences. The meetings are typically conducted at either the facility in Aalborg, Denmark or in San Jose, California or via telephone.</td></tr><tr><td colspan="1">Additional meetings may be convened on an ad hoc basis. During 2018, the Board met seven times.</td></tr><tr><td colspan="1">All Board members receive regular information about the Company's operational and financial progress in advance of the scheduled Board meetings.</td></tr><tr><td colspan="1">The Board members also regularly receive operations re ports and participate in strategy reviews. The Company's business plan, strategy and risks are regularly reviewed and evaluated by the Board. The Board Members are free to consult the Company's senior executives as needed. Ordinarily, the Chairman of the Board proposes the agenda for each Board meeting. Besides the Board Members, Board meetings are attended by the Executive Board. Other participants are summoned as needed. The Board approves decisions of particular importance to the Company including the strategies and strategic plans, the approval of significant investments, and the approval of business acquisitions and disposals.</td></tr><tr><td colspan="1">Conflicts of interest. In a situation involving a member of the Board personally, this member will exclude him or herself from the discussions and voting on the issue.</td></tr><tr><td colspan="1">Use of Committees. Currently, the Company has a Nomination Committee, an Audit Committee and a Compensation Committee.</td></tr><tr><td colspan="1">// The Nomination Committee is elected directly by the General Meeting. The Committee consists of three members and must be independent from the Board of Directors and the management, however, it is recom mended that the chairman of the Board of Directors is a member. The tasks include proposing candidates for the Board of Directors, propose remuneration for the Board of Directors as well as perform the annual assessment of the Board of Directors. Members: Ib Sønderby (chairman), Scott Pagel and Jørgen Smidt. The Committee met five times during 2018.</td></tr><tr><td colspan="1">// The Audit Committee is elected among the members of the Board of Directors and has responsibilities related to financial reporting, the independent auditor, internal reporting and risk management. The Committee consists of two shareholderelected Board members. The other Board members are entitled to attend if they so desire. Members: Chris Christopher and one open seat. The Committee met four times during 2018.</td></tr><tr><td colspan="1">// The Compensation Committee has responsibilities related to developing proposals for the applicable remuneration policy and execution of the Management Board. Members: Jim McDonnell and Jørgen Smidt. The Committee met four times during 2018.</td></tr><tr><td colspan="1">The Board's selfevaluation. The Board's composition, competencies, working methods and interaction are dis cussed on an ongoing basis and evaluated formally on an annual basis. In this connection, the Board also evaluates its efforts in terms of corporate governance.</td></tr><tr><td colspan="1">The composition of the Board is considered appropriate in terms of professional experience and relevant special competences to perform the tasks of the Board of Directors. The Board of Directors continuously assesses whether the competencies and expertise of members need to be updated. At least half of the members elected by the General Meeting are independent persons, and none of the Board members participates in the dayto day operation of the Company.</td></tr><tr><td colspan="1">As of December 31, 2018, the Board had two open seats, one of which was subsequently filled: On January 14, 2019, in an Extraordinary General Meeting, the Board elected Ms. Maria Hjorth to the Board of Directors. As part of Ms. Hjorth's role, she will serve on the audit committee.</td></tr><tr><td colspan="1">A comprehensive list of other management positions held by the Board members can be found in Note 24.</td></tr><tr><td colspan="1">Risk management. Refer to the Risk Exposure and Management section of the Management Report as well as Note 3 of the consolidated financial statements.</td></tr><tr><td colspan="1">THE BOARD'S AUTHORIZATION TO ISSUE SHARES</td></tr><tr><td colspan="1">At the General Meeting held on August 13, 2013 the Board was authorized to issue shares with a nominal value of up to DKK 80,000 for the period until August 14, 2018 in connec tion with employee warrant programs.</td></tr><tr><td colspan="1">At the Board of Directors meeting on April 23, 2014 warrants permitting subscription of up to 118,210 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 40.10 per share were issued. The exercise price was established as the share price ("closing price") for the Company's share as of the prior day. The warrants were issued to employees and Board members.</td></tr><tr><td colspan="1">At the Board of Directors meeting on August 12, 2014 warrants permitting subscription of up to 32,970 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 33.90 per share were issued. The exercise price was established as the share price ("closing price") for the Company's share as of the prior day. The warrants were issued to employees and Board members.</td></tr><tr><td colspan="1">At the General Meeting held on April 30, 2015, the Board was authorized to issue new shares under the warrant program up to a nominal value of DKK 200,000 through April 30, 2020.</td></tr><tr><td colspan="1">At the Board Meeting on August 11, 2015, warrants per mitting subscription of up to 700,000 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 10.50 per share were issued. The exercise price was established as the share price ("closing price") for the Company's share as of August 12, 2015. The warrants were issued to employ ees and Board members.</td></tr><tr><td colspan="1">At the Board Meeting on April 29, 2016, warrants permit ting subscription of up to 600,000 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 19.50 per share were issued. The exercise price was established as the share price ("closing price") for the Company's share as of April 28, 2016. The warrants were issued to employees and Board members.</td></tr><tr><td colspan="1">At the Board Meeting on April 25, 2017, warrants permitting subscription of up to 509,687 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 76.25 per share were issued. The exercise price was established as the share price ("closing price") for the Company's shares as of April 25, 2017. The warrants were issued to employees and Board members.</td></tr><tr><td colspan="1">At the Board Meeting on July 7, 2017, warrants permitting subscription of up to 106,999 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 113.00 per share were issued. The exercise price was established as the share price ("closing price") for the Company's shares as of July 7, 2017. The warrants were issued to employees.</td></tr><tr><td colspan="1">At the General Meeting held on April 25, 2018, the Board was authorized to acquire the Company's own shares.</td></tr><tr><td colspan="1">At the Board Meeting on October 31, 2018, the Board introduced an employee stock option program to replace the warrant program previously in place. The program is governed by the Company's general guidelines for equity incentive programs as adopted on August 14, 2013. Upon adoption of the plan, options permitting purchase of up to 378,500 shares of a nominal value of DKK 0.10 and at an exercise price of NOK 46.30 per share were issued. The exercise price was established as the share price ("closing price") for the Company's share as of October 31, 2018.</td></tr><tr><td colspan="1">REMUNERATION OF THE BOARD OF DIRECTORS</td></tr><tr><td colspan="1">Board members representing their Company's ownership interests are not compensated for their service, and the significant travel time endured by all Board members is not specifically compensated. Independent board members received a combination of cash compensation and long termed stock optionbased incentives during 2017.</td></tr><tr><td colspan="1">Beginning in 2018, the Board no longer receives warrants or options as a component of remuneration. Please see Note 24 for further details.</td></tr><tr><td colspan="1">REMUNERATION OF THE EXECUTIVE STAFF</td></tr><tr><td colspan="1">The Remuneration Committee recommends to the Board, and the Board sets, the terms of employment of the members of the Management Board. Each year, the Remuneration Committee undertakes a review of salary and other remuneration to the CEO as well as for other members of the Management Board.</td></tr><tr><td colspan="1">A summary of the agreements between the Company and its management board members pertaining to termination can be found in Note 6.</td></tr><tr><td colspan="1">The option program and the allocation of options to the employees are decided upon by the Board of Directors.</td></tr><tr><td colspan="1">AUDITORS</td></tr><tr><td colspan="1">Asetek A/S first appointed its current auditors, Price WaterhouseCoopers (PwC) for the financial year 2013. PwC has been reappointed annually by resolution of the Annual General Meeting for a total consecutive period of six years up to and including the financial year 2018.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx1">https://www.asetek.com/media/2948/scgs2018.pdf</mrv:LinkToCorporateGovernanceReport>
<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 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 Executive Board and the Board of Directors have today considered and adopted the Annual Report of Asetek A/S for the financial year January 1 to 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 annual report is prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for listed companies.</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 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 cash flows for 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 Report includes a true and fair account of the development in the operations and financial circumstances 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">Aalborg</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-03-04</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 ASETEK 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 and the Parent Company Financial Statements give a true and fair view of the Group's and the Parent Company's financial position at 31 December 2018 and of the results of the Group's and the Parent Company's 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">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. The Consolidated Financial Statements and Parent Company Financial Statements of Asetek A/S for the financial year 1 January to 31 December 2018 comprise statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including summary of significant accounting policies for the Group as well as for the Parent Company. Collectively referred to as the "Financial Statements".</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. 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. We were first appointed auditors of Asetek A/S on 22 January 2013 for the financial year 2013. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 6 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">Capitalization of development costs</td></tr><tr><td colspan="1">Asetek A/S continuously develops new solutions and products adapted to the latest technology and the clients' needs as well as improving existing solutions and market position.</td></tr><tr><td colspan="1">As described in note 14 USD 2,414k of internal development costs have been capitalized within Intangible Assets.</td></tr><tr><td colspan="1">We focused on this area due to the size of the internal costs capitalized, and the fact that there is judgement involved in assessing whether the criteria set out in the accounting standards for capitalization of such costs have been met, particularly</td></tr><tr><td colspan="1">// The technical feasibility of the project;</td></tr><tr><td colspan="1">// The likelihood of the project delivering sufficient future economic benefits; and</td></tr><tr><td colspan="1">// That costs capitalized are relevant to the project and in conjunction with IAS 38</td></tr><tr><td colspan="1">In the light of the development of new solutions and products adapted to the latest technology, we also focused on whether the carrying value ongoing and completed projects was impaired.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We obtained a breakdown, by value, of all individual development projects capitalized in the period and reconciled this to the amounts recorded in the general ledger.</td></tr><tr><td colspan="1">We tested the largest capitalized development projects in 2018 together with a sample of smaller projects from the remaining population, as follows</td></tr><tr><td colspan="1">// We obtained business cases from management including description of the development project, feasibility analysis, budgeted costs and budgeted revenue. This also included descriptions on how the specific requirements of the relevant accounting standards and other guidance, most notably IAS 38 were met.</td></tr><tr><td colspan="1">// We discussed the assumptions for budgets and compared historical budgets with realized amounts to challenge management's explanations.</td></tr><tr><td colspan="1">// We obtained explanations from management of why the projects are impaired or not. We challenged both management and the project manager as to whether the development of new solutions and products superseded or impaired any of the existing assets on the balance sheet. We also applied our own understanding of both new and existing projects that is no longer in use or its life was shortened by any development activity.</td></tr><tr><td colspan="1">To determine whether costs were directly attributable to projects, we obtained listings of hours worked on individual projects and compared a sample of the individual hours recorded with the capitalized hours. We also checked the hours charged equated to the value of costs capitalized, by applying the approved salary rates per employee to the timesheet hours. We reconciled specifications of the basis used for capitalized overheads and discussed the appropriateness of included costs in respect of relevant accounting rules and guidance.</td></tr><tr><td colspan="1">Furthermore, we compared a sample of the direct costs capitalized with external vendor invoices.</td></tr><tr><td colspan="1">Valuation of deferred tax assets</td></tr><tr><td colspan="1">As explained in note 11, Asetek has recognized USD 7,458k as deferred tax assets. Tax losses from previous years amounts to USD 8,673k of the total recognized deferred tax asset. The tax losses can be carried forward against future taxable income. The tax losses relates to losses realized in Denmark and the U.S.</td></tr><tr><td colspan="1">We focused on this area due to the size of the deferred tax asset and the size of the total tax losses. Furthermore, there is judgement involved in assessing whether the criteria set out in the accounting standards (IAS 12) for recognising deferred tax assets have been met, particularly the probability that future taxable profit will be available, against which the unused tax losses can be utilised.</td></tr><tr><td colspan="1">Reference is made to note 11 in the Consolidated Financial Statements.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We assessed the management's valuation of the deferred tax assets and reconciled this to the amounts recorded in the financial statements.</td></tr><tr><td colspan="1">We challenged and applied professional scepticism to the judgments and estimates made by management in relation to the deferred tax assets through the following audit procedures</td></tr><tr><td colspan="1">// We received the Group's budgets for the period 20192023. We evaluated and challenged the assumptions made by management by comparing budgets to realized figures and realized growth for 2018.</td></tr><tr><td colspan="1">// We compared the budgets with the deferred tax asset recognised and challenged management on their plan for utilising the tax losses.</td></tr><tr><td colspan="1">// We utilised our tax specialists in order to ensure compliance to tax rules in respect of determining the value of the deferred tax asset.</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. 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 and parent company 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 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">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2019-03-04</arr:SignatureOfAuditorsDate>
<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>
<ifrs-full:Revenue contextRef="ctx2" unitRef="vUSD" decimals="-3">58194000</ifrs-full:Revenue>
<ifrs-full:CostOfSales contextRef="ctx2" unitRef="vUSD" decimals="-3">37225000</ifrs-full:CostOfSales>
<ifrs-full:GrossProfit contextRef="ctx2" unitRef="vUSD" decimals="-3">20969000</ifrs-full:GrossProfit>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx2" unitRef="vUSD" decimals="-3">4220000</ifrs-full:ResearchAndDevelopmentExpense>
<easyx:EasyX_953398701 contextRef="ctx2" unitRef="vUSD" decimals="-3">14905000</easyx:EasyX_953398701>
<ifrs-full:OtherIncome contextRef="ctx2" unitRef="vUSD" decimals="-3">913000</ifrs-full:OtherIncome>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx2" unitRef="vUSD" decimals="-3">2757000</ifrs-full:ProfitLossFromOperatingActivities>
<easyx:EasyX_1882057588 contextRef="ctx2" unitRef="vUSD" decimals="-3">-1239000</easyx:EasyX_1882057588>
<ifrs-full:FinanceIncome contextRef="ctx2" unitRef="vUSD" decimals="-3">84000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx2" unitRef="vUSD" decimals="-3">103000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx2" unitRef="vUSD" decimals="-3">1499000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx2" unitRef="vUSD" decimals="-3">-2976000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx2" unitRef="vUSD" decimals="-3">4475000</ifrs-full:ProfitLoss>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax contextRef="ctx2" unitRef="vUSD" decimals="-3">1253000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax>
<ifrs-full:ComprehensiveIncome contextRef="ctx2" unitRef="vUSD" decimals="-3">5728000</ifrs-full:ComprehensiveIncome>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx2" unitRef="share" decimals="4">0.1800</ifrs-full:BasicEarningsLossPerShare>
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<easyx:EasyX_953398701 contextRef="ctx4" unitRef="vUSD" decimals="-3">2926000</easyx:EasyX_953398701>
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<ifrs-full:ProfitLoss contextRef="ctx4" unitRef="vUSD" decimals="-3">-1781000</ifrs-full:ProfitLoss>
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<ifrs-full:ProceedsFromIssuingShares contextRef="ctx4" unitRef="vUSD" decimals="-3">686000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx4" unitRef="vUSD" decimals="-3">2910000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx4" unitRef="vUSD" decimals="-3">-2224000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx4" unitRef="vUSD" decimals="-3">0</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx4" unitRef="vUSD" decimals="-3">-3136000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:InvestmentsInSubsidiaries contextRef="ctx5" unitRef="vUSD" decimals="-3">20100000</ifrs-full:InvestmentsInSubsidiaries>
<ifrs-dk:NoncurrentReceivablesFromSubsidaries contextRef="ctx5" unitRef="vUSD" decimals="-3">2134000</ifrs-dk:NoncurrentReceivablesFromSubsidaries>
<ifrs-full:DeferredTaxAssets contextRef="ctx5" unitRef="vUSD" decimals="-3">33000</ifrs-full:DeferredTaxAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx5" unitRef="vUSD" decimals="-3">22267000</ifrs-full:NoncurrentAssets>
<easyx:EasyX_957496234 contextRef="ctx5" unitRef="vUSD" decimals="-3">14000</easyx:EasyX_957496234>
<ifrs-full:CashAndCashEquivalents contextRef="ctx5" unitRef="vUSD" decimals="-3">11586000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx5" unitRef="vUSD" decimals="-3">11600000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx5" unitRef="vUSD" decimals="-3">33867000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx5" unitRef="vUSD" decimals="-3">422000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx5" unitRef="vUSD" decimals="-3">32626000</ifrs-full:RetainedEarnings>
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<ifrs-full:Equity contextRef="ctx5" unitRef="vUSD" decimals="-3">33044000</ifrs-full:Equity>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="ctx5" unitRef="vUSD" decimals="-3">563000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:CurrentProvisionsForEmployeeBenefits contextRef="ctx5" unitRef="vUSD" decimals="-3">245000</ifrs-full:CurrentProvisionsForEmployeeBenefits>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx5" unitRef="vUSD" decimals="-3">15000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentLiabilities contextRef="ctx5" unitRef="vUSD" decimals="-3">823000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx5" unitRef="vUSD" decimals="-3">823000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx5" unitRef="vUSD" decimals="-3">33867000</ifrs-full:EquityAndLiabilities>
<ifrs-full:InvestmentsInSubsidiaries contextRef="ctx6" unitRef="vUSD" decimals="-3">20100000</ifrs-full:InvestmentsInSubsidiaries>
<ifrs-dk:NoncurrentReceivablesFromSubsidaries contextRef="ctx6" unitRef="vUSD" decimals="-3">551000</ifrs-dk:NoncurrentReceivablesFromSubsidaries>
<ifrs-full:DeferredTaxAssets contextRef="ctx6" unitRef="vUSD" decimals="-3">118000</ifrs-full:DeferredTaxAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx6" unitRef="vUSD" decimals="-3">20770000</ifrs-full:NoncurrentAssets>
<easyx:EasyX_957496234 contextRef="ctx6" unitRef="vUSD" decimals="-3">100000</easyx:EasyX_957496234>
<ifrs-full:CashAndCashEquivalents contextRef="ctx6" unitRef="vUSD" decimals="-3">10583000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx6" unitRef="vUSD" decimals="-3">10684000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx6" unitRef="vUSD" decimals="-3">31454000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx6" unitRef="vUSD" decimals="-3">419000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx6" unitRef="vUSD" decimals="-3">30665000</ifrs-full:RetainedEarnings>
<ifrs-full:OtherReserves contextRef="ctx6" unitRef="vUSD" decimals="-3">-6000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="ctx6" unitRef="vUSD" decimals="-3">31078000</ifrs-full:Equity>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="ctx6" unitRef="vUSD" decimals="-3">375000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:CurrentProvisionsForEmployeeBenefits contextRef="ctx6" unitRef="vUSD" decimals="-3">0</ifrs-full:CurrentProvisionsForEmployeeBenefits>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx6" unitRef="vUSD" decimals="-3">0</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentLiabilities contextRef="ctx6" unitRef="vUSD" decimals="-3">375000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx6" unitRef="vUSD" decimals="-3">375000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx6" unitRef="vUSD" decimals="-3">31454000</ifrs-full:EquityAndLiabilities>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx7" unitRef="vUSD" decimals="-3">2414000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx7" unitRef="vUSD" decimals="-3">4103000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:DeferredTaxAssets contextRef="ctx7" unitRef="vUSD" decimals="-3">7458000</ifrs-full:DeferredTaxAssets>
<easyx:EasyX_1275528718 contextRef="ctx7" unitRef="vUSD" decimals="-3">309000</easyx:EasyX_1275528718>
<ifrs-full:NoncurrentAssets contextRef="ctx7" unitRef="vUSD" decimals="-3">14284000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx7" unitRef="vUSD" decimals="-3">2862000</ifrs-full:Inventories>
<ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx7" unitRef="vUSD" decimals="-3">15625000</ifrs-full:TradeAndOtherCurrentReceivables>
<ifrs-full:CashAndCashEquivalents contextRef="ctx7" unitRef="vUSD" decimals="-3">18627000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx7" unitRef="vUSD" decimals="-3">37114000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx7" unitRef="vUSD" decimals="-3">51398000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx7" unitRef="vUSD" decimals="-3">422000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx7" unitRef="vUSD" decimals="-3">37704000</ifrs-full:RetainedEarnings>
<ifrs-full:OtherReserves contextRef="ctx7" unitRef="vUSD" decimals="-3">832000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="ctx7" unitRef="vUSD" decimals="-3">38958000</ifrs-full:Equity>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">641000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">641000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">980000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="ctx7" unitRef="vUSD" decimals="-3">2185000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:CurrentProvisionsForEmployeeBenefits contextRef="ctx7" unitRef="vUSD" decimals="-3">1512000</ifrs-full:CurrentProvisionsForEmployeeBenefits>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx7" unitRef="vUSD" decimals="-3">7122000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentLiabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">11799000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">12440000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx7" unitRef="vUSD" decimals="-3">51398000</ifrs-full:EquityAndLiabilities>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx8" unitRef="vUSD" decimals="-3">2754000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx8" unitRef="vUSD" decimals="-3">3856000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:DeferredTaxAssets contextRef="ctx8" unitRef="vUSD" decimals="-3">7778000</ifrs-full:DeferredTaxAssets>
<easyx:EasyX_1275528718 contextRef="ctx8" unitRef="vUSD" decimals="-3">794000</easyx:EasyX_1275528718>
<ifrs-full:NoncurrentAssets contextRef="ctx8" unitRef="vUSD" decimals="-3">15182000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx8" unitRef="vUSD" decimals="-3">2316000</ifrs-full:Inventories>
<ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx8" unitRef="vUSD" decimals="-3">13280000</ifrs-full:TradeAndOtherCurrentReceivables>
<ifrs-full:CashAndCashEquivalents contextRef="ctx8" unitRef="vUSD" decimals="-3">18398000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx8" unitRef="vUSD" decimals="-3">33994000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx8" unitRef="vUSD" decimals="-3">49176000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx8" unitRef="vUSD" decimals="-3">419000</ifrs-full:IssuedCapital>
<ifrs-full:RetainedEarnings contextRef="ctx8" unitRef="vUSD" decimals="-3">31976000</ifrs-full:RetainedEarnings>
<ifrs-full:OtherReserves contextRef="ctx8" unitRef="vUSD" decimals="-3">999000</ifrs-full:OtherReserves>
<ifrs-full:Equity contextRef="ctx8" unitRef="vUSD" decimals="-3">33394000</ifrs-full:Equity>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">816000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">816000</ifrs-full:NoncurrentLiabilities>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">1051000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="ctx8" unitRef="vUSD" decimals="-3">2432000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:CurrentProvisionsForEmployeeBenefits contextRef="ctx8" unitRef="vUSD" decimals="-3">1335000</ifrs-full:CurrentProvisionsForEmployeeBenefits>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx8" unitRef="vUSD" decimals="-3">10148000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentLiabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">14966000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">15782000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx8" unitRef="vUSD" decimals="-3">49176000</ifrs-full:EquityAndLiabilities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx9" xml:lang="da">Income (loss) for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx9" unitRef="vUSD" decimals="-3">3672000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx10" xml:lang="da">Income (loss) for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx10" unitRef="vUSD" decimals="-3">4475000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx11" xml:lang="da">Income (loss) for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx11" unitRef="vUSD" decimals="-3">-96000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" xml:lang="da">Income (loss) for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx12" unitRef="vUSD" decimals="-3">-1781000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" xml:lang="da">Changes in trade receivables, inventories, other assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx13" unitRef="vUSD" decimals="-3">-3502000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="da">Changes in trade receivables, inventories, other assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vUSD" decimals="-3">693000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="da">Changes in trade payables and accrued liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vUSD" decimals="-3">-2264000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="da">Changes in trade payables and accrued liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vUSD" decimals="-3">-112000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">Changes in trade payables and accrued liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vUSD" decimals="-3">200000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" xml:lang="da">Changes in trade payables and accrued liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" unitRef="vUSD" decimals="-3">-85000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" xml:lang="da">Changes in other current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vUSD" decimals="-3">87000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" xml:lang="da">Changes in other current assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" unitRef="vUSD" decimals="-3">-3000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" xml:lang="da">Net receipts from (payments to) subsidiaries</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" unitRef="vUSD" decimals="-3">-1584000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx22" xml:lang="da">Net receipts from (payments to) subsidiaries</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx22" unitRef="vUSD" decimals="-3">-435000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" xml:lang="da">Funds drawn against line of credit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" unitRef="vUSD" decimals="-3">-6000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" xml:lang="da">Funds drawn against line of credit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" unitRef="vUSD" decimals="-3">295000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx25" unitRef="vUSD" decimals="-3">18398000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx26" unitRef="vUSD" decimals="-3">17610000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx27" unitRef="vUSD" decimals="-3">10583000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx28" unitRef="vUSD" decimals="-3">13719000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx29" xml:lang="da">André Sloth Eriksen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx29" xml:lang="da">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx30" xml:lang="da">Peter Dam Madsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx30" xml:lang="da">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx31" xml:lang="da">Chris J. Christopher</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx32" xml:lang="da">Jim McDonnell</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx33" xml:lang="da">Jørgen Smidt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx34" xml:lang="da">Maria Hjorth</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx35" xml:lang="da">DK-8000</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx35" xml:lang="da">Aarhus C</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorStreetName contextRef="ctx35" xml:lang="da">Nobelparken, Jens Chr. Skous Vej</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx35" xml:lang="da">1</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:TelephoneNumberOfAuditor contextRef="ctx35" xml:lang="da">+45 8932 0000</gsd:TelephoneNumberOfAuditor>
<cmn:NameOfAuditFirm contextRef="ctx35" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx35">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx35" xml:lang="da">Henrik Trangeled Kristensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx35" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx35">mne23333</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx36" xml:lang="da">Henrik Berring Rasmussen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx36" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx36">mne34157</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx36">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx36" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>