Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 8061660000 | DKK |
| ifrs-full:Assets | 2017-12-31 | 6778408000 | DKK |
| ifrs-full:Assets | 2018-12-31 | 6235270000 | DKK |
| ifrs-full:Assets | 2017-12-31 | 5411343000 | DKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/21765914/ZG9rdW1lbnRsYWdlcjovLzAzLzkxLzc3L2JjLzU5LzQ1ZjgtNDJlMC04NTVjLTQ0Y2E4OWU5NGUzNw.xml
Separator
The full data:
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id="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43"><xbrli:entity><xbrli:identifier scheme="http://www.dcca.dk/cvr">41956712</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2018-01-01</xbrli:startDate><xbrli:endDate>2018-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="ifrs-dk:IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension"><ifrs-dk:componentOfCashFlowsIdentifier>43</ifrs-dk:componentOfCashFlowsIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="ifrs-full:ConsolidatedAndSeparateFinancialStatementsAxis">ifrs-full:SeparateMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><cmn:TypeOfAuditorAssistance contextRef="duration_CY_C_only">RevisionspÃ¥tegning</cmn:TypeOfAuditorAssistance><gsd:InformationOnTypeOfSubmittedReport contextRef="duration_CY_C_only">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_C_only">41956712</gsd:IdentificationNumberCvrOfReportingEntity><gsd:NameOfReportingEntity contextRef="duration_CY_C_only">Royal Unibrew A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_C_only">Faxe Alle</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_C_only">1</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_C_only">DK-4640</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_C_only">Faxe</gsd:AddressOfReportingEntityDistrictName><gsd:RegisteredOfficeOfReportingEntity contextRef="duration_CY_C_only">Faxe</gsd:RegisteredOfficeOfReportingEntity><gsd:TelephoneNumberOfReportingEntity contextRef="duration_CY_C_only">+45 56 77 15 00</gsd:TelephoneNumberOfReportingEntity><gsd:HomepageOfReportingEntity contextRef="duration_CY_C_only">www.royalunibrew.com</gsd:HomepageOfReportingEntity><gsd:EmailOfReportingEntity contextRef="duration_CY_C_only">contact@royalunibrew.com</gsd:EmailOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_C_only">2018-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_C_only">2018-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_C_only">2017-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_C_only">2017-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_C_only">2019-04-25</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_C_only">Niels Kornerup</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">Johannes F.C.M. Savonije</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">Lars Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_1">President & CEO</cmn:TitleOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_C_IdentificationOfMemberOfExecutiveBoardAxis_cmn_memberOfBoardIdentifier_only_2">CFO</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Walther Thygesen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Jais Valeur</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_3">Martin Alsø</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_4">Einar Esbensen Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_5">Claus Kærgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_6">Christian Sagild</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_7">Karsten Mattias Slotte</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_8">Hemming Van</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_9">Lars Vestergaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_10">Floris van Woerkom</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_1">Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_C_IdentificationOfMemberOfSupervisoryBoardAxis_cmn_memberOfBoardIdentifier_only_2">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">25578198</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">25578198</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">KPMG Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">KPMG Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Dampfærgevej</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">28</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">2100</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Copenhagen Ã</gsd:AddressOfAuditorDistrictName><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_C_only">25578198</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_C_only">KPMG Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_C_only">Dampfærgevej 28</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_C_only">2100 Copenhagen Ã</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_only">To the shareholders of Royal Unibrew A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_C_only">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_C_only">In our opinion, the consolidated financial statements and<br/>the Parent Company financial statements give a true and<br/>fair view of the Group's and the Parent Company's assets,<br/>liabilities and financial position at 31 December 2018 and of<br/>the results of the Group's and Parent Company's operations<br/>and cash flows for the financial year 1 January â 31 December<br/>2018 in accordance with the International Financial Reporting<br/>Standards as adopted by the EU and additional requirements<br/>in the Danish Financial Statements Act.<br/><br/>Our opinion is consistent with our long-form audit report to<br/>the Board or Directors and the Audit Committee.<br/><br/>Audited financial statements<br/>Royal Unibrew A/S' consolidated financial statements and<br/>separate financial statements for the financial year 1 January<br/>â 31 December 2018 comprise the income statement, statement<br/>of comprehensive income, balance sheet, statement of<br/>changes in equity, statement of cash flows and notes, including<br/>summary of significant accounting policies, for the Group<br/>as well as for the Parent Company (the financial statements).<br/>The financial statements are prepared in accordance with the<br/>International Financial Reporting Standards as adopted by<br/>the EU and additional requirements in the Danish Financial<br/>Statements Act.</arr:OpinionOnAuditedFinancialStatements><arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_C_only">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_C_only">We conducted our audit in accordance with International<br/>Standards on Auditing (ISAs) and the additional requirements<br/>applicable in Denmark.<br/><br/>Our responsibilities under those standards and requirements<br/>are further described in the "Auditor's responsibilities for<br/>the audit of the financial statements" section of our report.<br/><br/>We believe that the audit evidence we have obtained is sufficient<br/>and appropriate to provide a basis for our opinion.<br/><br/>Independence<br/>We are independent of the Group in accordance with the International<br/>Ethics Standards Board for Accountants' Code<br/>of Ethics for Professional Accountants (IESBA Code) and the<br/>additional requirements applicable in Denmark, and we have<br/>fulfilled our other ethical responsibilities in accordance with<br/>these rules and requirements.<br/><br/>We declare, to the best of our knowledge and belief, that<br/>we have not provided any prohibited non-audit services, as<br/>referred to in Article 5(1) of the Regulation (EU) 537/2014<br/>and that we remained independent in conducting the audit.<br/><br/>Appointment as auditors<br/>We were appointed auditors of Royal Unibrew A/S for the first<br/>time on 24 April 2018 for the financial year 2018.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:KeyAuditMattersAudit contextRef="duration_CY_C_only">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the 2018 financial year. These matters were addressed in the<br/>context of our audit of the financial statements as a whole, and in the forming of our opinion thereon. We do not provide a separate opinion on these matters.<br/><br/>Valuation of intangible assets<br/>Goodwill and trademarks represent 48% of the Group's assets. Management conducts annual<br/>impairment test to determine whether the carrying values of recognized goodwill and trademarks<br/>are considered to be impaired and, hence, should be written down to the recoverable amount.<br/><br/>Management determines the recoverable amount of the Cash Generating Unit's (CGU) using a<br/>discounted cash flow model (value in use). Management uses key assumptions in respect of market<br/>and country risks, revenue and margin development and discount rate for the CGU's.<br/><br/>The audit of the recoverable amount has been considered a key audit matter as the determination<br/>of the recoverable value is associated with significant estimation uncertainty.<br/><br/>The carrying amount of investments in subsidiaries in the parent company financial statements<br/>and the values of intangible assets contained therein is also tested to identify any impairment.<br/>This is the same test as described above.<br/><br/>Reference is made to note 11 in the consolidated financial statement and note 11 in the Parent<br/>Company financial statements.<br/><br/>How our audit addressed the key audit matter<br/><br/>For the purpose of our audit, the procedures we carried out included the following:<br/><br/>⢠We have discussed with Management and evaluated the internal controls and procedures<br/>for preparing impairment test and the budget and forecasts.<br/>⢠We have focused our audit on the model and the appropriateness of key assumptions used by<br/>Management to calculate the value in use, as well as assessed the consistency of the assumptions<br/>applied.<br/>⢠We have assessed the appropriateness of the discount rate applied and underlying assumptions,<br/>as well as benchmarking to market data and external information.<br/>⢠Our internal valuations specialists have supported the audit where relevant.<br/>⢠In addition, we have assessed the disclosures; Note 11 Intangible Assets in the consolidated<br/>financial statements meet the requirements of IFRS.<br/><br/>Revenue recognition<br/>There are a significant number of transactions and contracts with customers. In 2018, IFRS 15<br/>Revenue from Contracts from Customers has been implemented.<br/><br/>Sales contracts with customers are relatively complex with discounts and agreements with<br/>marketing contributions etc.<br/><br/>Furthermore locally imposed duties and fees are complex.<br/><br/>Overall this introduce an inherent risk to revenue recognition process. Therefore we have<br/>considered this as a key audit matter.<br/><br/>Reference is made to note 4 in the consolidated financial statements.<br/><br/>How our audit addressed the key audit matter<br/><br/>For the purpose of our audit, the procedures we carried out included the following:<br/><br/>⢠We have considered the appropriateness of the Group's revenue recognition policy and assessed<br/>Managements documentation for the effect of implementing IFRS 15 Revenue from Contracts with<br/>Customers.<br/>⢠We have evaluated the systems and key controls, designed and implemented by Management,<br/>related to revenue recognition.<br/>⢠We have discussed with Management the key assumptions related to recognition, measurement<br/>and classification of revenue<br/>⢠In addition, we have performed substantive procedures. We have discussed significant and complex<br/>customer contracts, local imposed duties and fees and the development in discounts and the<br/>treatment of marketing contribution to ensure that accounting policies are applied correctly.<br/>⢠We have performed journalentries testing and verification of proper cut-off at year-end.<br/><br/>Purchase price allocation<br/><br/>In 2018, the Group has acquired Terme di Crodo, Italy, Etablissements Geyer Frères, France and 51%<br/>of Nohrlund ApS, Denmark.<br/><br/>Acquisitions including the required purchase price allocation have a significant impact on the<br/>consolidated financial statements for 2018.<br/><br/>The purchase price allocations are based on a number of management assumptions and<br/>estimates related to measurement of all acquired assets and liabilities at fair value.<br/><br/>Due to the significant impact on the consolidated financial statement and allocation based<br/>on management assumption, we have considered this as a key audit matter.<br/><br/>Reference is made to note 25 in the consolidated financial statements.<br/><br/>How our audit addressed the key audit matter<br/><br/>For the purpose of our audit, the procedures we carried out included the following:<br/><br/>⢠We have assessed the purchase price allocations made including assessing whether the<br/>assumptions and estimates made by Management are reasonable and documented.<br/>⢠We have reconciled the purchase price allocation to supporting documentation including share<br/>purchase agreements, calculations of fair value of brands and other intangibles, and opening<br/>balances from the acquired entities.<br/>⢠In assessing the assumptions and estimates as well as the fair value calculations, we have involved<br/>our internal valuation specialists.<br/>⢠In addition, we have assessed the appropriateness of the disclosures; Note 25 Acquisition<br/>of subsidiaries.</arr:KeyAuditMattersAudit><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_only">Management is responsible for the Management's review.<br/><br/>Our opinion on the financial statements does not cover the<br/>Management's review, and we do not express any form of<br/>assurance conclusion thereon.<br/><br/>In connection with our audit of the financial statements,<br/>our responsibility is to read the Management's review and,<br/>in doing so, consider whether the Management's review is<br/>materially inconsistent with the financial statements or our<br/>knowledge obtained during the audit, or otherwise appears<br/>to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the Management's<br/>review provides the information required under the<br/>Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that<br/>the Management's review is in accordance with the financial<br/>statements and has been prepared in accordance with the<br/>requirements of the Danish Financial Statement Act. We did<br/>not identify any material misstatement of the Management's<br/>review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_C_only">Management is responsible for the preparation of financial<br/>statements that give a true and fair view in accordance with<br/>the International Financial Reporting Standards as adopted<br/>by the EU and additional requirements in the Danish Financial<br/>Statements Act and for such internal control that Management<br/>determines is necessary to enable the preparation of<br/>financial statements that are free from material misstatement,<br/>whether due to fraud or error.<br/><br/>In preparing the financial statements, Management is responsible<br/>for assessing the Group's and the Parent Company's<br/>ability to continue as a going concern, disclosing, as applicable,<br/>matters related to going concern and using the going concern<br/>basis of accounting unless Management either intends to liquidate<br/>the Group or the Parent Company or to cease operations,<br/>or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_C_only">Our objectives are to obtain reasonable assurance as to<br/>whether the financial statements as a whole are free from<br/>material misstatement, whether due to fraud or error, and to<br/>issue an auditor's report that includes our opinion. Reasonable<br/>assurance is a high level of assurance but is not a guarantee<br/>that an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark will always<br/>detect a material misstatement when it exists. Misstatements<br/>may arise from fraud or error and are considered material<br/>if, individually or in the aggregate, they could reasonably be<br/>expected to influence the economic decisions of users taken<br/>on the basis of these financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and the<br/>additional requirements applicable in Denmark, we exercise<br/>professional judgement and maintain professional scepticism<br/>throughout the audit. We also:<br/><br/>⢠identify and assess the risks of material misstatement<br/>of the financial statements, whether due to fraud or error,<br/>design and perform audit procedures responsive to<br/>those risks, and obtain audit evidence that is sufficient<br/>and appropriate to provide a basis for our opinion. The<br/>risk of not detecting a material misstatement resulting<br/>from fraud is higher than for one resulting from error as<br/>fraud may involve collusion, forgery, intentional omissions,<br/>misrepresentations or the override of internal<br/>control.<br/>⢠obtain an understanding of internal control relevant to<br/>the audit in order to design audit procedures that are<br/>appropriate in the circumstances, but not for the purpose<br/>of expressing an opinion on the effectiveness of the<br/>Group's and the Parent Company's internal control.<br/>⢠evaluate the appropriateness of accounting policies<br/>used and the reasonableness of accounting estimates<br/>and related disclosures made by Management.<br/>⢠conclude on the appropriateness of Management's use<br/>of the going concern basis of accounting and, based<br/>on the audit evidence obtained, whether a material<br/>uncertainty exists related to events or conditions that<br/>may cast significant doubt on the Group's and the Parent<br/>Company's ability to continue as a going concern.<br/>If we conclude that a material uncertainty exists, we<br/>are required to draw attention in our auditor's report to<br/>the related disclosures in the financial statements or, if<br/>such disclosures are inadequate, to modify our opinion.<br/>Our conclusions are based on the audit evidence<br/>obtained up to the date of our auditor's report. However,<br/>future events or conditions may cause the Group and<br/>the Parent Company to cease to continue as a going<br/>concern.<br/>⢠evaluate the overall presentation, structure and contents<br/>of the financial statements, including the disclosures,<br/>and whether the 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 regarding,<br/>among other matters, the planned scope and timing<br/>of the audit and significant audit findings, including any<br/>significant deficiencies in internal control that we identify<br/>during our audit.<br/><br/>We also provide those charged with government with a statement<br/>that we have complied with relevant ethical requirements<br/>regarding independence, and communicate to them<br/>all relationships and other matters that may reasonably be<br/>thought to bear on our independence, and where applicable,<br/>related safeguards.<br/><br/>From the matters communicated to those charged with<br/>governance, we determine those matters that were of most<br/>significance in the audit of the financial statements of the<br/>current period and therefore the key audit matters. We describe<br/>these matters in our auditor's report unless law or<br/>regulation precludes public disclosure about the matter or<br/>when, in extremely rare circumstances, we determined that<br/>a matter should not be communicated in our report because<br/>the adverse consequences of doing so would reasonably be<br/>expected to outweigh the public interest benefits of such<br/>communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:SignatureOfAuditorsPlace contextRef="duration_CY_C_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_C_only">2019-03-06</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">Lau Bent Baun</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">Niels Vendelbo</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">State Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">State Authorised Public Accountant</cmn:DescriptionOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_1">mne26708</arr:IdentificationNumberOfAuditor><arr:IdentificationNumberOfAuditor contextRef="duration_CY_C_IdentificationOfAuditorDimension_cmn_auditorIdentificer_only_2">mne34532</arr:IdentificationNumberOfAuditor><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_C_only">Corporate social responsibility report under section<br/>99A of the Danish Financial Statements Act<br/><br/>âOur continuous improvements agenda focusing<br/>on sustainable and long-term value creation<br/>has also in 2018 delivered good and improved<br/>resultsâ<br/><br/>We take our social responsibility seriously<br/>At Royal Unibrew, we are very aware of our role and of our<br/>responsibility to our surroundings as a considerable beverage<br/>provider with operations in many countries. We want to contribute<br/>positively to the development in the areas in which we<br/>operate to limit our environmental impact, to establish safe<br/>and good working conditions for our employees and to deliver<br/>high quality products to consumers.<br/><br/>Therefore, our CSR work is an integrated part of our business<br/>and a natural part of our day-to-day operations.<br/><br/>During 2019, we commit our selves to joining the UN Global<br/>Compact and the UN Guiding Principles on Business<br/>and Human Rights. Further, during 2019 we will establish<br/>a baseline for our total greenhouse gas emission in order<br/>to set targets for our journey towards a neutral carbon<br/>footprint.<br/><br/>In the second half 2018, we have gone through a materiality<br/>analysis covering more than 75% of our operational<br/>footprint to assess and identify further focus areas within<br/>the CSR framework. The process revealed many excellent<br/>examples of local improvements within health and safety,<br/>environment, and reduction of material consumption, a<br/>few of them is shared in this document in order to show<br/>how many smaller initiatives all together make a difference<br/>in total.<br/><br/>Circular economy â a framework for our environmental<br/>management efforts<br/>Under the heading âCircular Economyâ, a focus area in<br/>recent years has been how to reduce our material consumption<br/>and at the same time reuse/recycle material as<br/>much as possible to keep materials circulating in order<br/>to leverage their value for as long as possible. In June<br/>2017, the Danish Governmentâs Advisory Board for Circular<br/>Economy published a vision for Denmarkâs transition<br/>to a circular economy and formulated specific objectives<br/>and recommendations for efforts to support the transition<br/>to a circular economy. Moreover, the UN has adopted 17<br/>sustainable development goals for the world in relation to<br/>which circular economy is a crucial element in generating<br/>more sustainable economic growth.<br/><br/>How do we work with CSR<br/><br/>Royal Unibrewâs corporate social responsibility (CSR) work<br/>is based on our shared values and Royal Unibrewâs Code<br/>of Ethics. Moreover, a number of guidelines have been<br/>defined for Royal Unibrewâs corporate social responsibility<br/>in our quality, food safety and environmental policies. Our<br/>CSR work includes most of the themes comprised in the<br/>four international CSR guideline sets: The OECD Guidelines<br/>for Multinational Enterprises, the ISO 26000 guidance<br/>on social responsibility, the UN Global Compact and<br/>the UN Guiding Principles on Business and Human Rights.<br/><br/>Royal Unibrew operates in compliance with European and international<br/>legislation and regulations as to labor and human<br/>rights, and it is our aim that our suppliers should do the same.<br/><br/>It is our objective that Royal Unibrewâs production sites should<br/>be safe and healthy places to work for its employees. Royal Unibrewâs<br/>health policy therefore focuses on preventive measures<br/>to avoid employees being worn out and incurring work-related<br/>injuries and on actively promoting safety, job satisfaction<br/>and efficiency. Our main focus is on reducing the number of<br/>occupational accidents and on improving our employeesâ job<br/>satisfaction.<br/><br/>We feel a special social responsibility in relation to the local<br/>areas in which we operate. It is therefore Royal Unibrewâs aim<br/>to have a good dialogue with local/municipal authorities on the<br/>issues of current interest in the local areas; we make an active<br/>effort to assume responsibility for these, for example in relation<br/>to activating citizens balancing on the edge of the labor market<br/>and to integrating refugees.<br/><br/>Royal Unibrew operates in highly competitive markets, which<br/>necessitates a strong focus on product costs and optimization.<br/>This is supported by our policy of acting responsibly towards<br/>the climate and the environment through careful control and<br/>continuous ongoing optimization of our resource consumption.<br/><br/>Royal Unibrew works against all forms of corruption, including<br/>extortion and bribery, and our activities must always be in full<br/>compliance with anti-corruption legislation irrespective of the<br/>place of operation being our European home markets or our<br/>export markets.<br/><br/>Through many years Royal Unibrew has chosen to focus on<br/>continuous improvements, which is a very hands-on method for<br/>the individual employee in terms of achieving sustainable longterm<br/>results. It is the objective to be able to deliver at all times<br/>strong quality products with due consideration of our employees<br/>and Royal Unibrewâs surroundings. This approach has resulted<br/>in satisfactory improvements in a number of areas for several<br/>years and will also form the basis of our future CSR work.<br/><br/>Our actual performance in 2018 includes the acquired businesses<br/>called a.a. in the tables, whereas b.a. is reported numbers<br/>excluding the acquisitions. Further, we have decided to<br/>include all sites (offices, terminals etc) in the 2018 reporting,<br/>which form the new benchmark.<br/><br/>Our overall strategy for our CSR priorities and future commitments<br/>are connected to the materiality assessment conducted<br/>in 2018. During the process we identified 10 key areas with the<br/>highest impact as illustrated in the table. On top of already<br/>prioritized areas we identified communication efforts as a new<br/>focus area and consumer health and well-being (consumer<br/>affairs) as topics to be enhanced. Communication efforts are<br/>centered around sharing what we do, how we do it and what<br/>we want to achieve on a corporate level, thus these areas will<br/>be included in the CSR reporting for 2019.<br />Human rights (labour rights and competence development)<br/><br/>§ Policy<br/>Royal Unibrew complies with existing labor legislation and<br/>collective agreements including enforcement of the freedom<br/>of association and assembly, the elimination of forced and<br/>compulsory labor and the use of child labor as well as the<br/>elimination of discrimination in respect of the employeeâs<br/>gender, race, religious beliefs or political affiliation.<br/><br/>Within the broad area of human rights, Royal Unibrew has<br/>chosen to focus specifically on diversity among its own employees<br/>and on labor rights at Royal Unibrew and with trading<br/>partners as well as on competence development of its own<br/>employees.<br/><br/>Royal Unibrew has an ongoing dialogue with its stakeholders<br/>and the public on this responsibility and seeks to keep focus<br/>on these areas through continuous improvements.<br/><br/>It is Royal Unibrewâs goal to attract and retain competent<br/>and talented people who are results-oriented, adaptable,<br/>innovative, creative and having the right mindset/DNA of the<br/>company. This is a prerequisite for realizing our ambitious<br/>business objectives.<br/><br/>We are therefore investing in our employees â both by way of<br/>learning and by upgrading of skills, and by empowering them<br/>to have influence on their jobs and by listening to their ideas<br/>and wishes for the future.<br/><br/>We believe that we need to foster an agile, flexible and fast<br/>organization to adapt to the changing needs of our consumers<br/>and customers. We change, re-organize and fine-tune our<br/>internal structures and processes on an ongoing basis and<br/>expect our employees to adapt to new methods and tasks<br/>quickly. It puts demands on the individual and to our ability to<br/>collaborate across the organization while at the same time it<br/>offers opportunities for new assignments and/or responsibilities<br/>within or outside the business area. We believe that trust<br/>and responsibility foster great results. As Royal Unibrew has<br/>become more international during recent years, cross cultural<br/>learning and knowledge sharing have become more vital<br/><br/>Activities<br/>Continuous efforts are made to ensure workplace diversity.<br/>Traditionally, the beverage industry is relatively male-dominated,<br/>but Royal Unibrew works continuously to ensure a<br/>more equal gender representation.<br/><br/>It is Royal Unibrewâs aim that suppliers and partners should<br/>comply with Royal Unibrewâs ethical guidelines which describe<br/>how human rights apply to Royal Unibrewâs business,<br/>and that these should be incorporated into the terms of trading<br/>with key suppliers.<br/><br/>As part of our dialogue with suppliers, we collect information<br/>from them to ensure that Royal Unibrew is not brought into<br/>conflict with its ethical guidelines. A supplier evaluation took<br/>place in 2018.<br/><br/>Royal Unibrew thrives to develop great leaders who empower<br/>their employees and secure that we have a strong collaboration<br/>across functional areas and business units. We are<br/>working continuously at raising the level of the individual<br/>employeeâs competences and at strengthening our managersâ<br/>ability to drive changes and to support their employeesâ<br/>development. Every year, our employees are offered a number<br/>of courses that give the individual concrete tools to handle a<br/>more complex and changeable workday, as well as on-the-job<br/>training that plays a pivotal role.<br/><br/>In 2018 we initiated a range of activities focusing on developing<br/>our talent pool and succession management which will<br/>have a continued focus in the coming years. Various leadership<br/>competence development activities have been put<br/>in place focusing on developing the basic leadership skills,<br/>cross-organizational collaboration as well as building high<br/>performing leadership teams. Our establishment of a growth<br/>leadership team end 2017 has strengthened our results within<br/>this important topic in 2018.<br/><br/>A mentor program was launched in 2017 and executed in<br/>2018, under which e.g. young/inexperienced managers and<br/>key employees were assigned an older/experienced manager<br/>as a mentor in order to leverage the knowledge and experience<br/>existing within our organization. The mentor project<br/>is evaluated to be very valuable for us and a great tool for<br/>competence development, knowledge transfer and building<br/>network and will be continued in the future.<br/><br/>The acquisitions completed in 2018 have played an important<br/>role for the competence development in Royal Unibrew as<br/>many employees have developed their abilities and competences<br/>towards integrating the new companies into Royal<br/>Unibrew.<br/><br/>In 2018 we had a strong focus on the awareness and compliance<br/>towards GDPR (General Data Protection Regulation)<br/>to secure our employeesâ rights regarding the rules and that<br/>our employees working with personal information are aware<br/>of how to comply with GDPR.<br/><br/>! Risk<br/>There is a risk of âbiasedâ recruitment as compared to the<br/>demographic development, thus creating a corporate culture<br/>that does not reflect the surrounding world. This applies<br/>at all organizational levels. In the recruiting process, Royal<br/>Unibrew always aims at attracting and recruiting a diverse<br/>labor force. Historically, however, the beverage industry is a<br/>male-dominated industry within a number of functions, which<br/>challenges our diversity target.<br/><br/>Outside Royal Unibrew, but in relation to Royal Unibrewâs<br/>operations, there is a risk of purchasing goods or services<br/>from suppliers who do not live up to Royal Unibrewâs ethical<br/>guidelines for respecting human rights.<br/><br/>Royal Unibrew operates in a highly competitive market, and<br/>inability to attract and develop the right people to launch<br/>and promote new products at an ever-increasing pace constitutes<br/>a risk to the continued success of the Company. We<br/>also strive to recruit employees through different sources, as<br/>we have had great success with various methods, meeting<br/>the organizations' need of new employees. Royal Unibrewâs<br/>competitiveness also depends on close cooperation between<br/>the individual business areas in order to ensure a strong value<br/>chain and avoid a silo mentality.<br/><br/>KPI<br/>A target has been defined for the promotion of diversity at<br/>Royal Unibrew including the achievement of a reasonable<br/>gender representation at the level of the top management<br/>team comprising the Executive Board and the executives<br/>just below, in order to achieve at least 40% representation<br/>of each gender.<br/><br/>Performance<br/>The management teams and employees in leading positions<br/>comprised 69% (2017: 70%) men and 31% (2017: 30%) women<br/>in 2018.<br/><br/>GENDER REPRESENTATION ON THE INTERNATIONAL<br/>MANAGEMENT TEAM<br/>2018 2017<br/>Women 31% 30 %<br/>Men 69% 70 %<br/>We have been focusing on getting more trainees into 2018.<br/><br/>The collection of information from Royal Unibrewâs suppliers<br/>in 2018 did not reveal any non-compliance with Royal Unibrewâs<br/>ethical guidelines for respecting human rights.<br/><br/>Mentoring programs are important to us<br/><br/>Throughout our group we focus on developing each<br/>employeeâs competences and skills in line with what is<br/>relevant for the current job position, future job opportunities<br/>and asked for by the employees.<br/><br/>Among our employee development initiatives are a number<br/>of mentoring programs which are defined and executed to<br/>support and fit each business unit.<br/><br/>During 2018 our business unit in Finland has performed a<br/>mentoring program with the participation of app. 20 younger<br/>employees as mentees and a similar number of experienced<br/>colleagues and managers as mentors, including representatives<br/>from the management team. The program has<br/>comprised a structured initiation process, four scheduled<br/>development meetings and a set of systematic follow up procedures.<br/>Each mentee has defined own goals in cooperation<br/>with the mentor. The overall mentee evaluation was 4,6 at<br/>a scale up to 5,0, which demonstrate that the program has<br/>been a success.<br/><br/>Examples of quotes from the mentee evaluations are âThe<br/>objectives were to clarify the âbig goalâ on my career, outline<br/>a realistic and motivating career path, and to determine key<br/>skills I should develop in the next few yearâ (Sanna Valtanan,<br/>junior business controller) and âWe had open and direct<br/>discussions where I got concrete tips, readings and set of<br/>approaches which I have taken into practice and proved to<br/>be efficientâ (David Traclet, innovation manager).<br/><br/>In Denmark a similar program with a total of 26 mentee and<br/>mentor participants has been performed during the year.<br/>This program also focuses on offering a structured approach,<br/>with a number of meetings and clear methods for exchanging<br/>knowledge and transferring concrete and relevant learning<br/>to the mentees. A certified personality profile test was one<br/>of the tools used in the program, and the evaluations show<br/>us that this was a clearly appreciated development method.<br />Working conditions (safety at work)<br/><br/>§ Policy<br/>Royal Unibrew must be a safe and healthy place to work for<br/>its employees; the Group focuses on preventive measures to<br/>avoid employees being worn out and incurring work-related<br/>injuries and works actively to promote job satisfaction.<br/><br/>Activities<br/>In most production sites and representing more than 75% of<br/>produced volume near-accidents are registered and followed<br/>up daily with a view to establishing preventive measures as<br/>quickly as possible in order to avoid accidents.<br/><br/>At all production sites, health & safety activities are carried<br/>out adapted to the local production site and work area. In<br/>Denmark, for example, joint health & safety discussions, a<br/>health & safety day as well as courses with focus on tools to<br/>reduce daily peak loads were organized in 2018.<br/><br/>Also, in 2018, follow-up was performed on the findings of a job<br/>satisfaction measurement made in the period from December<br/>2016 to February 2017 among all employees, and measures<br/>have been taken locally to identify factors that may contribute<br/>towards higher job satisfaction.<br/><br/>Based on the job satisfaction measurement and the reporting<br/>on near-accidents in 2018, investments have been made<br/>in technical aids and measures to prevent e.g. heavy lifting<br/>and harmful movements. Financial resources are specifically<br/>allocated for this, as an example for ladders, platforms and<br/>protective equipment.<br/><br/>! Risks<br/>The key risks especially relate to working accidents or employees<br/>being worn out due to physically demanding jobs and<br/>job dissatisfaction.<br/><br/>KPI<br/>Having set a target on the maximum number of working accidents<br/>per million working hours as well as on the minimum<br/>number of near-accidents reported per year and thereby focusing<br/>on eliminating risk areas before they turn into accidents<br/>has proven a successful strategy for reducing number<br/>of working accidents. These targets are set by the individual<br/>sites to reflect their individual safety awareness.<br/><br/>A job satisfaction survey is regularly carried out among all<br/>employees. The survey results in an overall job satisfaction<br/>score and provides us with the possibility of monitoring developments<br/>in the area.<br/><br/>Performance<br/>It is highly satisfactory to note that working accidents are at its lowest ever<br/>frequency which is attributed to the focused activities in eliminating risk factors<br/>in production prior to them developing into accidents. The positive development<br/>has mainly taken place in our Danish and Baltic production sites and as<br/>illustrated, the safety culture of our 2018 acquisitions needs to be addressed.<br/><br/>Focus in coming years will be on gaining most possible insights from our nearaccidents<br/>by using root causes analysis to decrease the number of accidents and<br/>especially to enforce same focus at our acquired businesses in France and Italy.<br/><br/>Reported numbers do not include accidents in the sales<br/>organization, as these are not registered structurally like in the<br/>producttion area. This will be changed during 2019.<br/><br/>Environmental and climate impact<br/><br/>§ Policy<br/>It has always been in the DNA of Royal Unibrew to reduce<br/>environmental and climate impact as much as possible and<br/>to be fully compliant with environmental legislation. We do<br/>that by closely following both legislation and stakeholdersâ<br/>requirements, and by developing and improving our products<br/>and production, by training our employees and through a<br/>dialogue with our stakeholders.<br/><br/>The major production sites of the Group must be certified<br/>under the ISO 14001 environmental management standard.<br/><br/>Activities<br/>In 2018, we continued our efforts to continuously reduce Royal<br/>Unibrewâs environmental footprint, primarily targeted by:<br/><br/>⢠Reduction of energy and water consumption and waste<br/>water discharge<br/>⢠Reduction of wastage of raw materials, semi-manufactured<br/>products, containers and packaging<br/>⢠Waste recycling and reduction of resource consumption<br/>⢠Decreasing usage of packaging materials and increase<br/>of usage of recycled materials<br/>⢠Increase of utilization rates on both primary and secondary<br/>transportation<br/>⢠Reduction overall CO2 footprint<br/>In spring 2018 Terme di Crodo was ISO 14001 certified as an<br/>independent entity.<br/><br/>Royal Unibrewâs compliance with environmental legislation is<br/>regularly verified, including legislation relating to waste water<br/>discharge, noise reduction and waste management. Environmental<br/>risks factors are monitored locally at our production<br/>sites to ensure compliance with standards and to ensure fast<br/>and efficient corrective actions if required.<br/><br/>! Risk<br/>The key environmental risks derived from Royal Unibrewâs<br/>production are unintentional discharge of waste water/<br/>chemicals or coolants as well as high CO2 emission due to<br/>non-optimal operations.<br/><br/>The packaging materials and in particular containers used for<br/>our products are generally the largest contributor to our climate<br/>impact (the carbon footprint), thus we constantly strive<br/>to optimize our containers. For PET bottles that means reducing<br/>weight of each container as well as increasing amount of<br/>recycle PET used (thereby minimizing amount of virgin PET<br/>used). Remembering that full returnable systems are on place<br/>in all our Northern European operation.<br/><br/>Moreover, there is a risk of local water resources being exploited<br/>beyond their capacity.<br/><br/>KPI<br/>Total energy and water consumption per hectoliter production<br/>is measured and reported on a monthly basis. Based on the<br/>development in these KPIs, the effect of our environmental<br/>work is monitored and our efforts in the individual areas are<br/>adjusted.<br/><br/>With respect to packaging materials we constantly monitor<br/>quantities and challenge our selves and suppliersâ feasible<br/>improvements. E.g. we are steadily increasing usage of recycled<br/>PET in our PET bottles, and from a base of 19,2% in<br/>2018 of recycled PET in the Danish production we are aiming<br/>for a recycle PET fraction of at least 50% on average of our<br/>PET bottles in 2021.<br/><br/>Performance<br/>Excluding the companies acquired in 2018, the results on both<br/>specific energy and water consumption continued to develop<br/>satisfactory. However, when including Lorina and Terme di<br/>Crodo performance is not positive compared to 2017.<br/><br/>In 2019, there will be strong focus on the newly acquired businesses,<br/>among other things, through a significant upgrade<br/>of the waste water systems in France. Having said that, also<br/>Albani Brewery in Denmark has seen an increased water<br/>consumption, which primarily is derived from higher complexity<br/>caused by the micro-brewery as batches are smaller<br/>and thereby require more water per hectoliter than normal<br/>mainstream batch sizes. In 2019, the focus will unchanged<br/>be on a like for like comparison to reduce energy and water<br/>consumption per produced HL.<br/><br/>Energy:<br/>75.4 MJ per hectoliter before considering acquisitions is 3.3%<br/>lower than the level in 2017. When we include the new sites,<br/>the improvement is reduced to 2,1% in the overall energy consumption<br/>with 76.4 MJ per hectoliter produced. Continues improvement<br/>and installation of new and less energy consuming<br/>equipment is the key reason for the development. For 2019,<br/>we will strive to reduce relative consumption even further.<br/><br/>Water:<br/>Excluding acquisitions made in 2018 we improved performance<br/>on water consumption by realizing a 1.3% reduction<br/>to 3.07 hectoliters per hectoliter produced. When including<br/>acquisitions water consumption become 3.27 hectoliters per<br/>hectoliter produced.<br/><br/>Many projects have supported our strong focus on reducing<br/>our carbon footprint development in 2018 and more to come<br/>in 2019:<br/><br/>⢠New can filler at Faxe, Denmark (2018)<br/>⢠Weight reduction of cans (Starcan) (2018)<br/>⢠Weight reduction of PET-bottles and short capping<br/>(in 2018 and to be continued in 2019)<br/>⢠Increase fraction of recycle material in PET bottles<br/>(in 2018 and to be continued in 2019)<br/>⢠Installation of filter line in Faxe, Denmark (2018)<br/>⢠Optimization of product changeovers and CIP-processes<br/>(to be continued in 2019)<br/>⢠Installation of new CIP system, Italy (2019)<br/>⢠New can filler and seamer, Italy (2019)<br/>⢠New glass bottle filler at Albani, Denmark (2019)<br/>⢠Replacement of older distribution vehicles classified at<br/>EURO 3 and 4 levels by new ones classified at EURO 6<br/>level, Denmark (In 2018 and to be continued in 2019)<br/>⢠Replacement of old light sources by new energy-efficient<br/>LED light sources (in 2018 and to be continued<br/>in 2019)<br/>⢠Insourcing of warehousing activities, France (2019)<br/><br/>The positive development in energy consumption is mainly driven<br/>by our lage production units in Faxe and Lahti, but even when<br/>including new acquisitions performance is record low.<br />We will save 75% of energy consumptions<br/>for IT infrastructure in Faxe<br/><br/>During 2019, we will replace large parts of our group<br/>IT infrastructure with the newest available technology,<br/>which will create significant developments benefiting<br/>both Royal Unibrew and the environment.<br/><br/>Already from the beginning of the project it was decided that<br/>our new servers, storages, cooling equipment, network and<br/>UPS should contribute to minimizing our carbon footprint<br/>via low energy consumptions as well meeting both financial<br/>and technical performance requirements â and our decision<br/>criteria included all these aspects.<br/><br/>Saved electricity consumption is at least 200.000 kWh per<br/>year, and calculations have been done and verified by external<br/>certified energy consultants. The reduced energy consumption<br/>equals 39 tons of CO2 per year â that is in level with the<br/>emissions from 20 private cars.<br/><br/>Forward-looking we will aim at upgrading our IT infrastructure<br/>at least once every four to five years, as this supports<br/>further reductions of our energy consumptions.<br/><br/>All material and waste streams are fully utilized<br/><br/>At Royal Unibrew we have always been aware that<br/>the sourcing, production and logistic processes in our<br/>industry contain clear opportunities for minimizing and<br/>optimizing our potential negative footprints on our nearby<br/>surroundings, on climate change, on environmental<br/>issues and on other parameters.<br/><br/>During many years we have been addressing these issues and<br/>we have made continuous improvements â which have benefited<br/>all stakeholders to whom Royal Unibrew have relations.<br/><br/>The excess materials from the beer brewing process like<br/>spent grain and surplus yeast, are sold to business partners,<br/>to be used as basic animal food. Both spent grain and excess<br/>yeast contains large amounts of e.g. proteins, minerals and<br/>vitamins which forms basis for nutritious feeding for animals.<br/>Royal Unibrew is always looking for the most optimal way of<br/>using these by-products.<br/><br/>While always striving to minimize extract losses, our waste<br/>water unavoidably contains lesser amounts of extract which at<br/>our larger breweries is used in anaerobic waste water plants<br/>to generate biogas and ultimately electricity, being exported<br/>and replacing fossil fuel-based electricity.<br/><br/>During beer production, the sweet wort is boiled for a period<br/>â traditionally wort boiling has been one of the big consumers<br/>of energy in the brewery. Over the years much effort has been<br/>done to minimize amount of boiling while at the same time<br/>optimizing the recovery of energy contained in the water vapors<br/>being boiled off. This recovered energy is used internally<br/>for room heating, process heating, or it is exported to the<br/>municipality driven district heating systems â this contributes<br/>positively to addressing the fight against climate change as it<br/>reduces the need for separate additional heating production.<br/><br/>In the level of 2/3 of the needed amount of CO2 for infusion<br/>into beverage products in our Faxe/Denmark manufacturing<br/>site is recovered from our own manufacturing installations,<br/>which also in this case reduces the need for producing CO2<br/>separately for this purpose.<br/><br/>Light-weighting our product packaging<br/><br/>Light-weighting packaging materials is an on-going<br/>journey in our industry. In Royal Unibrew we see<br/>light-weighting as one of our important contributions<br/>to ensuring a reduced environmental footprint.<br/><br/>The benefits of light-weighting our finished product packaging<br/>(as e.g. cans, glass bottles and plastic bottles) is twofold. The<br/>less material volumes we can use in each finished product<br/>packaging, the less we, as a responsible brewery, are impacting<br/>the environment, alongside that by lower weight the<br/>more we can put on the distribution vehicles<br/><br/>Using less raw materials is an area of continuous efforts for<br/>both us and our suppliers. Some initiatives are initiated by<br/>us, some in close cooperation with the suppliers, and some<br/>initiatives are initiated solely by the suppliers.<br/><br/>Less raw material volumes typically lead to thinner material<br/>for the finished products packaging, which decreases the material<br/>tolerances together with increasing the requirements<br/>for calibrating and controlling the production process, logistic<br/>installations, transportations etc.<br/><br/>Examples of the results from our light-weighting initiatives<br/>are:<br/><br/>- Plastic bottles (raw material PET): Each bottle light-weighted<br/>app. 20 % during last ten years avoiding app. 2,000 tons<br/>of raw materials per year in 2018.<br/><br/>- Cans (raw material aluminum): Each can light-weighted<br/>app. 4.5 % during last ten years avoiding app. 769 tons of<br/>raw materials per year in 2018.<br/><br/>Installing new high efficiency filters<br/><br/>At Royal Unibrew we have focus on using best suitable<br/>technologies wherever in our manufacturing processes it<br/>contributes to creating value and efficiencies. The filter<br/>solutions used for producing beer are among the areas<br/>we have addressed through significant upgrades.<br/><br/>During 2018 we have installed filter solutions at our Faxe,<br/>Denmark, site based on membrane technology, replacing<br/>a previous kieselguhr filter solution. The membrane filters<br/>are reused many times and damaged filters can be repaired,<br/>which is a clearly optimized process compared to the onetime<br/>use of the kieselguhr materials. Similar technology was<br/>installed in Lahti, Finland, a couple of years ago.<br/><br/>The modern membrane solutions bring a number of other<br/>positive impacts â including reducing Royal Unibrewâs contribution<br/>to virgin extraction of raw materials and the transportation<br/>of kieselguhr over long distances, reducing the need<br/>for manual lifting of equipment and materials at our sites,<br/>reducing the amounts of dust in the production areas and<br/>reducing the need for disposal of used kieselguhr.<br/><br/>Also, our new filter solutions have reduced the production<br/>loss in the filtration area by up to 75 % - which is a positive<br/>impact both on the economic and environmental agenda.<br />Financial and business matters<br/><br/>Anti-corruption<br/><br/>§ Policy<br/>Royal Unibrew works against all forms of corruption, including<br/>extortion and bribery. Our activities must always be in compliance<br/>with existing anti-corruption legislation, irrespective of<br/>geographical area.<br/><br/>According to Royal Unibrewâs Ethics Policy, our employees are<br/>not allowed to offer or accept bribes or any improper payments<br/>for personal or corporate gain. Disciplinary actions will be<br/>taken if an employee is involved in bribery.<br/><br/>Royal Unibrewâs business relations with key suppliers and<br/>partners are subject to requirements for compliance with anti-<br/>corruption legislation at the same level as Royal Unibrewâs<br/>compliance.<br/><br/>Activities<br/>All new employees receive Royal Unibrewâs Ethics Policy in<br/>connection with their introduction to Royal Unibrew. In 2018,<br/>all employees with responsibility for sales in areas outside the<br/>EU were individually trained in Royal Unibrewâs Ethics Policy<br/>when joining the Company, and annual training is made of all<br/>these employees.<br/><br/>Requirements for compliance with anti-corruption rules corresponding<br/>to Royal Unibrewâs Ethics Policy have been incorporated<br/>into all new agreements with distributors and key suppliers<br/>in 2018, who are required to comply herewith. Follow-up on<br/>the compliance with the anti-corruption rules was performed<br/>at status meetings with distributors and key suppliers.<br/><br/>! Risk<br/>Royal Unibrew is exposed to non-compliance with anti-corruption<br/>legislation through employeesâ, suppliersâ and partnersâ<br/>violations, and is also exposed to potential legal and financial<br/>implications of such non-compliance.<br/><br/>KPI<br/>It is Royal Unibrewâs objective to avoid any violation of the<br/>anti-corruption rules internally as well as with its external<br/>partners.<br/><br/>Performance<br/>Royal Unibrew did not note any violations of Royal Unibrewâs<br/>anti-corruption rules in 2018.<br/><br/>Competition<br/><br/>§ Policy<br/>Royal Unibrewâs business must always be conducted in full<br/>compliance with existing local and international competition<br/>law; irrespective of the place of operation.<br/><br/>Royal Unibrewâs competition law compliance program comprises<br/>a manual and guidelines, and includes regular training<br/>and follow-up towards relevant employees, e.g. through<br/>regular internal controls.<br/><br/>Activities<br/>As part of Royal Unibrewâs competition law compliance program,<br/>we continued monitoring developments in competition<br/>law and updated our compliance program in 2018. Moreover,<br/>in 2018 we carried on our continuous training of executives<br/>and sales and purchasing staff in applicable rules, performed<br/>regular, internal controls and ensured compliance with the<br/>competition rules in connection with negotiating and entering<br/>into contracts.<br/><br/>! Risk<br/>Royal Unibrew is exposed to non-compliance with competition<br/>law through employeesâ violations of the competition rules<br/>in the countries in which Royal Unibrew sells and distributes<br/>its products.<br/><br/>KPI<br/>It is Royal Unibrewâs objective to avoid any violation of the<br/>competition rules.<br/><br/>Performance<br/>Royal Unibrew did not note any violations of competition law<br/>in 2018.<br/><br/>Tax policy and tax payment<br/><br/>§ Policy<br/>Royal Unibrew operates in a number of predominately European<br/>countries and is therefore subject to both national<br/>and international tax rules. At the same time, the nature of<br/>Royal Unibrewâs business implies that both direct and excise<br/>duties are paid in the individual markets. Through its tax payments,<br/>Royal Unibrew contributes positively to society in the<br/>respective countries â as it does by creating jobs and using<br/>predominately local suppliers.<br/><br/>The following general principles apply to Royal Unibrewâs<br/>management of tax issues:<br/><br/>⢠Royal Unibrew pays taxes on its activities in the countries<br/>in which the activities are carried out, and no<br/>special tax structures for the purpose of tax optimization<br/>are applied.<br/>⢠Royal Unibrew always endeavors to live up to national<br/>and international tax legislation and sets out to enter<br/>into an open and constructive dialogue with the tax<br/>authorities.<br/>⢠Royal Unibrew has an internal organization which monitor,<br/>and control procedures designed to ensure compliance<br/>with tax legislation.<br/>⢠Royal Unibrew wants to communicate openly and fairly<br/>about its tax policy and tax payments.<br/><br/>! Risk<br/>Mismanagement of tax issues may lead to a negative image<br/>with investors and business partners in general and may lead<br/>to higher tax costs.<br/><br/>Activities<br/>In 2018, Royal Unibrew updated its processes and documentation<br/>of tax legislation compliance in all the countries in which<br/>the Company operates.<br/><br/>Performance<br/>Royal Unibrew was not involved in any cases of non-compliance<br/>with tax legislation in 2018.<br/><br/>In 2018, the effective tax rate was 22% of profit for the year<br/>(2017: 21%). Royal Unibrew paid corporation tax of DKK 251<br/>million on its operating activities (2017: DKK 246 million). In<br/>addition to that, Royal Unibrewâs activities generate other<br/>considerable tax payments, including excise duties on beer,<br/>mineral water and other items, VAT, personal taxes and social<br/>security contributions. The total contribution through taxes in<br/>2018 amounted to DKK 5.0 billion (2017: 4.7. billion). Primarily,<br/>the increase in tax contribution relates to changes in excise<br/>duties and VAT. Moreover, the acquisitions and the positive<br/>result for the group also resulted in higher company taxes.<br/><br/>TOTAL TAX CONTRIBUTION 2018<br/>The total contribution through taxes in 2018 amounted to DKK 5.0<br/>billion (2017: 4.7 billion). Primarily, the increase in tax contribution<br/>relates to changes in excise duties and VAT.<br/><br/>Moreover, the acquisitions and the positive result for the group also<br/>resulted in higher company income taxes.<br/><br/>Consumer affairs<br/><br/>§ Policy<br/>In countries where Royal Unibrew holds significant market<br/>positions and where beverage associations are well functioning<br/>we are active members in those. Among others, we support<br/>The Brewers of Europeâs views and initiatives concerning<br/>responsible alcohol consumption and complies with the rules<br/>on responsible marketing and consumption of beverages. We<br/>are very aware of the risk, internally and with our customers,<br/>of our alcoholic and/or calorie rich products being abused or<br/>over-consumed.<br/><br/>Royal Unibrew wants to offer a wide range of products including<br/>no sugar/low sugar and no/low alcohol content alternatives.<br/><br/>Activities<br/>Royal Unibrew contributed actively towards responsible marketing<br/>and consumption of beverages in 2018.<br/><br/>In 2018, Royal Unibrew continued its existing practice of subjecting<br/>marketing material to the approval of the Companyâs<br/>in-house counsel and of including requirements for compliance<br/>with marketing rules in all agreements with external partners<br/>such as distributors and advertising agencies. Moreover, employees<br/>engaged in the marketing of the Groupâs products were<br/>trained in existing marketing legislation in 2018.<br/><br/>Royal Unibrew continued in 2018 to assume responsibility<br/>for preventing abuse problems among its employees and,<br/>through sponsorships, supports a large variety of sports and<br/>health initiatives nationally, regionally as well as locally. In<br/>2018, we launched many new products with a low alcohol<br/>content like Royal Organic 2,3%, Heineken 0,0% as well as<br/>low alco craft beer. Within the soft drink space we launched<br/>many new products with lower calorie content or no calories<br/>like for Hartwall Jaffa. Our sold calories per liter to the Danish<br/>consumers have e.g. declined 13% during the last 10 years.<br/><br/>! Risk<br/>Any non-compliance with the legislation governing the marketing<br/>of its products continuously exposes Royal Unibrew to<br/>criticism from regulatory authorities, adverse press coverage,<br/>fines, etc.<br/><br/>KPI<br/>It is Royal Unibrewâs objective to avoid any violation of marketing<br/>legislation.<br/><br/>We will monitor average calorie per liter and secure an ongoing<br/>decline without suffering on the taste promise.<br/><br/>Performance<br/>No violations of marketing legislation were noted in 2018.</mrv:StatementOfCorporateSocialResponsibility><mrv:CorporateGovernanceReport contextRef="duration_CY_C_only">Royal Unibrew has focus on running its business and<br/>designing its management systems in accordance with the<br/>updated Recommendations for Corporate Governance of<br/>23 November 2017. The objective is to ensure that Royal<br/>Unibrew meets its obligations to shareholders, customers,<br/>employees, authorities and other stakeholders in the best<br/>possible way and that long-term value creation is pursued.<br/><br/>The recommendations of the Committee on Corporate Governance,<br/>current legislation and regulation in the area, best<br/>practice and internal rules provide the framework for Royal<br/>Unibrewâs corporate governance in a transparent and responsible<br/>fashion.<br/><br/>Royal Unibrew complies with the Corporate Governance Recommendations<br/>with two exceptions as described below.<br/>Royal Unibrewâs website http://investor.royalunibrew.com/<br/>corporate-governance provides a detailed description of the<br/>Board of Directorsâ approach to the Corporate Governance<br/>Recommendations issued by the Committee on Corporate<br/>Governance.<br/><br/>Royal Unibrew complies with the Corporate Governance<br/>Recommendations issued by the Committee on Corporate<br/>Governance with two exceptions:<br/><br/>Disclosure of the remuneration policy (recommendation<br/>4.2):<br/>The Committee recommends that the total remuneration<br/>granted to each member of the Board of Directors and<br/>the Executive Board by the company and other companies<br/>in the group, including information on the most important<br/>contents of retention and retirement/resignation<br/>schemes, be disclosed in the annual report and that the<br/>linkage with the remuneration policy be explained. Further,<br/>it is recommended to disclose a remuneration report<br/>on the companyâs website.<br/><br/>The remuneration of members of the Board of Directors<br/>is disclosed in the section âRemunerationâ. Disclosure<br/>of the remuneration of the individual members of the<br/>Executive Board is not at present considered material to<br/>stakeholdersâ assessment. For detailed information on<br/>the Remuneration Policy of the Board of Directors and<br/>the Executive Management, we refer to pages 43 and 44<br/>of this Annual Report as well as Note 5. The remuneration<br/>of the Executive Board is considered in line with that of<br/>peer companies. The remuneration of the Executive Board<br/>is in accordance with the remuneration policy.<br/><br/>Whistleblower scheme (recommendation 5.2):<br/>The Committee recommends the Board of Directors to<br/>establish a whistleblower scheme for expedient and confidential<br/>notification of possible or suspected wrong doing.<br/><br/>As part of Royal Unibrewâs Ethics Policy, employees have<br/>been given the opportunity to report violations or suspicion<br/>of violations confidentially to the Legal Department.<br/><br/>Shareholder and stakeholder relations<br/>Royal Unibrewâs Management wants and works actively to<br/>maintain good and transparent communication and dialogue<br/>with its shareholders and other stakeholders. The Company<br/>believes that a high level of transparency in the communication<br/>of information on the Companyâs development supports the<br/>Companyâs work and a fair valuation of the Companyâs shares.<br/>The Groupâs openness is limited only by the duties of disclosure<br/>of Nasdaq Copenhagen A/S and by competitive considerations.<br/><br/>The dialogue with and communication to shareholders and<br/>other stakeholders take place by the issuing of Annual and Interim<br/>Reports and other announcements communicated by the<br/>Company via audio casts, meetings with investors, analysts and<br/>the press. Annual and Interim Reports and other announcements<br/>are available at Royal Unibrewâs website immediately<br/>after being published. Our website also includes material used<br/>in connection with investor presentations and audio casts.<br/><br/>According to the Articles of Association of the Company, General<br/>Meetings shall be convened not more than five weeks and<br/>not less than three weeks prior to the General Meeting. It is an<br/>objective to formulate the notice convening the meeting and the<br/>agenda and to give shareholders an adequate presentation of<br/>the business to be transacted at the General Meeting. Proxies<br/>are limited to a specific General Meeting and are formulated<br/>also to allow absent shareholders to give specific proxies for<br/>individual items of the agenda â either to the Board of Directors<br/>or to a person attending the General Meeting. All documents<br/>relating to General Meetings are published at Royal Unibrewâs<br/>website.<br/><br/>Each share of a nominal value of DKK 2 entitles the holder<br/>to one vote. Royal Unibrewâs shares are not subject to any<br/>restrictions of voting rights, and the Company has only one<br/>class of shares.<br/><br/>All shareholders may submit proposals for resolutions to the<br/>Board of Directors to be considered at the Annual General<br/>Meeting; such proposals for resolutions are to be received by<br/>the Board of Directors no later than six weeks prior to the date<br/>of the Annual General Meeting.<br/><br/>Board of Directors<br/>The Board of Directors oversees the company's overall strategy<br/>and supervises the organizational, financial and performance<br/>management of the Company as well as continuously evaluates<br/>the work performed by the Executive Board on behalf of the<br/>shareholders.<br/><br/>The Board of Directors performs its tasks in accordance with<br/>the Rules of Procedure of the Company governing the Board<br/>of Directors and the Executive Board. These Rules of Procedure<br/>are reviewed and updated regularly by the full Board of<br/>Directors.<br/><br/>The Board of Directors usually meets for six annual ordinary<br/>board meetings, of which at least one focuses on the Companyâs<br/>strategy and prospects and one takes place in a market in<br/>which the Company operates. In addition, the Board members<br/>meet when required. In 2018, nine board meetings were held<br/>and the following absentees were noted:<br/><br/>Ingrid Jonasson Blank 1 time absent<br/>Hemming Van 1 time absent<br/><br/>The Board of Directors has established the following committees:<br/><br/>Nomination and Remuneration Committee<br/>The committee consists of the Chairman and the Deputy Chairman<br/>of the Board of Directors. In 2018, the primary activities of<br/>the committee were the preparation of the annual evaluation<br/>of the Board of Directors, the selection and nomination of potential<br/>new candidates for the Board of Directors, the overall<br/>succession planning of the Board of Directors and the Executive<br/>Board as well as the assessment and recommendation<br/>of remuneration of the Board of Directors and the Executive<br/>Board. The committee held nine meetings in 2018.<br/><br/>Audit Committee<br/>Until August 2018, the collective Board of Directors had undertaken<br/>the Audit Committee tasks jointly. This should be viewed<br/>in light of the Companyâs size and complexity until then. In the<br/>light of the growth of the company and in the context of increasing<br/>demands on reporting, governance and compliance, it was<br/>decided to install an Audit Committee. Hence, Royal Unibrew<br/>now complies with recommendation 3.4 from the Committee<br/>on Corporate Governance. The committee consists of a Chairman<br/>(Lars Vestergaard) and a member (Christian Sagild). It is<br/>the Audit Committee's objective to secure quality and integrity<br/>in the Companyâs presentation of Financial Statements, audit<br/>and financial reporting. Further, the Audit Committee monitors<br/>accounting and reporting processes, the audit of the Companyâs<br/>financial reporting, risk issues and the external auditorâs<br/>performance and independence.<br/><br/>Moreover, the Audit Committee will assess and recommend<br/>to the Board of Directors re-election of external auditors. The<br/>external auditor has participated in three meetings of the<br/>Board of Directors in connection with the Board of Directorsâ<br/>performance of Audit Committee tasks. The committee held<br/>one meeting in 2018.<br/><br/>Evaluation of the work of the Board of Directors<br/>Evaluation of the work of the Board of Directors takes place<br/>annually. The evaluation focuses on ensuring that the Board<br/>of Directors (as a body) has expertise and experience within<br/>Fast Moving Consumer Goods (FMCG), production, sales and<br/>marketing of brands globally and in business-to-business markets,<br/>strategic and general management and within economic,<br/>financial and capital market issues including those relating to<br/>listed companies. The evaluation is facilitated by the Chairman<br/>of the Board of Directors. For this purpose, the Chairman<br/>receives written replies to a questionnaire distributed to all<br/>members of the Board. The findings of the evaluation are presented<br/>and discussed at a meeting of the Board of Directors.<br/><br/>Going forward, the Board of Directors has decided to have an<br/>external consultant involved in the evaluation at least every<br/>third year.<br/><br/>Both the performance of the Executive Board and the cooperation<br/>between the Board of Directors and the Executive Board<br/>are evaluated annually as a minimum.<br/><br/>Composition of the Board of Directors<br/>When composing the Board of Directors, we emphasize that<br/>the members have the competences required. The Board of<br/>Directors assesses its composition annually, ensuring that the<br/>combined competences and diversity of the members match<br/>the Groupâs activities.<br/><br/>Candidates for the Board of Directors are recommended for<br/>election by the General Meeting supported by motivation in<br/>writing by the Board of Directors as well as a description of the<br/>recruiting criteria. The individual membersâ competences and<br/>credentials are described in the below section on the Board of<br/>Directors and the Executive Board. In the section above on the<br/>Board of Directorsâ resolutions and proposed resolutions for<br/>the AGM is a description of the qualifications relating to the<br/>two candidates for the Board of Directors that will be proposed<br/>for election by the Annual General Meeting. During the year<br/>2018 an exceptional five new Board members were elected,<br/>two thereof by the Denmark based employees and three were<br/>elected by the shareholders during the 2018 Annual General<br/>Meeting. Upon their election, the new Board members are<br/>introduced to the company through a focused program.<br/><br/>At present, the Board of Directors consists of seven members<br/>elected by the General Meeting and three members elected by<br/>the employees. Election of members by the employees takes<br/>place in compliance with the company law rules described at<br/>the Companyâs website. When joining the Board of Directors,<br/>the members elected by the employees are offered relevant<br/>training in serving on a board.</mrv:CorporateGovernanceReport><mrv:LinkToCorporateGovernanceReport contextRef="duration_CY_C_only">http://investor.royalunibrew.com/corporate-governance</mrv:LinkToCorporateGovernanceReport><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_C_only">A statement is made in accordance with section 99 b of the<br/>Danish Financial Statements Act.<br/><br/>Royal Unibrew aims to promote diversity from a conviction<br/>that diversity leads to cohesion. This includes an equitable<br/>representation of both genders, both within the Board of Directors<br/>as well as in our respective Management Teams and<br/>our workforce in general. This is based on a wish to strengthen<br/>the versatility and total competences of the business and to<br/>improve decision-making processes.<br/><br/>The international management team of Royal Unibrew â a total<br/>of 120 leaders â comprises 69% (2017: 70%) men and 31%<br/>(2017: 30%) women. Our target is a more balanced gender<br/>representation of at least 40% of each gender. When recruiting<br/>new executives, we prioritize identifying candidates of both<br/>genders without discrimination and see to encourage female<br/>candidatesâ interest in taking on managerial tasks.<br/><br/>Currently, the Board of Directors consists of three male Board<br/>members elected by the Denmark based employees and seven<br/>Board members elected by the Annual General Meeting. Five<br/>of those are Danish, two are non-Danish. It is the intend to<br/>nominate two selected female, non-Danish Board members<br/>during our upcoming Annual General Meeting on 25 April 2019<br/>in order to enhance our Board of Directors forum with qualified<br/>talent and more diverse expertise. Hemming Van, who has<br/>served our Board of Directors since 2004 with great energy<br/>and commitment, has decided not to run for re-election during<br/>our 2019 AGM and hence will leave our Board of Directors at<br/>that occasion.<br/><br/>We aim for the Board of Directors to consist of expert members<br/>who should, to the widest extent possible, complement each<br/>other in terms of age, background, nationality, gender, etc. with<br/>a view to ensuring a competent and versatile contribution to<br/>the board duties at Royal Unibrew. These matters are assessed<br/>when the Nomination and Remuneration Committee identifies<br/>new candidates for the Board of Directors, and it is an objective<br/>of the committee to identify both male and female candidates.<br/><br/>However, recommendation of candidates will always be based<br/>on an assessment of the individual candidatesâ competences<br/>and how they match Royal Unibrewâs needs and contribute to<br/>the overall efficiency of the Board.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><ifrs-dk:NetSales contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">7298086000</ifrs-dk:NetSales><ifrs-dk:NetSales contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">6384386000</ifrs-dk:NetSales><ifrs-dk:NetSales contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">3487410000</ifrs-dk:NetSales><ifrs-dk:NetSales 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contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition/sale of intangible assets and fixed asset investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition/sale of intangible assets and fixed asset investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition/sale of intangible assets and fixed asset investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11">Acquisition/sale of intangible assets and fixed asset investments</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-21863000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">456000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">-20945000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_11" decimals="-3" unitRef="DKK">317000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">-1621524000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">-218026000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">-467630000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">23263000</ifrs-full:CashFlowsFromUsedInInvestingActivities><ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">941991000</ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities><ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">949742000</ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities><ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">741895000</ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities><ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">890651000</ifrs-dk:FreeCashFlowsFromUsedInOperatingInvestingActivities><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">484090000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">507589000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">484090000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-dk:PurchaseSaleOfTreasuryAssets contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">507589000</ifrs-dk:PurchaseSaleOfTreasuryAssets><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">1215548000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">901274000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">992242000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">552389000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">421559000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">240000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">270631000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">240000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities><ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">450874000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities><ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">426527000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities><ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">450874000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities><ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_only" decimals="-3" unitRef="DKK">426527000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">New leasing facilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41">New leasing facilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Change in financing of subsidiaries</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_42">Change in financing of subsidiaries</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Repayment on leasing facilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_ConsolidatedAndSeparateFinancialStatementsAxis_ifrs-full_SeparateMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_43">Repayment on leasing facilities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_ifrs-dk_componentOfCashFlowsIdentifier_only_41" decimals="-3" 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unitRef="DKK">47186000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges><ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_CY_C_only" decimals="-3" unitRef="DKK">4118000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents><ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="duration_LY_C_only" decimals="-3" unitRef="DKK">353000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents></xbrli:xbrl>