Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2019-12-31 | 2694000000 | vEUR |
| ifrs-full:Assets | 2018-12-31 | 2431000000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/51497845/amNsb3VkczovLzAzLzY1LzI1LzA1L2Y5LzlhNDgtNDdhOC1hZTAwLWJlOWY5ZTcxNGEyNw.xml
Separator
The full data:
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sustainability</td></tr><tr><td colspan="1">Across the full range of our products and operations, ROCKWOOL is dedicated to sustainability. We strive to increase our positive impact in society and on peopleâs lives by maximising the use and benefits of using our products while minimising our operational footprint.</td></tr><tr><td colspan="1">We also recognise that operating with integrity and as a responsible business is equally important and underpins everything we do.</td></tr><tr><td colspan="1">The United Nations Sustainable Development Goals (SDGs) help steer ROCKWOOLâs ambitions. The Group is committed to 10 of the 17 SDGs, pursuing those goals where we can have the greatest impact and where they are most aligned with our business competencies.</td></tr><tr><td colspan="1">We have developed impact metrics to track our contributions to the SDGs, which includes setting non-financial goals reflecting key material issues within the companyâs operations that help drive improvements in our environmental and safety performance.</td></tr><tr><td colspan="1">We will continue to report on progress toward achieving our 2030 goals as well as several intermediate goals for 2022 in the 2019 Sustainability Report.</td></tr><tr><td colspan="1">In other words, ROCKWOOL is committed to delivering excellent long-term investment performance alongside environmental stewardship, ensuring that business decisions have a positive impact going beyond financial performance.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Climate change and energy efficiency</td></tr><tr><td /><td>Our products help save energy and combat climate change on a large scale and we will continue to work to increase positive climate impact even more, through new product innovation.</td></tr><tr><td /><td>We are committed to reducing the carbon intensity of our production and have set a goal to reduce carbon intensity by 20 percent by 2030 compared to 2015.</td></tr><tr><td /><td>In addition to capital investments, we focus on leadership, training, knowledge-sharing and awareness programmes to create a culture of continuous improvement in energy efficiency that will facilitate reaching our CO2 goal.</td></tr><tr><td /><td>Part of our decarbonisation commitment is to use, where feasible, less carbon-intensive fuels in ROCKWOOL production facilities. In May 2019, we announced a project to install electric melter technology at our production facility in Moss, Norway. The innovation project, a EUR 34 million investment, is in partnership with Enova, a public company owned by Norwayâs Ministry of Climate and Environment.</td></tr><tr><td /><td>Once it begins operations in H2 2020, CO2 emissions from the Moss facility are expected to decline 80 percent. It will be the largest electric melting furnace in the Group thus far and is expected to provide valuable learnings and experience for ROCKWOOL as we continue efforts to decarbonise operations.</td></tr><tr><td colspan="2">In 2019, ROCKWOOL signed on as a supporter for the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. We live up to these recommendations by disclosing climate-related risks, opportunities, targets and emissions to CDP and have initiated quarterly ESG calls with investment analysts to facilitate dialogue about those risks and opportunities, among other things.</td></tr><tr><td colspan="2">We also have a goal to improve energy efficiency in our non-renovated office buildings by 75 percent by 2030, compared to 2015. This is an ambitious but necessary goal that we are on our way to achieving. The deep renovation of our office in Gladbeck, Germany, designed to improve energy efficiency by more than 80 percent, is one example of an investment approved to support this goal and shows how our products can significantly improve energy efficiency of older buildings.</td></tr><tr><td colspan="2">Renovation is our preferred approach to reaching our energy efficiency targets. Deep renovation of our offices will reduce the use of resources and carbon emissions associated with demolition and new build. In some instances, the economic payback of a deep renovation may not be attractive, but we might choose to pursue it anyway because of the many other benefits it creates, such as creating healthier and safer work environments or achieving broader sustainability goals.</td></tr><tr><td colspan="2">Environmental management</td></tr><tr><td colspan="2">We continuously aim to minimise the impacts of our processes on people and the environment. When we are building new production facilities or expanding existing ones, we use state-of-the-art abatement technology.</td></tr><tr><td colspan="2">We conduct internal audits, and as part of our ISO certifications we are externally audited to improve the safety, health and environmental performance and awareness across the Group.</td></tr><tr><td colspan="2">By the end of 2019, 80 percent of our stone wool production facilities had at least one external certification within safety, health, environment or energy management and several were certified across all areas.</td></tr><tr><td colspan="2">Water and waste</td></tr><tr><td colspan="2">We have a goal to reduce waste from operations going to landfill by 85 percent by 2030 compared to 2015. In 2019, four new recycling plants were installed at our Asian and Russian factories. These investments are driving a significant reduction in the waste sent to landfill.</td></tr><tr><td colspan="2">The new electric melter in Moss, Norway will also have a significant effect on this target with an estimated reduction of up to 95 percent in waste to landfill for this site.</td></tr><tr><td colspan="2">We are implementing more systematic water management at all factories. In 2019, work continued with water mapping and installation of additional water metres. This will help drive progress on our Group Sustainability goal in 2030 to reduce water consumption per tonne of product by 20 percent compared to 2015.</td></tr><tr><td colspan="2">Reclaimed waste</td></tr><tr><td colspan="2">ROCKWOOL has a goal to offer recycling services for our products in 30 countries by 2030. We are also tracking our performance against an interim goal to have product recycling services in 15 countries by 2022.</td></tr><tr><td colspan="2">In 2018, we took a significant step forward, as we deployed product recycling programmes in five additional countries, bringing the total number of countries with a product recycling service programme to 10. In 2019, we began preparations to expand recycling services in additional countries.</td></tr><tr><td colspan="2">Stakeholder engagement</td></tr><tr><td colspan="2">ROCKWOOLâs factories are essential to the Groupâs success, as is maintaining constructive, positive relations in the communities around our facilities. This applies for greenfield and existing facilities. Our factories create local employment and investment in the host communities, and we always work to create and maintain positive relations with community members, their representatives, and other stakeholders.</td></tr><tr><td colspan="2">Health and Safety</td></tr><tr><td colspan="2">As an international industrial company, there is an inherent level of safety risk for all our employees, whether at production sites, in our offices or while traveling. We take the management of this risk seriously and continuously work to create safe and healthy work places and conditions for all employees and people working with us across the world.</td></tr><tr><td colspan="2">We have a goal of zero fatalities for people working with and for us and have an ambition to incrementally reduce the Lost Time Incident (LTI) rate by 10 percent every year. In 2019, we reduced our LTI rate by 17 percent.</td></tr><tr><td colspan="2">Sadly, in February, we experienced a fatal accident at the construction site for a new production facility in Romania. An employee from a local sub-contractor died in a fall from height. Following this accident, we increased supervision of subcontractors by direct personnel from ROCKWOOL, focusing on the daily contractor management process and sharing the findings with all production facilities.</td></tr><tr><td colspan="2">This is the second consecutive year we had a fatality following an accidental fall. In 2019, we put extra efforts into increasing awareness of our standards for working at heights and roof protection. All production facilities have created action plans for ensuring implementation of the standards, and an increased focus will be placed on working at heights during safety audits.</td></tr><tr><td colspan="2">In March 2020, ROCKWOOL Group will publish its Group Sustainability Report with detailed information on the Groupâs sustainability performance.</td></tr><tr><td colspan="2">Please go to www.rockwoolgroup.com/sustainability for more information.</td></tr><tr><td colspan="2">Sustainable operations</td></tr><tr><td colspan="2">While we make the most significant positive impact on sustainable development through the use of our products, it is just as important for us to achieve this while operating in a responsible and sustainable way.</td></tr><tr><td colspan="2">We have five operational goals across energy, climate, water, waste and safety to track our performance and keep us accountable to our customers, colleagues and communities. Our sixth goal, on reclaimed waste, is to set up recycling services in even more countries. Together, these six goals have been designed to drive progress on the SDGs by reducing the negative impact from operations on material issues.</td></tr><tr><td colspan="2">During the lifetime of its use, the building insulation we sold in 2019 will save more than 100 times the carbon emitted and energy consumed in its production*</td></tr><tr><td colspan="2">* including upstream emissions from extraction and transportation of raw materials</td></tr><tr><td colspan="2">Safety, health and wellbeing</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Reduce Lost Time Incident (LTI) frequency rate by 10% and ensure 0 fatalities annually.</td></tr><tr><td colspan="2">Water consumption</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Reduce water consumption intensity within our manufacturing facilities by 20% by 2030.</td></tr><tr><td colspan="2">Reclaimed waste</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Increase the number of countries to 30 where we offer recycling services for our products by 2030.</td></tr><tr><td colspan="2">Landfill waste</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Reduce landfill waste from our manufacturing facilities by 85% by 2030.</td></tr><tr><td colspan="2">CO2 emissions</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Reduce CO2 intensity from our manufacturing facilities by 20% by 2030.</td></tr><tr><td colspan="2">Energy efficiency</td></tr><tr><td colspan="2">Our goal</td></tr><tr><td colspan="2">Increase energy efficiency within own (non-renovated) offices by 75% by 2030.</td></tr><tr><td colspan="2">Bending the curve on carbon emissions</td></tr><tr><td colspan="2">The global imperative to act on climate change has never been more important. Cities are on the front lines â both as a source and as a key solution to a substantial part of the climate challenge.</td></tr><tr><td colspan="2">Although urban areas occupy only about three percent of the worldâs land surface, their carbon footprint is enormous and continues to grow as more people move to cities. Cities account for around 70 percent of the worldâs energy use and CO2 emissions, most of it from buildings. Reducing and decarbonising the energy consumption of new and existing buildings is therefore critical for tackling the climate challenge.</td></tr><tr><td colspan="2">The role of energy efficiency</td></tr><tr><td colspan="2">With growing populations and rising incomes, global primary energy use will likely double in this century. Effective management of the built environment is thus becoming increasingly important in reducing CO2 emissions.</td></tr><tr><td colspan="2">For cities, itâs an opportunity to lead a rapid transition toward more energy-efficient and climate-friendly buildings and make a major contribution to achieving the Paris Agreementâs climate goals.</td></tr><tr><td colspan="2">There are solutions readily available â the most important of which is energy renovation. Optimising the energy efficiency of existing buildings could provide up to 55 percent of GHG emission reductions needed to put cities on a 1.5°C pathway through 2030.</td></tr><tr><td colspan="2">Three different cities, one common solution</td></tr><tr><td colspan="2">While there is huge potential across all urban environments to drastically improve energy efficiency, the specific challenges facing individual cities can vary substantially. Take New York City, Copenhagen and Milan. Each is very different in terms of size, building stock and the main challenges related to urbanisation.</td></tr><tr><td colspan="2">What they have in common is they each see energy renovation of their building stock as a major part of the climate solution. And, municipal leaders in these cities realise that in addition to energy and climate benefits, there are also multiple social and economic benefits to building renovation</td></tr><tr><td colspan="2">â they just need help calculating them.</td></tr><tr><td colspan="2">Counting the benefits of renovation</td></tr><tr><td colspan="2">Thatâs where we come in. ROCKWOOL and the C40 have developed a toolkit that enables cities to calculate the environmental, social and economic benefits of energy renovation â and to show that renovating for energy efficiency is highly cost-effective.</td></tr><tr><td colspan="2">With this tool, urban stakeholders can make a stronger case for energy renovation, facilitate a better dialogue with partners to unlock funding, and more rapidly scale up energy renovation actions.</td></tr><tr><td colspan="2">Particularly when preparing city-led renovation programmes, the additional positive benefits can be instrumental in gaining buy-in from multiple public and private stakeholders.</td></tr><tr><td colspan="2">Our hope is that the toolkit will contribute to accelerating building renovation rates in C40 cities and elsewhere â to the benefit of local populations as well as the global environment.</td></tr><tr><td colspan="2">Small foot, big print</td></tr><tr><td colspan="2">Cities cover ~ 3% of Earthâs land surface but account for ~ 70% of energy and CO2 emissions</td></tr><tr><td colspan="2">What if we renovated entire cities?</td></tr><tr><td colspan="2">Milan, New York and Copenhagen. Three iconic and very different cities that share a common goal: reducing their environmental impact while continuing to bi attractive places to live, work and play.</td></tr><tr><td colspan="2">All three cities tested the ROOCKWOOL/C40 renovation toolkit to investigate what deep renovation could accomplish in terms of economic, social and environmental benefits. The data from these pilots was then extrapolated to estimate what the impacts would be at a larger scale.</td></tr><tr><td colspan="2">These early results are encouraging. And the âwhat ifâ scenarios of large scale investments indicate the potential economic, social and environmental impacts of energy renovation in these cities are substantial.</td></tr><tr><td colspan="2">To learn more about the pilots conducted in these cities and the results, the full report will be available in March via this link: www.c40knowledgehub.org/s/article/The-Multiple-Benefits-of-Deep-Retrofits-A-toolkit-for-cities.</td></tr><tr><td colspan="2">New York pilot</td></tr><tr><td colspan="2">Renovation of 23 schools</td></tr><tr><td colspan="2">1000+ jobs created</td></tr><tr><td colspan="2">42% GHG emissions</td></tr><tr><td colspan="2">42% Energy costs per year</td></tr><tr><td colspan="2">What if?</td></tr><tr><td colspan="2">Renovation of 700 schools</td></tr><tr><td colspan="2">up to 50000 Jobs created</td></tr><tr><td colspan="2">318000 tCO2 GHG emissions avoided per year</td></tr><tr><td colspan="2">USD 100m Energy cost savings per year</td></tr><tr><td colspan="2">Business integrity</td></tr><tr><td colspan="2">Our Code of Conduct serves as our most important instrument to communicate and provide guidance on ROCKWOOL Groupâs way of doing business with integrity. The Code of Conduct includes Group policies related to anti-corruption, gifts and hospitality, conflict of interest, competition law, data privacy, human rights and labour rights, health and safety, and environment.</td></tr><tr><td colspan="2">As part of the enrolment package, new employees are asked to complete the Code of Conduct e-learning to focus attention from the outset on the importance of the Code of Conduct.</td></tr><tr><td colspan="2">Beginning 2019, approximately 6,000 targeted employees concluded the new Code of Conduct e-learning. The focus of the e-learning was on ethical behaviour in the workplace, anti-corruption (including our new gift and hospitality policy), conflict of interest and how to report concerns. The e-learning programme was well-received by employees and will be repeated in 2020/21.</td></tr><tr><td colspan="2">Also in 2019, as part of the Code of Conduct awareness programme, face-to-face training in competition law was organised by local ROCKWOOL companies in local languages. The awareness training complemented the competition law e-learning concluded in 2018.</td></tr><tr><td colspan="2">Tackling corruption</td></tr><tr><td colspan="2">ROCKWOOL Group has zero tolerance towards any kind of fraud, corruption, bribery and facilitation payments. The anti-corruption policy also applies to suppliers, agents and other third-parties. In 2019 a new policy on the use of agents was adopted. The focus was on compliance in relation to U.S. Foreign Corrupt Practices Act and the UK Bribery Act. Use of agents and compliance with the policy will form part of the internal audits.</td></tr><tr><td colspan="2">In 2018, the Group adopted a new policy and manual on gifts and hospitality. It concerns the appropriate use of gifts and hospitality and respecting the required approval levels. In 2019 a new gift and hospitality register was launched. Use of gifts and hospitality over a certain amount requires registration and approval by relevant management level. The register allows monitoring and reporting to the Integrity Committee on the use of gifts and hospitality in the Group.</td></tr><tr><td colspan="2">The 2018 initiative concerning anti-corruption and bribery training in four high-risk countries was completed in Q1 2019. It involved face-to-face training of employees in sales, marketing, procurement, finance, HR, and other departments.</td></tr><tr><td colspan="2">In 2019, we initiated the process of replacing our existing whistleblower system. Increased requirements in relation to data privacy and the use of new technologies warranted the replacement of the existing setup.</td></tr><tr><td colspan="2">Whistleblower system</td></tr><tr><td colspan="2">All employees are encouraged and required to report knowledge or suspicion of non-compliance with the ROCKWOOL Code of Conduct to management, the Group Integrity Officer or through the whistleblower procedure. We do not accept any form of negative employment consequences for employees reporting in good faith actual or suspected non-compliance.</td></tr><tr><td colspan="2">In 2019 a total of 13 cases were reported, compared to 15 in 2018. All reported integrity and whistleblower cases are investigated.</td></tr><tr><td colspan="2">The reported cases involved fraud, bribery, unethical behaviour or were related to SHE (safety, health and environment). Of the 13 cases, nine resulted in corrective actions ranging from dismissal of employees to changes in internal procedures.</td></tr><tr><td colspan="2">In relation to bribery, the two reported cases were attempts to bribe ROCKWOOL employees and were reported by the targeted employees themselves. This indicates that the focus on anti-corruption training has increased awareness. The new whistleblower system will simplify reporting of whistleblower cases for both employees and third parties and allow reporting of cases in local language via the web or mobile app.</td></tr><tr><td colspan="2">The Management and our Group Integrity Officer continue to promote and increase the awareness and knowledge of business ethics and the whistleblower arrangement in ROCKWOOL Group, using tools like the new e-learning course.</td></tr><tr><td colspan="2">The Audit Committee is informed about all integrity and whistleblower cases. To create awareness of unethical behaviour and underline the Groupâs zero-tolerance policy, a summary of integrity cases is communicated to all employees on Group intranet to make sure that we learn from past mistakes and breaches.</td></tr><tr><td colspan="2">Respecting human rights</td></tr><tr><td colspan="2">In 2019 we continued to scrutinise our internal processes with respect to due diligence of human rights in our supply chain.</td></tr><tr><td colspan="2">Supply chain due diligence</td></tr><tr><td colspan="2">We acknowledge there is a risk connected with the categories and countries we engage with in terms of compliance with international, national and local laws and guidelines relating to employment, environmental and manufacturing practices as well as ethics and bribery, particularly in relation to sustainable sourcing.</td></tr><tr><td colspan="2">ROCKWOOLâs Supplier Code of Conduct is designed to mitigate this risk by explaining our expectations to the suppliers. Furthermore, ROCKWOOL Group expects our suppliers to enforce the same guidelines within their supply chain.</td></tr><tr><td colspan="2">Before becoming an approved supplier, new potential ROCKWOOL Group suppliers must register in our online supplier portal and either accept the ROCKWOOL Supplier Code of Conduct or upload their own code of conduct for our review and approval.</td></tr><tr><td colspan="2">During 2019, we evaluated the sustainability risk related to three overall areas: human rights and labour rights; environment; and anti-corruption and bribery across the countries in which we currently operate and the type of materials and services we procure. This has resulted in a risk matrix that we will use for assessing new suppliers as well as to re-assess existing suppliers.</td></tr><tr><td colspan="2">We expect to implement the new risk matrix in the existing population of suppliers within the identified high-risk categories in 2020.</td></tr><tr><td colspan="2">Privacy and data protection</td></tr><tr><td colspan="2">Privacy compliance is essential to gaining and maintaining the trust of our employees, customers and suppliers. A global data privacy organisation with a regional presence ensures support and governance.</td></tr><tr><td colspan="2">To enable our employees to act in accordance with their daily work requirements, our privacy compliance programme includes a privacy policy, a privacy manual and a handbook with guidelines for selected business areas as well as specialised templates and privacy notices. Additional e-learning has been targeted at employees in functions with highest potential risk.</td></tr><tr><td colspan="2">Our people</td></tr><tr><td colspan="2">Attracting and retaining talents</td></tr><tr><td colspan="2">Attracting and retaining the right employees with the right skills and mindset continues to be a focus area for ROCKWOOL Group. During 2019, we initiated several projects to further develop our ability to do just that, including updating the recruitment process and tools. Open positions are now posted at the Group website, and in 2020 we will ensure that we have a global onboarding process that supports the business in promoting the company culture, history and knowledge and further enables internal talent development. In addition, we are now globally aligned on our internal and external Employer Brand positions, including on the messaging we use to attract future employees and retain existing ones.</td></tr><tr><td colspan="2">Engaging our employees</td></tr><tr><td colspan="2">We are continuously striving to improve the engagement level of our employees. In 2019, we implemented a new way of conducting our annual Employee Engagement Survey, which enabled leaders across the Group to gain a better understanding of the engagement status and how to further improve this.</td></tr><tr><td colspan="2">The areas covered in the survey include: satisfaction and motivation, loyalty, immediate manager, senior management, co-operation, working conditions, job content, remuneration, learning and development and safety. New in 2019 was the fact that all employees â office-based as well as production-based â answered the same questionnaire online. The participation ratio across the Group was at an all-time high.</td></tr><tr><td colspan="2">The areas where we scored high in comparison to the external benchmarks are Loyalty, Reputation and Job content. Immediate manager scores vary substantially, with a big proportion of our employees being satisfied with their immediate manager, while still leaving room for improvement in the lowest quartile of managers.</td></tr><tr><td colspan="2">We can see that across the Group, we are slightly below the external High-Performance Norm benchmarks, though with some very positive and encouraging scores in certain areas of the organisation.</td></tr><tr><td colspan="2">Developing our people</td></tr><tr><td colspan="2">In ROCKWOOL, we offer targeted learning and development opportunities to our employees. In 2019, we nominated the third group of participants in the Operational Excellence Programme, now a well-established Group programme supporting the development of the next generation of ROCKWOOL leaders. During the year, we also introduced changes to our performance management process, adding greater flexibility, including creating opportunities to adapt goals and provide more frequent feedback.</td></tr><tr><td colspan="2">Reigniting The ROCKWOOL Way</td></tr><tr><td colspan="2">As a new decade begins, we have updated and relaunched the same strong values foundation that has brought us to the present to carry us through the years to come. The ROCKWOOL Way is based on our management principles and our four values: Ambition, Integrity, Responsibility and Efficiency, while safeguarding a balanced management approach that leads to good, sustainable results.</td></tr><tr><td colspan="2">Supporting our employees</td></tr><tr><td colspan="2">We are committed to provide equal opportunities, promote diversity, and work against all forms of discrimination among our employees. Promoting and raising awareness of policies and procedures is important and can be challenging in a global, culturally diverse organisation.</td></tr><tr><td colspan="2">Reflecting the global nature of our company, 11,700 ROCKWOOL employees work in 39 countries.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Women in management</td></tr><tr><td colspan="1">It is our ambition to have a diverse working environment, and we are continuously working to increase diversity in management teams as well as Group functions.</td></tr><tr><td colspan="1">As the industry has traditionally been male dominated, our primary focus has been to increase the number of women in different levels of management. While the gender split across the Group has been relatively stable the last few years with a 18/82 ratio of females to males, the proportion of females is higher at executive and middle management levels.</td></tr><tr><td colspan="1">In 2018, Group Management set a target for 2020 of 25 to 35 percent female leaders in executive and middle management positions. In 2019, 27 percent of leaders in executive and middle management positions were women, the same as in 2018. Further, 29 percent of newly hired middle managers were women, on par with the level in 2017 after a peak year (39 percent) in 2018.</td></tr><tr><td colspan="1">To support increased diversity among our leaders, we are maintaining several Group policies including, for example, a non-tolerance clause on harassment, and a whistleblower channel allowing all employees to anonymously initiate any type of discrimination or harassment case. In 2019, we have also further developed our recruitment process globally to strengthen the opportunities for internal candidates to search and apply for career opportunities across the Group, which supports equal opportunity to be considered for openings.</td></tr><tr><td colspan="1">Additionally, we have a target (also for ROCKWOOL A/S, in Denmark) to have at least one shareholder-elected female member of the Board of Directors by end 2020. In 2019, the ROCKWOOL Board of Directors had only male members elected by the shareholders, as there was no change in the year. ROCKWOOL A/S had one female member of the Board.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">Corporate governance at ROCKWOOL Group regulates the interaction among shareholders, the Board of Directors, and Group Management, with the aim to ensure optimal operational performance while at the same time securing an appropriate level of accountability and transparency of our business practices.</td></tr><tr><td colspan="1">Organisation</td></tr><tr><td colspan="1">The supervision and management of ROCKWOOL Group is divided among the Annual General Meeting (AGM) of shareholders, the Board of Directors (with well-defined committees), and Group Management.</td></tr><tr><td colspan="1">The Annual General Meeting</td></tr><tr><td colspan="1">The Annual General Meeting is the supreme body of the corporate governance structure and elects the Board of Directors as well as independent auditors. The Annual General Meeting approves any changes to the articles of association and to the capital structure, including any issuance of new shares. The company is not aware of shareholder agreements containing pre-emption rights or restrictions on voting rights. There is an agreement among members of the founding Kähler family to meet regularly to discuss their interests in the company, including items at AGMs, but there is no requirement for them to vote jointly.</td></tr><tr><td colspan="1">The Board of Directors</td></tr><tr><td colspan="1">The Board of Directors outlines the overall purpose and strategy of the company and ensures that the business development is on track toward agreed short- and long-term goals. The majority of the members of the Board of Directors are non-executive members in accordance with the Danish Companies Act.</td></tr><tr><td colspan="1">The Board of Directors today consists of nine members. Six are elected by shareholders at the AGMs for a period of one year and may be re-elected. Of these, four members, including the chairman, are deemed independent per the Danish Recommendations on Corporate Governance. Three members are elected by employees, for a period of four years, pursuant to the Danish Companies Act. The next election is in 2022.</td></tr><tr><td colspan="1">The Board of Directors conducts an annual evaluation facilitated by an external consultancy firm. Based on this yearâs evaluation, the Board concluded that its present composition is appropriate and sufficient for it to perform its tasks. As for the special competences of each Board member, reference is made to the CVs listed on the website, www.rockwoolgroup.com/about-us/people.</td></tr><tr><td colspan="1">Group Management</td></tr><tr><td colspan="1">The CEO, together with his Group Management team, is responsible for the day-to-day management, strategy execution and timely reporting to the Board of Directors. The team currently consists of nine executives, of which the CEO and CFO are the registered directors with the Danish Business Authority.</td></tr><tr><td colspan="1">Board Chairmanship and Committees</td></tr><tr><td colspan="1">Three substructures have been established by the Board of Directors.</td></tr><tr><td colspan="1">The Chairmanship</td></tr><tr><td colspan="1">The Board of Directors has established a Chairmanship consisting of the Chairman and the two Deputy Chairmen. They prepare the Board meetings and undertake several functions of a nomination committee.</td></tr><tr><td colspan="1">Audit Committee</td></tr><tr><td colspan="1">The Board of Directors has appointed an Audit Committee consisting of three members. The majority of its members are independent. The Audit Committee monitors accounting and audit policies plus conditions which, if determined by the Board of Directors or the Audit Committee, should be subject to thorough evaluation. Further, the Audit Committee evaluates internal control and risk systems.</td></tr><tr><td colspan="1">Remuneration Committee</td></tr><tr><td colspan="1">The Board of Directors has appointed a Remuneration Committee consisting of three of its members, the majority of whom are independent.</td></tr><tr><td colspan="1">The Remuneration Committee ensures that ROCKWOOL Group maintains and that the Board of Directors adopts a Remuneration Policy concerning the remuneration of the companyâs Board of Directors and Registered Directors.</td></tr><tr><td colspan="1">The remuneration policy and any material change thereto shall be submitted to the shareholders for approval at least every four years. A revised Remuneration Policy, which replaces the existing policy and guidelines for incentivebased remuneration, will be submitted for approval at the 2020 Annual General Meeting.</td></tr><tr><td colspan="1">The Remuneration Committee</td></tr><tr><td colspan="1">Evaluates and makes recommendations for the remuneration of the Board of Directors, which are subject to approval by the shareholders at the AGM.</td></tr><tr><td colspan="1">Is authorised by the Board of Directors to approve remuneration for Registered Directors and the rest of Group Management.</td></tr><tr><td colspan="1">Ensures that the company maintains Group-level variable pay schemes that support the businessâ success and value creation, short- and long-term.</td></tr><tr><td colspan="1">Prepares an annual Remuneration Report outlining the remuneration paid to the Board of Directors and Registered Directors.</td></tr><tr><td colspan="1">As of the AGM in 2021, the Remuneration Report will be subject to a non-binding advisory vote from the shareholders.</td></tr><tr><td colspan="1">Internal control</td></tr><tr><td colspan="1">Control environment</td></tr><tr><td colspan="1">ROCKWOOL Group considers strong internal control to be an essential management tool. The control environment in ROCKWOOL Group is based on clear guidelines and accountability and a continuous effort to maintain an appropriate control environment with due consideration of materiality and risk.</td></tr><tr><td colspan="1">The entire structure of the Group is designed based on the Groupâs commercial activities with a clear segregation of management responsibilities.</td></tr><tr><td colspan="1">All Group policies are approved by Group Management and assigned to one Group Management member overseeing implementation throughout the line organisation. Policies and manuals have been adopted within all essential areas of operation, legal compliance and financial reporting.</td></tr><tr><td colspan="1">Control activities</td></tr><tr><td colspan="1">Minimum requirements of internal controls are stipulated in ROCKWOOL Group Standards, based on the risks identified. The control activities include procedures for authorisation, approval, reconciliation and separation of functions. The control system includes both manual and automated controls.</td></tr><tr><td colspan="1">The local management teams are responsible for ensuring that the control environment in each local entity is sufficient to meet local and Group requirements.</td></tr><tr><td colspan="1">Information and communication</td></tr><tr><td colspan="1">ROCKWOOL Group has established standardised information and reporting systems to identify, collect and communicate relevant information and reports on an ongoing basis and on all levels to facilitate an effective, reliable workflow. In addition, an in-depth business review is performed each quarter with participation of relevant members of Group Management.</td></tr><tr><td colspan="1">The Groupâs position on risk management and changes in the reporting requirements is regularly communicated at financial meetings for the local finance directors, through the Group intranet and dialogue.</td></tr><tr><td colspan="1">Monitoring</td></tr><tr><td colspan="1">The internal control systems in relation to the presentation of financial statements are monitored at various levels e.g. monthly reports to Group Management on segments and markets and by regular control visits to the local entities.</td></tr><tr><td colspan="1">In addition, the Groupâs Integrity Committee consisting of the CEO, CFO, a member of Group Management, the Group General Counsel and Group Integrity Officer, monitor integrity compliance and launch appropriate new initiatives to constantly improve compliance. The Integrity Committee furthermore reports on integrity issues to the Audit Committee.</td></tr><tr><td colspan="1">Recommendations</td></tr><tr><td colspan="1">As a Danish listed company, we are guided by the recommendations issued by the Danish Committee on Corporate Governance. The company is generally in compliance with such recommendations but has, in four cases, chosen to differ as described below. The variations are generally due to company-specific views on the recommendations to optimise value for its shareholders.</td></tr><tr><td colspan="1">The company complies with recommendation 3.1.5. The companyâs Board of Directors will, however, not exclude that a situation can arise, where the Board of Directors may wish to constitute itself with a former member of the companyâs management as Chairman or Deputy Chairman.</td></tr><tr><td colspan="1">ROCKWOOL Group publishes its statutory report on Corporate Governance for the financial year 2019 cf. the Danish Financial Statements Act §107b on the companyâs website, including a detailed description of the Board of Directorsâ consideration regarding all the recommendations. The statutory report on Corporate Governance can be found at www.rockwoolgroup.com/ about-us/corporate-governance/.</td></tr><tr><td colspan="1">Exceptions</td></tr><tr><td colspan="1">To a broad extent, the company is following the Committee on Corporate Governanceâs recommendations, except for the following four sub-recommendations, where the company has assessed that its present set-up is more appropriate</td></tr><tr><td colspan="1">3.1.3</td></tr><tr><td colspan="1">Recommendation</td></tr><tr><td colspan="1">The Committee recommends that the selection and nomination of candidates for the Board of Directors be carried out through a thoroughly transparent process approved by the overall Board of Directors.</td></tr><tr><td colspan="1">Explanation</td></tr><tr><td colspan="1">The Board of Directors has authorised the Chairmanship to nominate qualified candidates to the Board of Directors.</td></tr><tr><td colspan="1">The Board of Directors will then evaluate the candidates before it recommends them for election at the Annual General Meeting.</td></tr><tr><td colspan="1">3.3.2</td></tr><tr><td colspan="1">Recommendation</td></tr><tr><td colspan="1">The Committee recommends that the management report includes information about the number of shares, options, warrants and similar in the company, and other Group companies, owned by each member of the Board of Directors, as well as changes in the portfolio of the member of the securities mentioned that have occurred during the financial year.</td></tr><tr><td colspan="1">Explanation</td></tr><tr><td colspan="1">The company considers the portfolio of shares, options warrants and similar in the company of each member of the Board of Directors to be a private matter, and it is the companyâs judgement that disclosure of such information will not add additional value for shareholders and other stakeholders. Board member remuneration does not include share-based elements.</td></tr><tr><td colspan="1">3.4.6</td></tr><tr><td colspan="1">Recommendation</td></tr><tr><td colspan="1">The Committee recommends that the Board of Directors establish a nomination committee.</td></tr><tr><td colspan="1">Explanation</td></tr><tr><td colspan="1">The Board of Directors has not established a nomination committee. Instead, the Chairmanship performs duties recommended concerning the candidates for the Board of Directors.</td></tr><tr><td colspan="1">The Board of Directors selects candidates to the positions as CEO and other Registered Directors based on their qualifications.</td></tr><tr><td colspan="1">4.2.3</td></tr><tr><td colspan="1">Recommendation</td></tr><tr><td colspan="1">The Committee recommends that the company prepares a remuneration report that includes information on the total remuneration received by each member of the Board of Directors and the executive board from the company and other companies in the Group and associated companies for the last three years, including information on the most important content of retention and resignation arrangements and that the correlation between the remuneration and company strategy and relevant related goals be explained.</td></tr><tr><td colspan="1">Explanation</td></tr><tr><td colspan="1">The remuneration of each member of the Group Management is seen to be a private matter and it is the companyâs judgement that disclosure of the remuneration paid to each individual member of Group Management will not add additional value for shareholders and other stakeholders.</td></tr><tr><td colspan="1">The remuneration of the members of the Board of Directors and committees is available on p. 48 and our website.</td></tr><tr><td colspan="1">Responsible tax</td></tr><tr><td colspan="1">We acknowledge that tax is an important part of society and an equally important part of responsible corporate citizenship. Tax matters and risks as well as our tax policy are governed by the Board of Directors and discussed on a regular basis with the Audit Committee.</td></tr><tr><td colspan="1">Tax matters are operationally managed and monitored by the CFO and the Group Tax department in close relationship with the financial management of ROCKWOOL Group subsidiaries.</td></tr><tr><td colspan="1">The aim of our tax policy is to reflect and support our business by ensuring a sustainable tax rate, mitigating tax risks and complying with rules and regulations in the jurisdictions in which we operate.</td></tr><tr><td colspan="1">In all tax matters, we apply the same values and integrity as in our general Code of Conduct by making sure that our primary focus is the ordinary operation of the Group. We only adopt tax positions that are defendable under full disclosure.</td></tr><tr><td colspan="1">We are committed to being a responsible tax payer and avoid aggressive tax planning. We have a clear and transparent corporate structure with no contrived entities or structures.</td></tr><tr><td colspan="1">There are many transactions among ROCKWOOL Group companies, and the transfer pricing policy for these transactions is driven by the activities undertaken and the value created in each part of our businesses. The key component in our profit allocation is our transfer pricing setup and methods in which we are committed to the principle of paying tax where value is created.</td></tr><tr><td colspan="1">We acknowledge that international tax matters are increasingly complex and we are committed to assigning the necessary resources to ensure compliance with relevant tax laws and regulations.</td></tr><tr><td colspan="1">ROCKWOOL Group is at the same time committed to being as transparent about its tax matters as can reasonably be expected and we pursue an open dialogue and relationship with tax authorities as a proactive approach to handle uncertainties.</td></tr><tr><td colspan="1">For example, we have applied for bilateral advance pricing agreements between Denmark and four key countries and once these are established our ambition is to expand this to other key markets.</td></tr><tr><td colspan="1">An advance pricing agreement is an up-front agreement between the tax authorities in two or more countries, covering the pricing methodologies for five tax years, thereby determining the level of taxable income for the countries in question. In addition to an open dialogue with tax authorities, we also participate and engage in tax matters through industry associations and other external bodies.</td></tr><tr><td colspan="1">From time to time, ROCKWOOL Group is allocated different types of tax incentives. Tax incentives are government measures that are intended to influence business decision-making or to encourage businesses to invest by reducing the amount of tax they have to pay. Several of the territories in which we operate offer incentives of various kinds and we seek to use these incentives where they are aligned with our business and operational objectives.</td></tr></table></mrv:CorporateGovernanceReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs statement</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Registered Directors have today considered and adopted the Annual Report of ROCKWOOL International A/S for the financial year 1 January - 31 December 2019.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the parent company financial statements have been prepared in accordance with the Danish Financial Statement Act. Management's review has been prepared in accordance with the Danish Financial Statement Act.</td></tr><tr><td colspan="1">In our opinion the consolidated financial statements and the parent company financial statements give a true and fair view of the Groupâs and the parent companyâs financial position at 31 December 2019 and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year 1 January - 31 December 2019.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the Managementâs review includes a true and fair account of the development in the operations and financial circumstances of the Group and the parent company, of the results for the year and of the financial position of the Group and the parent company, as well as a description of the more significant risks and elements of uncertainty facing the Group and the parent company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Hedehusene</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2020-02-05</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditorâs report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of ROCKWOOL International A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Groupâs financial position at 31 December 2019 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2019 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at 31 December 2019 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2019 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements of ROCKWOOL International A/S for the financial year 1 January to 31 December 2019 (pp. 67-113) comprise income statement and statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">The Parent Company Financial Statements of ROCKWOOL International A/S for the financial year 1 January to 31 December 2019 comprise income statement, balance sheet, statement of changes in equity and notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">Collectively referred to as the âFinancial Statementsâ</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of ROCKWOOL International A/S on 9 April 2014 for the financial year 2014. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 6 years including the financial year 2019.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2019. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Impairment of intangible and tangible assets</td></tr><tr><td colspan="1">Intangible and tangible assets might be impaired due to for example increased competition in local markets, changes in the global economy and changes in the strategy of the Group.</td></tr><tr><td colspan="1">We focused on this area as the determination of whether or not an impairment charge for intangible and tangible assets was necessary involves significant estimates and judgements made by Management, including especially</td></tr><tr><td colspan="1">estimation of future cash flows and the key assumptions underlying Managementâs expectations;</td></tr><tr><td colspan="1">discount rates applied in discounting future cash flows; and</td></tr><tr><td colspan="1">long-term growth rates</td></tr><tr><td colspan="1">Reference is made to notes 2.1, 2.2, 2.4 and 2.5 to the Consolidated Financial Statements.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We tested the impairment tests prepared by Management and evaluated the reasonableness of estimates and judgements made by Management in preparing these.</td></tr><tr><td colspan="1">Our audit procedures included assessing the Groupâs impairment model.</td></tr><tr><td colspan="1">Special focus was given to the key drivers of the future cash flows, including growth in net revenues, cost inflation and efficiency improvements, as well as the discount rates and long-term growth rates applied.</td></tr><tr><td colspan="1">We tested the reliability of Managementâs estimates by comparing budgeted figures to actual figures for the past years and evaluated the discount rates and long-term growth rates applied.</td></tr><tr><td colspan="1">Moreover, we examined sensitivity analyses performed over changes in discount rates, revenue growth and efficiency improvements.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review (pp. 3-66 and p. 114).</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2020-02-05</arr:SignatureOfAuditorsDate>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">33771231</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Strandvejen 44</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2018-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2018-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Jens Birgersson</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">Kim Junge Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Henrik Brandt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Carsten Bjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Søren Kähler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">Thomas Kähler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="da">Andreas Ronken</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx10" xml:lang="da">René Binder Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx11" xml:lang="da">Connie Enghus Theisen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx12" xml:lang="da">Christian Westerberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<ifrs-full:PropertyPlantAndEquipment contextRef="ctx14" unitRef="vEUR" decimals="-6">1506000000</ifrs-full:PropertyPlantAndEquipment>
<easy:RightofuseAssets_2096127404 contextRef="ctx14" unitRef="vEUR" decimals="-6">52000000</easy:RightofuseAssets_2096127404>
<ifrs-full:InvestmentsInAssociates contextRef="ctx14" unitRef="vEUR" decimals="-6">6000000</ifrs-full:InvestmentsInAssociates>
<ifrs-dk:OtherNoncurrentReceivablesDeposits contextRef="ctx14" unitRef="vEUR" decimals="-6">15000000</ifrs-dk:OtherNoncurrentReceivablesDeposits>
<ifrs-full:DeferredTaxAssets contextRef="ctx14" unitRef="vEUR" decimals="-6">54000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx14" unitRef="vEUR" decimals="-6">1825000000</ifrs-full:NoncurrentAssets>
<ifrs-full:OtherInventories contextRef="ctx14" unitRef="vEUR" decimals="-6">236000000</ifrs-full:OtherInventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx14" unitRef="vEUR" decimals="-6">275000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:OtherCurrentReceivables contextRef="ctx14" unitRef="vEUR" decimals="-6">54000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx14" unitRef="vEUR" decimals="-6">15000000</ifrs-full:CurrentPrepayments>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx14" unitRef="vEUR" decimals="-6">14000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:Cash contextRef="ctx14" unitRef="vEUR" decimals="-6">275000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx14" unitRef="vEUR" decimals="-6">869000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx14" unitRef="vEUR" decimals="-6">2694000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx14" unitRef="vEUR" decimals="-6">29000000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx14" unitRef="vEUR" decimals="-6">-104000000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-dk:DividendAvailableForDistribution contextRef="ctx14" unitRef="vEUR" decimals="-6">94000000</ifrs-dk:DividendAvailableForDistribution>
<ifrs-full:RetainedEarnings contextRef="ctx14" unitRef="vEUR" decimals="-6">2096000000</ifrs-full:RetainedEarnings>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx14" unitRef="vEUR" decimals="-6">-1000000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:EquityAttributableToOwnersOfParent contextRef="ctx14" unitRef="vEUR" decimals="-6">2114000000</ifrs-full:EquityAttributableToOwnersOfParent>
<ifrs-full:NoncontrollingInterests contextRef="ctx14" unitRef="vEUR" decimals="-6">4000000</ifrs-full:NoncontrollingInterests>
<ifrs-full:Equity contextRef="ctx14" unitRef="vEUR" decimals="-6">2118000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">43000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx14" unitRef="vEUR" decimals="-6">62000000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">34000000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentProvisions contextRef="ctx14" unitRef="vEUR" decimals="-6">17000000</ifrs-full:NoncurrentProvisions>
<ifrs-dk:NoncurrentPayablesToCreditInstitutions contextRef="ctx14" unitRef="vEUR" decimals="-6">4000000</ifrs-dk:NoncurrentPayablesToCreditInstitutions>
<ifrs-full:NoncurrentLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">160000000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPortionOfNonCurrentPayables contextRef="ctx14" unitRef="vEUR" decimals="-6">1000000</ifrs-dk:CurrentPortionOfNonCurrentPayables>
<ifrs-dk:CurrentBankLoans contextRef="ctx14" unitRef="vEUR" decimals="-6">6000000</ifrs-dk:CurrentBankLoans>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx14" unitRef="vEUR" decimals="-6">196000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">18000000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx14" unitRef="vEUR" decimals="-6">9000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx14" unitRef="vEUR" decimals="-6">29000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentPayables contextRef="ctx14" unitRef="vEUR" decimals="-6">157000000</ifrs-full:OtherCurrentPayables>
<ifrs-full:CurrentLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">416000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">576000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx14" unitRef="vEUR" decimals="-6">2694000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx14" unitRef="vEUR" decimals="-6">269000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:Goodwill contextRef="ctx15" unitRef="vEUR" decimals="-6">95000000</ifrs-full:Goodwill>
<ifrs-full:ComputerSoftware contextRef="ctx15" unitRef="vEUR" decimals="-6">13000000</ifrs-full:ComputerSoftware>
<ifrs-dk:CustomerRelationships contextRef="ctx15" unitRef="vEUR" decimals="-6">49000000</ifrs-dk:CustomerRelationships>
<ifrs-full:OtherIntangibleAssets contextRef="ctx15" unitRef="vEUR" decimals="-6">19000000</ifrs-full:OtherIntangibleAssets>
<ifrs-full:IntangibleAssetsUnderDevelopment contextRef="ctx15" unitRef="vEUR" decimals="-6">13000000</ifrs-full:IntangibleAssetsUnderDevelopment>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx15" unitRef="vEUR" decimals="-6">189000000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:LandAndBuildings contextRef="ctx15" unitRef="vEUR" decimals="-6">608000000</ifrs-full:LandAndBuildings>
<ifrs-dk:PlantAndMachinery contextRef="ctx15" unitRef="vEUR" decimals="-6">444000000</ifrs-dk:PlantAndMachinery>
<ifrs-full:OtherPropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-6">15000000</ifrs-full:OtherPropertyPlantAndEquipment>
<ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-6">160000000</ifrs-dk:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx15" unitRef="vEUR" decimals="-6">1227000000</ifrs-full:PropertyPlantAndEquipment>
<easy:RightofuseAssets_2096127404 contextRef="ctx15" unitRef="vEUR" decimals="-6">0</easy:RightofuseAssets_2096127404>
<ifrs-full:InvestmentsInAssociates contextRef="ctx15" unitRef="vEUR" decimals="-6">5000000</ifrs-full:InvestmentsInAssociates>
<ifrs-dk:OtherNoncurrentReceivablesDeposits contextRef="ctx15" unitRef="vEUR" decimals="-6">1000000</ifrs-dk:OtherNoncurrentReceivablesDeposits>
<ifrs-full:DeferredTaxAssets contextRef="ctx15" unitRef="vEUR" decimals="-6">46000000</ifrs-full:DeferredTaxAssets>
<ifrs-full:NoncurrentAssets contextRef="ctx15" unitRef="vEUR" decimals="-6">1468000000</ifrs-full:NoncurrentAssets>
<ifrs-full:OtherInventories contextRef="ctx15" unitRef="vEUR" decimals="-6">238000000</ifrs-full:OtherInventories>
<ifrs-full:CurrentTradeReceivables contextRef="ctx15" unitRef="vEUR" decimals="-6">274000000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:OtherCurrentReceivables contextRef="ctx15" unitRef="vEUR" decimals="-6">42000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx15" unitRef="vEUR" decimals="-6">18000000</ifrs-full:CurrentPrepayments>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx15" unitRef="vEUR" decimals="-6">5000000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:Cash contextRef="ctx15" unitRef="vEUR" decimals="-6">386000000</ifrs-full:Cash>
<ifrs-full:CurrentAssets contextRef="ctx15" unitRef="vEUR" decimals="-6">963000000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx15" unitRef="vEUR" decimals="-6">2431000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx15" unitRef="vEUR" decimals="-6">29000000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads contextRef="ctx15" unitRef="vEUR" decimals="-6">-157000000</ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads>
<ifrs-dk:DividendAvailableForDistribution contextRef="ctx15" unitRef="vEUR" decimals="-6">88000000</ifrs-dk:DividendAvailableForDistribution>
<ifrs-full:RetainedEarnings contextRef="ctx15" unitRef="vEUR" decimals="-6">1912000000</ifrs-full:RetainedEarnings>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx15" unitRef="vEUR" decimals="-6">1000000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:EquityAttributableToOwnersOfParent contextRef="ctx15" unitRef="vEUR" decimals="-6">1873000000</ifrs-full:EquityAttributableToOwnersOfParent>
<ifrs-full:NoncontrollingInterests contextRef="ctx15" unitRef="vEUR" decimals="-6">4000000</ifrs-full:NoncontrollingInterests>
<ifrs-full:Equity contextRef="ctx15" unitRef="vEUR" decimals="-6">1877000000</ifrs-full:Equity>
<ifrs-full:DeferredTaxLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">51000000</ifrs-full:DeferredTaxLiabilities>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan contextRef="ctx15" unitRef="vEUR" decimals="-6">53000000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">0</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentProvisions contextRef="ctx15" unitRef="vEUR" decimals="-6">15000000</ifrs-full:NoncurrentProvisions>
<ifrs-dk:NoncurrentPayablesToCreditInstitutions contextRef="ctx15" unitRef="vEUR" decimals="-6">2000000</ifrs-dk:NoncurrentPayablesToCreditInstitutions>
<ifrs-full:NoncurrentLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">121000000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPortionOfNonCurrentPayables contextRef="ctx15" unitRef="vEUR" decimals="-6">3000000</ifrs-dk:CurrentPortionOfNonCurrentPayables>
<ifrs-dk:CurrentBankLoans contextRef="ctx15" unitRef="vEUR" decimals="-6">6000000</ifrs-dk:CurrentBankLoans>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx15" unitRef="vEUR" decimals="-6">209000000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">0</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:CurrentProvisions contextRef="ctx15" unitRef="vEUR" decimals="-6">7000000</ifrs-full:CurrentProvisions>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx15" unitRef="vEUR" decimals="-6">34000000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentPayables contextRef="ctx15" unitRef="vEUR" decimals="-6">174000000</ifrs-full:OtherCurrentPayables>
<ifrs-full:CurrentLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">433000000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">554000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx15" unitRef="vEUR" decimals="-6">2431000000</ifrs-full:EquityAndLiabilities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx15" unitRef="vEUR" decimals="-6">380000000</ifrs-full:CashAndCashEquivalents>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" xml:lang="da">EBIT</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vEUR" decimals="-6">372000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" xml:lang="da">EBIT</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vEUR" decimals="-6">341000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" xml:lang="da">Cash flow from operations before financial items and tax</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx18" unitRef="vEUR" decimals="-6">515000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" xml:lang="da">Cash flow from operations before financial items and tax</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vEUR" decimals="-6">478000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx20" xml:lang="da">Proceeds from sale of listed equities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx20" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" xml:lang="da">Proceeds from sale of listed equities</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" unitRef="vEUR" decimals="-6">18000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx22" xml:lang="da">Payments for own shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx22" unitRef="vEUR" decimals="-6">-2000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" xml:lang="da">Payments for own shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx23" unitRef="vEUR" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" xml:lang="da">Proceeds from sale of own shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx24" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx25" xml:lang="da">Proceeds from sale of own shares</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx25" unitRef="vEUR" decimals="-6">23000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" xml:lang="da">Transactions with non-controlling interests</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx27" xml:lang="da">Transactions with non-controlling interests</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx27" unitRef="vEUR" decimals="-6">-3000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" xml:lang="da">Increase in non-current receivables</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx28" unitRef="vEUR" decimals="-6">-14000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" xml:lang="da">Increase in non-current receivables</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx29" unitRef="vEUR" decimals="-6">0</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx30" unitRef="vEUR" decimals="-6">380000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx31" unitRef="vEUR" decimals="-6">243000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameOfAuditFirm contextRef="ctx32" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx32">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx32" xml:lang="da">Torben Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx32" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx32">mne18651</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx33" xml:lang="da">Rune Kjeldsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx33" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx33">mne34160</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx33">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx33" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>