Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 3060936000 | DKK |
| ifrs-full:Assets | 2017-12-31 | 3152671000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 500617000 | DKK |
| ifrs-full:Revenue | 2017-01-01 | 2017-12-31 | 1370151000 | DKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/78117261/ZG9rdW1lbnRsYWdlcjovLzAzL2ZlLzkwL2Y2LzUzLzY2ZWUtNDcyMy1iYjUwLWYwYzI4N2Y5OGNlYQ.xml
Separator
The full data:
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rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_only">16271187</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_only">Bavarian Nordic A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_only">Hejreskovvej</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_only">10A</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_only">3490</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_only">Kvistgaard</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="duration_CY_only">DK</gsd:AddressOfReportingEntityCountryIdentificationCode><gsd:AddressOfReportingEntityCountry contextRef="duration_CY_only">Denmark</gsd:AddressOfReportingEntityCountry><gsd:TelephoneNumberOfReportingEntity contextRef="duration_CY_only">+45 3326 8383</gsd:TelephoneNumberOfReportingEntity><gsd:FaxNumberOfReportingEntity contextRef="duration_CY_only">+45 3326 8380</gsd:FaxNumberOfReportingEntity><gsd:HomepageOfReportingEntity contextRef="duration_CY_only">www.bavarian-nordic.com</gsd:HomepageOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2018-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2018-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2017-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2017-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2019-04-24</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Marianne Philip</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">Paul John Chaplin</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">President and CEO</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Gerard W. M. van Odijk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Erik Gregers Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Frank A. G. M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Elizabeth M. Anderson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Copenhagen</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorCountryIdentificationCode contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">DK</gsd:AddressOfAuditorCountryIdentificationCode><gsd:AddressOfAuditorCountry contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Denmark</gsd:AddressOfAuditorCountry><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">2300 Copenhagen</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholders of Bavarian Nordic A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the consolidated financial statements<br/>and the parent financial statements of Bavarian Nordic<br/>A/S for the financial year January 1 â December 31,<br/>2018, which comprise the income statement, statement<br/>of financial position, statement of changes in<br/>equity and notes, including a summary of significant<br/>accounting policies, for the Group as well as the Parent,<br/>and the statement of comprehensive income and the<br/>cash flow statement of the Group. The consolidated<br/>financial statements are prepared in accordance with<br/>International Financial Reporting Standards as adopted<br/>by the EU and additional requirements of the Danish<br/>Financial Statements Act, and the parent financial<br/>statements are prepared in accordance with the Danish<br/>Financial Statements Act.<br/>In our opinion, the consolidated financial statements<br/>give a true and fair view of the Groupâs financial position<br/>at December 31, 2018 and of the results of its<br/>operations and cash flows for the financial year January<br/>1 â December 31, 2018 in accordance with International<br/>Financial Reporting Standards as adopted by the EU<br/>and additional requirements under the Danish Financial<br/>Statements Act.<br/>Further, in our opinion, the parent financial statements<br/>give a true and fair view of the Parentâs financial<br/>position at December 31, 2018 and of the results of its<br/>operations for the financial year January 1 â December<br/>31, 2018 in accordance with the Danish Financial Statements<br/>Act.<br/>Our opinion is consistent with our audit book comments<br/>issued to the Finance, Risk and Audit Committee and<br/>the Board of Directors.</arr:OpinionOnAuditedFinancialStatements><arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and the additional requirements<br/>applicable in Denmark. Our responsibilities<br/>under those standards and requirements are further<br/>described in the Auditorâs responsibilities for the audit<br/>of the consolidated financial statements and the parent<br/>financial statements section of this auditorâs report. We<br/>are independent of the Group in accordance with the<br/>International Ethics Standards Board of Accountants'<br/>Code of Ethics for Professional Accountants (IESBA Code)<br/>and the additional requirements applicable in Denmark,<br/>and we have fulfilled our other ethical responsibilities<br/>in accordance with these requirements. We believe that<br/>the audit evidence we have obtained is sufficient and<br/>appropriate to provide a basis for our opinion.<br/>To the best of our knowledge and belief, we have not<br/>provided any prohibited non-audit services as referred<br/>to in Article 5(1) of Regulation (EU) No 537/2014.<br/>After Bavarian Nordic A/S was listed on Nasdaq OMX<br/>Copenhagen in 1998, we were appointed auditors at<br/>the Annual General Meeting held on May 27, 1999<br/>for the 1999 financial year. We have been reappointed<br/>annually at the annual general meeting for a total<br/>consecutive engagement period of 20 years up to and<br/>including the 2018 financial year.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_only">Key audit matters are those matters that, in our professional<br/>judgement, were of most significance in our audit<br/>of the consolidated financial statements and the parent<br/>financial statements for the financial year January<br/>1 â December 31, 2018. These matters were addressed<br/>in the con-text of our audit of the consolidated financial<br/>statements and the parent financial statements as a<br/>whole, and in forming our opinion thereon, and we do<br/>not provide a separate opinion on these matters.<br/>Key audit matter<br/>Revenue under the BARDA contracts<br/>for IMVAMUNE<br/>Revenue recognized under the Biomedical<br/>Advanced Research and Development Authority<br/>(BARDA) contracts with the U.S. Government related<br/>to MVA-BN smallpox vaccine amounted to DKK 342<br/>million in 2018 (DKK 840 million in 2017).<br/>Contracts with BARDA include multiple elements,<br/>and recognition of revenue is significant and<br/>requires subjective evaluations. Management therefore<br/>exercises judgement in determining whether<br/>the Group has fulfilled all of its performance<br/>obligations.<br/>Managementâs assessment includes whether it<br/>is probable that future economic benefits from<br/>the sale of MVA-BN smallpox vaccine bulk drug<br/>substance will flow to the Group, the benefits can<br/>be measured reliably, ownership of the goods and<br/>services is transferred to BARDA, and the Group<br/>no longer retains managerial responsibility for, or<br/>control of, the goods sold and services delivered to<br/>BARDA.<br/>Refer to notes 2 and 3 in the consolidated financial<br/>statements.<br/>How the matter was addressed in the audit<br/>Revenue under the BARDA contracts<br/>for IMVAMUNE<br/>Based on our risk assessment procedures on the<br/>Groupâs business process and internal controls for<br/>revenue under the BARDA contracts, we tested the<br/>appropriateness of the Groupâs revenue recognition.<br/>We read the BARDA contracts, discussed them with<br/>Management and evaluated the related accounting<br/>treatment. During the audit, we tested whether the<br/>performance obligations for revenue recognized<br/>under the BARDA contracts were met in 2018.<br/>We also evaluated the financial statements disclosures<br/>related to revenue.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management commentary.<br/>Our opinion on the consolidated financial statements and<br/>the parent financial statements does not cover the management<br/>commentary, and we do not express any form of<br/>assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial<br/>statements and the parent financial statements, our responsibility<br/>is to read the management commentary and,<br/>in doing so, consider whether the management commentary<br/>is materially inconsistent with the consolidated financial<br/>statements and the parent financial statements or our<br/>knowledge obtained in the audit or other-wise appears to<br/>be materially misstated.<br/>Moreover, it is our responsibility to consider whether<br/>the management commentary provides the information<br/>required under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that<br/>the management commentary is in accordance with the<br/>consolidated financial statements and the parent financial<br/>statements and has been prepared in accordance with the<br/>requirements of the Danish Financial Statements Act. We<br/>did not identify any material misstatement of the management<br/>commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of consolidated<br/>financial statements that give a true and fair<br/>view in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements<br/>of the Danish Financial Statements Act as well as<br/>the preparation of parent financial statements that give a<br/>true and fair view in accordance with the Danish Financial<br/>Statements Act, and for such internal control as Management<br/>determines is necessary to enable the preparation<br/>of consolidated financial statements and parent financial<br/>statements that are free from material misstatement,<br/>whether due to fraud or error.<br/>In preparing the consolidated financial statements and<br/>the parent financial statements, Management is responsible<br/>for assessing the Groupâs and the Parentâs ability to<br/>continue as a going concern, for disclosing, as applicable,<br/>matters related to going concern, and for using the going<br/>concern basis of accounting in preparing the consolidated<br/>financial statements and the parent financial statements<br/>unless Management either intends to liquidate the Group<br/>or the Entity or to cease operations, or has no realistic<br/>alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance about<br/>whether the consolidated financial statements and the<br/>parent financial statements as a whole are free from<br/>material misstatement, whether due to fraud or error,<br/>and to issue an auditorâs report that includes our opinion.<br/>Reason-able assurance is a high level of assurance, but<br/>is not a guarantee that an audit conducted in accordance<br/>with ISAs and the additional requirements applicable in<br/>Denmark will always detect a material misstatement<br/>when it exists. Misstatements can arise from fraud or<br/>error and are considered material if, individually or in the<br/>aggregate, they could reasonably be expected to influence<br/>the economic decisions of users taken on the basis of<br/>these consolidated financial statements and these parent<br/>financial statements.<br/>As part of an audit conducted in accordance with ISAs and<br/>the additional requirements applicable in Denmark, we<br/>exercise professional judgement and maintain professional<br/>scepticism throughout the audit. We also:<br/>⢠Identify and assess the risks of material misstatement<br/>of the consolidated financial statements and the parent<br/>financial statements, whether due to fraud or error, design<br/>and perform audit procedures responsive to those<br/>risks, and obtain audit evidence that is sufficient and<br/>appropriate to provide a basis for our opinion. The risk<br/>of not detecting a material misstatement resulting from<br/>fraud is higher than for one resulting from error, as fraud<br/>may involve collusion, forgery, intentional omissions,<br/>misrepresentations, or the override of internal control.<br/>⢠Obtain an understanding of internal control relevant<br/>to the audit in order to design audit procedures that<br/>are appropriate in the circumstances, but not for the<br/>purpose of expressing an opinion on the effectiveness of<br/>the Groupâs and the Parentâs internal control.<br/>⢠Evaluate the appropriateness of accounting policies used<br/>and the reasonableness of accounting estimates and<br/>related disclosures made by Management.<br/>⢠Conclude on the appropriateness of Managementâs use<br/>of the going concern basis of accounting in preparing<br/>the consolidated financial statements and the parent<br/>financial statements, and, based on the audit evidence<br/>obtained, whether a material uncertainty exists related<br/>to events or conditions that may cast significant doubt<br/>on the Group's and the Parentâs ability to continue as<br/>a going concern. If we conclude that a material uncertainty<br/>exists, we are required to draw attention in our<br/>auditorâs report to the related disclosures in the consolidated<br/>financial statements and the parent financial<br/>statements or, if such disclosures are inadequate, to<br/>modify our opinion. Our conclusions are based on the<br/>audit evidence obtained up to the date of our auditorâs<br/>report. However, future events or conditions may cause<br/>the Group and the Entity to cease to continue as a going<br/>concern.<br/>⢠Evaluate the overall presentation, structure and content<br/>of the consolidated financial statements and the parent<br/>financial statements, including the disclosures in the<br/>notes, and whether the consolidated financial statements<br/>and the parent financial statements represent<br/>the underlying transactions and events in a manner that<br/>gives a true and fair view.<br/>⢠Obtain sufficient appropriate audit evidence regarding<br/>the financial information of the entities or business<br/>activities within the Group to express an opinion on the<br/>consolidated financial statements. We are responsible<br/>for the direction, supervision and performance of the<br/>group audit. We remain solely responsible for our audit<br/>opinion.<br/>We communicate with those charged with governance<br/>regarding, among other matters, the planned scope and<br/>timing of the audit and significant audit findings, including<br/>any significant deficiencies in internal control that we<br/>identify during our audit.<br/>We also provide those charged with governance with a<br/>statement that we have complied with relevant ethical requirements<br/>regarding independence, and to communicate<br/>with them all relationships and other matters that may<br/>reasonably be thought to bear on our independence, and<br/>where applicable, related safeguards.<br/>From the matters communicated with those charged with<br/>governance, we determine those matters that were of<br/>most significance in the audit of the consolidated financial<br/>statements and the parent financial statements of the<br/>current period and are therefore the key audit matters. We<br/>describe these matters in our auditorâs report unless law<br/>or regulation precludes public disclosure about the matter<br/>or when, in extremely rare circumstances, we determine<br/>that a matter should not be communicated in our report<br/>because the adverse consequences of doing so would<br/>reasonably be expected to outweigh the public interest<br/>benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2019-03-21</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Martin Norin Faarborg</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Henrik Hjort Kjelgaard</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne29395</arr:IdentificationNumberOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne29484</arr:IdentificationNumberOfAuditor><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">No other health intervention touches so<br/>many lives as vaccines. The development<br/>of new vaccines and increased vaccination<br/>efforts, particularly in developing<br/>countries, have helped to significantly<br/>reduce the incidence of major communicable,<br/>life-threatening diseases. It is estimated,<br/>that vaccines have reduced these<br/>diseases by more than 90% over the past<br/>three centuries1.<br/>Vaccines work, and they contribute to the<br/>United Nations sustainable development<br/>goal2 (SDG) number 3, âGood health<br/>and well-beingâ all around the world.<br/>However, according to Gavi3 , the Vaccine<br/>Alliance, immunization positively impacts,<br/>directly or indirectly, 14 of the 17 SDGs<br/>that support the 2030 Agenda for Sustainable<br/>Development, adopted by United<br/>Nations in 2015.<br/>Our contribution, as a vaccines company,<br/>may seem small in the global perspective,<br/>but we are here to help achieve<br/>the goal for securing good health and<br/>well-being of all humans.<br/>While pursuing this goal, we recognize<br/>the importance of protecting the world<br/>around us, and act responsibly in all matters.<br/>We seek to communicate openly and<br/>transparently about our CSR efforts, which<br/>particularly focus on minimizing the environmental<br/>impact from our production,<br/>but also concentrate on the safety and<br/>well-being of our employees, as well as<br/>other areas of relevance to our business.<br/>We account annually for the development<br/>in these areas in our CSR report which<br/>constitutes an independent part of the<br/>annual report, and also covers sections<br/>99a and 99b of the Danish Financial<br/>Statements Act.<br/>Read more<br/>Download the full CSR report at<br/>www.bavarian-nordic.com/csr</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">www.bavarian-nordic.com/csr</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_only">Bavarian Nordic remains focused on good corporate<br/>governance, having implemented the recommendations<br/>from the Committee of Corporate Governance<br/>(Komitéen for god selskabsledelse) for companies listed<br/>on the Nasdaq Copenhagen exchange.<br/>Management believes that the Company is operated in<br/>compliance with guidelines and recommendations that<br/>support the Companyâs business model and can create<br/>value for Bavarian Nordicâs stakeholders. Regularly and<br/>at least once a year, Management monitors adherence<br/>to the recommendations on corporate governance in<br/>order to ensure the best possible utilization of and<br/>compliance with the recommendations and legislation.<br/>In accordance with Section 107 b of the Danish Financial<br/>Statements Act, Bavarian Nordic has published a<br/>statutory report on Corporate Governance for the financial<br/>year 2018 on the Companyâs website:<br/>www.bavarian-nordic.com/corporategovernance.<br/>The Board of Directors<br/>The Board of Directors (âthe Boardâ) is responsible for<br/>the overall strategic management and the financial and<br/>managerial supervision of Bavarian Nordic, as well as<br/>for regular evaluation of the work of the Corporate Management.<br/>In addition, the Board supervises the Company<br/>in a general sense and ensures that it is managed in<br/>an adequate manner and in accordance with applicable<br/>law and the Companyâs articles of association.<br/>The Board consists of six external members elected<br/>by the shareholders at the annual general meeting<br/>for terms of one year; retiring members are eligible<br/>for re-election. The Board elects a chairman from<br/>among its members. Currently the Board has no employee-<br/>elected members as there has been no such<br/>request from the employees. The Board discharges its<br/>duties in accordance with the rules of procedure of the<br/>Board, which are reviewed and updated by all members<br/>of the Board.<br/>Board Committees<br/>To support the Board in its duties, the Board has established<br/>and appointed a Finance, Risk and Audit Committee<br/>and a Nomination and Compensation Committee.<br/>These subcommittees are charged with reviewing<br/>issues pertaining to their respective fields that are due<br/>to be considered at board meetings. Written charters<br/>specifying the tasks and responsibilities for each of the<br/>committees are available on the Companyâs website.<br />Evaluation of the Board<br/>The Board and its subcommittees conduct every year<br/>a self-evaluation of the Board's and subcommitteeâs<br/>work, accomplishments and composition. The Chairman<br/>heads the annual evaluation, which is conducted<br/>at least every third year by an external consultant.<br/>The process, whether it is facilitated internally or by<br/>external consultants, evaluates topics such as board<br/>dynamics, board agenda, quality of the material that is<br/>submitted to the Board, discussions at the Board meetings,<br/>the chairmanâs leadership of the Board, strategy,<br/>Board composition and Board competencies. Typically,<br/>the process is further facilitated by each Board member<br/>filling out a detailed questionnaire, and the Board<br/>members are asked to score to which extent they agree<br/>to the individual questions. The results of the questionnaire<br/>are then discussed at a subsequent Board meeting,<br/>and the individual comments submitted are used<br/>in the planning and handling of future Board meetings.<br/>In 2018, the self-evaluation was facilitated by an external<br/>consultant and, in general, key conclusions were<br/>positive with a continued satisfaction with the Boardâs<br/>work as well as the work in the committees. Continued<br/>optimization of Board meeting structures will also be a<br/>focus area in 2019.<br/>For more details on the work and composition of the<br/>Board and its committees, reference is made to the<br/>statutory report on Corporate Governance on the<br/>Companyâs website:<br/>www.bavarian-nordic.com/corporategovernance.<br/>RISK MANAGEMENT<br/>Bavarian Nordic sees risk management as an integrated<br/>part of the Companyâs operations and applies a bottom-<br/>up/top-down approach to identify and manage<br/>risks. Key risks are at first identified via a bottom-up<br/>process and reported to management with description<br/>of mitigating actions being taken to reduce risk or mitigate<br/>potential impact. Residual risk is mitigated by insurance<br/>cover where relevant and possible. Major risks<br/>are reported to the Finance, Risk & Audit Committee<br/>(FRAC) and discussed at FRAC meetings. The Board of<br/>Directors regularly receives reports on these initiatives,<br/>which then form part of the Boardâs overall assessment<br/>and decisions about the Companyâs activities and<br/>future. The table below summarizes some of the key<br/>risks that are important to Bavarian Nordicâs business<br/>including examples of mitigating actions.<br />Risk area Risks Mitigating actions<br/>Development The development of a product can be delayed or even abandoned. The process<br/>involves pre-clinical and clinical tests as well as regulatory approval and even<br/>approval of manufacturing facilities in some cases. All steps through development<br/>are associated with risks and can fail.<br/>⢠Close dialogue with authorities (e.g. FDA) to secure optimal path to approval<br/>and compliance with GMP etc.<br/>⢠Strong quality system in place to ensure compliance with standards agreed<br/>with and required by authorities.<br/>⢠Use of adaptive trial designs to minimize financial risk and impact of failure.<br/>Laws and regulations Not complying with laws and regulations could damage the Companyâs reputation,<br/>result in significant fines and impede the Companyâs ability to operate.<br/>⢠Internal legal resources available.<br/>⢠Monitor development in relevant laws and regulations.<br/>⢠Allocation of internal resources to secure adaptation of new rules and regulations.<br/>Financing Long periods with negative cash-flow will reduce the cash preparedness and could<br/>eventually make it difficult for the company to pursue the strategy involving a.o.<br/>investments in development and manufacturing facilities.<br/>⢠Ensure good financial visibility by forecasting.<br/>⢠Secure optimal timing of income from partner agreements.<br/>⢠Keep spending and investment level at appropriate levels to stretch liquidity runway.<br/>Cybersecurity Disruptions to IT systems, e.g. caused by virus attack, may happen and could<br/>have significant impact on the companyâs ability to operate effectively.<br/>⢠Internal procedures for continuous security monitoring and vulnerability assessment.<br/>⢠Continuous development of preventative measures.<br/>⢠Continuous internal IT security training to build awareness.<br/>⢠Annual security penetration tests and audits by third party.<br/>Supply and manufacturing Disruptions to the supply chain caused by break-downs in facilities, third party<br/>supply and/or manufacturing issues or similar could have a significant impact<br/>on the ability to supply products and could impact both customer relations and<br/>financial performance.<br/>⢠Internal quality audits, including mock inspections.<br/>⢠Secure adequate inventory strategy including dual sourcing.<br/>⢠Shelf-life extension initiatives.<br/>⢠Disaster recovery plans and back-up strategies.<br/>Partnering Partnering with other companies and government bodies in the industry is a<br/>central element of the Companyâs strategy. Loss of partnerships, e.g. due to<br/>collaboration issues, failed projects or similar, could have a significant impact on<br/>the Companyâs reputation and future performance.<br/>⢠Frequent interactions with partners to build and maintain common understanding.<br/>⢠Processes in place to resolve potential issues.<br/>Attraction and retention of talent Not being able to attract and retain sufficient talents could impact the companyâs<br/>ability to perform at high standards and compete against other companies.<br/>⢠Perform employer branding.<br/>⢠Provide training and development.<br/>⢠Offer competitive remuneration package.<br/>⢠Identifying and working with key talents.<br/>Intellectual property rights (IP) The validity of patents is crucial for the Company to secure future revenues and<br/>return on the investments made in development. Patents might be challenged<br/>by competitors.<br/>⢠Dedicated and experienced resources involved in the filing of patent applications to<br/>minimize vulnerability to future invalidity actions, and with ability to defend patents<br/>if such actions are filed.<br/>Currency exposure and tax disputes<br/>Currency risks and additional financial<br/>risks are further explained in note 23 in<br/>the consolidated financial statements.<br/>Significant fluctuations in the DKK/USD exchange rate will impact financial<br/>statements and potential disputes with tax authorities could result in additional<br/>tax payments.<br/>⢠Aim to create natural hedges by matching income and expenses in USD.<br/>⢠Material net USD exposure is hedged using FX contracts or options.<br/>⢠Taxes are paid where the Company operates, and intercompany transactions are priced<br/>and governed by agreements in compliance with OECDâs transfer pricing guidelines.<br/>⢠Proactive work with tax authorities to ensure alignment on tax situation and avoidance<br/>of negative surprises.</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_only">www.bavarian-nordic.com/corporategovernance</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">Diversity in the Board<br/>In 2017, within the predefined time horizon, the<br/>Board met its target figure for female board members<br/>elected by the general meeting. The target was 15%,<br/>corresponding to one member. Considering the Board's<br/>current composition as well as the composition of the<br/>boards of comparable companies, the Board maintains<br/>the target for the period until 2021.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><ifrs-full:Revenue contextRef="duration_CY_only" decimals="-3" unitRef="DKK">500617000</ifrs-full:Revenue><ifrs-full:Revenue contextRef="duration_LY_only" decimals="-3" unitRef="DKK">1370151000</ifrs-full:Revenue><ifrs-dk:ProductionCost contextRef="duration_CY_only" decimals="-3" unitRef="DKK">255117000</ifrs-dk:ProductionCost><ifrs-dk:ProductionCost contextRef="duration_LY_only" decimals="-3" unitRef="DKK">290617000</ifrs-dk:ProductionCost><ifrs-full:GrossProfit contextRef="duration_CY_only" decimals="-3" unitRef="DKK">245500000</ifrs-full:GrossProfit><ifrs-full:GrossProfit contextRef="duration_LY_only" decimals="-3" unitRef="DKK">1079534000</ifrs-full:GrossProfit><ifrs-full:ResearchAndDevelopmentExpense contextRef="duration_CY_only" 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unitRef="DKK">107340000</ifrs-full:AdjustmentsForFinanceCosts><ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="DKK">34973000</ifrs-full:AdjustmentsForFinanceIncome><ifrs-full:AdjustmentsForFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="DKK">56426000</ifrs-full:AdjustmentsForFinanceIncome><ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_CY_only" decimals="-3" unitRef="DKK">41639000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss><ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="duration_LY_only" decimals="-3" unitRef="DKK">37529000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss><ifrs-full:AdjustmentsForProvisions contextRef="duration_CY_only" decimals="-3" unitRef="DKK">0</ifrs-full:AdjustmentsForProvisions><ifrs-full:AdjustmentsForProvisions contextRef="duration_LY_only" decimals="-3" 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decimals="-3" unitRef="DKK">27662000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">19707000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">3815000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">6305000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1">Expensing (amortization) of IMVAMUNE development project</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3">Changes in current liabilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">69515000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">-10973000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInOperatingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_3" decimals="-3" unitRef="DKK">-462262000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-288529000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">216065000</ifrs-full:CashFlowsFromUsedInOperatingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">201775000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">56357000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">10186000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">22341000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities><ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">1457915000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities><ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">896192000</ifrs-dk:ProceedsFromSalesOfFinancialAssetsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">1228709000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2162790000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Investments in financial assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-156000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">87000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">17089000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-1345209000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_only" decimals="-3" unitRef="DKK">4124000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_only" decimals="-3" unitRef="DKK">4254000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:IssuanceCost contextRef="duration_CY_only" decimals="-3" unitRef="DKK">25000</ifrs-dk:IssuanceCost><ifrs-dk:IssuanceCost contextRef="duration_LY_only" decimals="-3" unitRef="DKK">707000</ifrs-dk:IssuanceCost><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">246729000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">372195000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">2151000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2133000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">Proceeds from warrant programs exercised</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Proceeds from private placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Proceeds from private placement</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">5415000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" unitRef="DKK">40858000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42" decimals="-3" unitRef="DKK">207482000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_CY_only" decimals="-3" unitRef="DKK">245844000</ifrs-full:CashFlowsFromUsedInFinancingActivities><ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="duration_LY_only" decimals="-3" unitRef="DKK">613441000</ifrs-full:CashFlowsFromUsedInFinancingActivities><ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-25596000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges><ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-515703000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges><ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_CY_only" decimals="-3" unitRef="DKK">9733000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents><ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_LY_only" decimals="-3" unitRef="DKK">-55372000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents></xbrli:xbrl>