Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2019-12-31 | 54105000 | vUSD |
| ifrs-full:Assets | 2018-12-31 | 51398000 | vUSD |
| ifrs-full:Assets | 2019-12-31 | 35001000 | vUSD |
| ifrs-full:Assets | 2018-12-31 | 33867000 | vUSD |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 54334000 | vUSD |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 67314000 | vUSD |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 2899000 | vUSD |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 3312000 | vUSD |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/22508843/amNsb3VkczovLzAzLzIxLzY1LzQ1LzRiLzAxNGQtNDg0NC04ZmMzLTZhNGFkYzczYjY1NA.xml
Separator
The full data:
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<mrv:LinkToCorporateGovernanceReport contextRef="ctx1">http://www.nasdaqomx.com/listing/europe/surveillance/copenhagen/corporategovernance</mrv:LinkToCorporateGovernanceReport>
<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="3">CORPORATE GOVERNANCE</td></tr><tr><td colspan="3">Asetekâs management model and organization are adapt-</td></tr><tr><td colspan="3">ed continuously to ensure the Company is equipped to</td></tr><tr><td colspan="3">manage all obligations to shareholders, customers, em-</td></tr><tr><td colspan="3">ployees, authorities and other stakeholders to the utmost.</td></tr><tr><td colspan="3">In this process, Asetek uses the corporate governance</td></tr><tr><td colspan="3">recommendations from NASDAQ Copenhagen as an im-</td></tr><tr><td colspan="3">portant source of inspiration. The recommendations can</td></tr><tr><td colspan="3">be found at http://www.nasdaqomx.com/listing/europe/surveillance/copenhagen/corporategovernance</td></tr><tr><td colspan="3">The Board of Directors is fundamentally in full agree-</td></tr><tr><td colspan="3">ment with Danish Committee on Corporate Governance</td></tr><tr><td colspan="3">recommendations for good company governance. Asetek</td></tr><tr><td colspan="3">endeavors to follow the relevant recommendations for</td></tr><tr><td colspan="3">the Company, which support the business and ensure val-</td></tr><tr><td colspan="3">ue for the Companyâs stakeholders. The statutory report</td></tr><tr><td colspan="3">on Corporate Governance, cf. section 107b of the Danish</td></tr><tr><td colspan="3">Financial Statements Act, is available on the</td></tr><tr><td colspan="3">Companyâs website: http://www. asetek. com/media/2285/scgs2019.pdf</td></tr><tr><td colspan="3">Danish Recommendation for Corporate Governance</td></tr><tr><td /><td>2019</td><td>2018</td></tr><tr><td>Complies with recommendations</td><td>44</td><td>42</td></tr><tr><td>Partially complies with recommendations</td><td>1</td><td>3</td></tr><tr><td>Does not comply with recommendations</td><td>2</td><td>2</td></tr><tr><td colspan="3">Dialogue between the Company and its shareholders.</td></tr><tr><td colspan="3">The communication between Asetek and shareholders</td></tr><tr><td colspan="3">primarily takes place at the Companyâs Annual General</td></tr><tr><td colspan="3">Meeting and via company announcements. Asetek share-</td></tr><tr><td colspan="3">holders are encouraged to subscribe to the e-mail service</td></tr><tr><td colspan="3">to receive company announcements, interim manage-</td></tr><tr><td colspan="3">ment statements, interim reports and annual reports as</td></tr><tr><td colspan="3">well as other news via e-mail.</td></tr><tr><td colspan="3">The general meeting. The General Meeting has the final</td></tr><tr><td colspan="3">authority over the Company. The Board of Directors</td></tr><tr><td colspan="3">emphasize that shareholders are given detailed informa-</td></tr><tr><td colspan="3">tion and an adequate basis for the decisions to be made</td></tr><tr><td colspan="3">by the General Meeting.</td></tr><tr><td colspan="3">The General Meeting elects the Board of Directors, which</td></tr><tr><td colspan="3">currently consists of five members. The board members</td></tr><tr><td colspan="3">are elected for one year at a time with the option for</td></tr><tr><td colspan="3">re-election.</td></tr><tr><td colspan="3">Amendment of Articles of Association. Unless other-</td></tr><tr><td colspan="3">wise required by the Danish Companies Act, resolutions</td></tr><tr><td colspan="3">to amend the Articles of Association must be approved by</td></tr><tr><td colspan="3">at least 2/3 of the votes cast as well as at least 2/3 of the</td></tr><tr><td colspan="3">voting share capital represented at the General Meeting.</td></tr><tr><td colspan="3">Board responsibilities. The Board of Directorsâ main</td></tr><tr><td colspan="3">tasks include participating in developing and adopting</td></tr><tr><td colspan="3">the Company's strategy, performing the relevant control</td></tr><tr><td colspan="3">functions and serving as an advisory body for the exec-</td></tr><tr><td colspan="3">utive management. The Board reviews and adopts the</td></tr><tr><td colspan="3">Company's plans and budgets. Items of major strategic</td></tr><tr><td colspan="3">or financial importance for the Company are items pro-</td></tr><tr><td colspan="3">cessed by the Board. The Board is responsible for hiring</td></tr><tr><td colspan="3">the CEO and defining his or her work instructions as well</td></tr><tr><td colspan="3">as setting of his or her compensation. The Board period-</td></tr><tr><td colspan="3">ically reviews the Companyâs policies and procedures to</td></tr><tr><td colspan="3">ensure that the Group is managed in accordance with</td></tr><tr><td colspan="3">good corporate governance principles, upholding high</td></tr><tr><td colspan="3">ethics.</td></tr><tr><td colspan="3">Financial reporting. The Board of Directors receives</td></tr><tr><td colspan="3">regular financial reports on the Company's business and</td></tr><tr><td colspan="3">financial status.</td></tr><tr><td colspan="3">Notification of meetings and discussion of items. The</td></tr><tr><td colspan="3">Board schedules regular meetings each year. Ordinarily,</td></tr><tr><td colspan="3">the Board meets eight to ten times a year, of which four</td></tr><tr><td colspan="3">are quarterly update teleconferences. The meetings are</td></tr><tr><td colspan="3">typically conducted at either the facility in Aalborg, Den-</td></tr><tr><td colspan="3">mark or in San Jose, California or via telephone. Additional</td></tr><tr><td colspan="3">meetings may be convened on an ad hoc basis. During</td></tr><tr><td colspan="3">2019, the Board met eight times.</td></tr><tr><td colspan="3">All Board members receive regular information about the</td></tr><tr><td colspan="3">Company's operational and financial progress in advance</td></tr><tr><td colspan="3">of the scheduled Board meetings</td></tr><tr><td colspan="3">The Board members also regularly receive operations re-</td></tr><tr><td colspan="3">ports and participate in strategy reviews. The Company's</td></tr><tr><td colspan="3">business plan, strategy and risks are regularly reviewed</td></tr><tr><td colspan="3">and evaluated by the Board. The Board Members are</td></tr><tr><td colspan="3">free to consult the Company's senior executives as</td></tr><tr><td colspan="3">needed. Ordinarily, the Chairman of the Board proposes</td></tr><tr><td colspan="3">the agenda for each Board meeting. Besides the Board</td></tr><tr><td colspan="3">Members, Board meetings are attended by the Executive</td></tr><tr><td colspan="3">Board. Other participants are summoned as needed. The</td></tr><tr><td colspan="3">Board approves decisions of particular importance to the</td></tr><tr><td colspan="3">Company including the strategies and strategic plans, the</td></tr><tr><td colspan="3">approval of significant investments, and the approval of</td></tr><tr><td colspan="3">business acquisitions and disposals.</td></tr><tr><td colspan="3">Conflicts of interest. In a situation involving a member</td></tr><tr><td colspan="3">of the Board personally, this member will exclude him or</td></tr><tr><td colspan="3">herself from the discussions and voting on the issue.</td></tr><tr><td colspan="3">Use of Committees. Currently, the Company has a Nomi-</td></tr><tr><td colspan="3">nation Committee, an Audit Committee and a Compen-</td></tr><tr><td colspan="3">sation Committee.</td></tr><tr><td colspan="3">// &#x7;The Nomination Committee is elected directly by the</td></tr><tr><td /><td>General Meeting. The Committee consists of three</td></tr><tr><td /><td>members and must be independent from the Board of</td></tr><tr><td /><td>Directors and the management, however, it is recom-</td></tr><tr><td /><td>mended that the chairman of the Board of Directors is</td></tr><tr><td /><td>a member. The tasks include proposing candidates for</td></tr><tr><td /><td>the Board of Directors, propose remuneration for the</td></tr><tr><td /><td>Board of Directors as well as perform the annual assess-</td></tr><tr><td /><td>ment of the Board of Directors. Members: Ib Sønderby</td></tr><tr><td /><td>chairman), Claus Berner Møller and Jørgen Smidt. The</td></tr><tr><td /><td>Committee met five times during 2019.</td></tr><tr><td colspan="3">// &#x7;The Audit Committee is elected among the members</td></tr><tr><td /><td>of the Board of Directors and has responsibilities relat-</td></tr><tr><td /><td>ed to financial reporting, the independent auditor, in-</td></tr><tr><td /><td>ternal reporting and risk management. The Committee</td></tr><tr><td /><td>consists of two shareholder-elected Board members.</td></tr><tr><td /><td>The other Board members are entitled to attend if they</td></tr><tr><td /><td>so desire. Members: Chris Christopher (chairman),</td></tr><tr><td /><td>Maria Hjorth and Erik Damsgaard. The Committee met</td></tr><tr><td /><td>four times during 2019.</td></tr><tr><td colspan="3">// &#x7;The Compensation Committee has responsibilities</td></tr><tr><td /><td>related to developing proposals for the applicable</td></tr><tr><td /><td>remuneration policy and execution of the Management</td></tr><tr><td /><td>Board. Members: Jukka Pertola (chairman), Chris</td></tr><tr><td /><td>Christopher and Jørgen Smidt. The Committee met</td></tr><tr><td /><td>seven times during 2019.</td></tr><tr><td colspan="3">The Boardâs self-evaluation. The Board's composition,</td></tr><tr><td colspan="3">competencies, working methods and interaction are dis-</td></tr><tr><td colspan="3">cussed on an ongoing basis and evaluated formally on an</td></tr><tr><td colspan="3">annual basis. In this connection, the Board also evaluates</td></tr><tr><td colspan="3">its efforts in terms of corporate governance.</td></tr><tr><td colspan="3">The composition of the Board is considered appropriate</td></tr><tr><td colspan="3">in terms of professional experience and relevant special</td></tr><tr><td colspan="3">competences to perform the tasks of the Board of</td></tr><tr><td colspan="3">Directors. The Board of Directors continuously assesses</td></tr><tr><td colspan="3">whether the competencies and expertise of members</td></tr><tr><td colspan="3">need to be updated. All of the members elected by the</td></tr><tr><td colspan="3">2019 General Meeting are independent persons, and</td></tr><tr><td colspan="3">none of the Board members participates in the day-to-</td></tr><tr><td colspan="3">day operation of the Company.</td></tr><tr><td colspan="3">Additional information about the Board members,</td></tr><tr><td colspan="3">including other management positions held, can be found</td></tr><tr><td colspan="3">in Note 24.</td></tr><tr><td colspan="3">Risk management. Refer to the Risk Management section</td></tr><tr><td colspan="3">of the Management Report as well as Note 3 of the consoli-</td></tr><tr><td colspan="3">dated financial statements.</td></tr><tr><td colspan="3">THE BOARDâS AUTHORIZATION</td></tr><tr><td colspan="3">TO ISSUE SHARES</td></tr><tr><td colspan="3">At the General Meeting held on August 13, 2013 the Board</td></tr><tr><td colspan="3">was authorized to issue shares with a nominal value of up to</td></tr><tr><td colspan="3">DKK 80,000 for the period until August 14, 2018 in connec-</td></tr><tr><td colspan="3">tion with employee warrant programs.</td></tr><tr><td colspan="3">At the Board of Directors meeting on April 23, 2014 warrants</td></tr><tr><td colspan="3">permitting subscription of up to 118,210 shares of a nominal</td></tr><tr><td colspan="3">value of DKK 0.10 and at an exercise price of NOK 40.10 per</td></tr><tr><td colspan="3">share were issued. The exercise price was established as the</td></tr><tr><td colspan="3">share price (âclosing priceâ) for the Companyâs share as of</td></tr><tr><td colspan="3">the prior day. The warrants were issued to employees and</td></tr><tr><td colspan="3">Board members.</td></tr><tr><td colspan="3">At the Board of Directors meeting on August 12, 2014</td></tr><tr><td colspan="3">warrants permitting subscription of up to 32,970 shares</td></tr><tr><td colspan="3">of a nominal value of DKK 0.10 and at an exercise price of</td></tr><tr><td colspan="3">NOK 33.90 per share were issued. The exercise price was</td></tr><tr><td colspan="3">established as the share price (âclosing priceâ) for the Com-</td></tr><tr><td colspan="3">panyâs share as of the prior day. The warrants were issued to</td></tr><tr><td colspan="3">employees and Board members.</td></tr><tr><td colspan="3">At the General Meeting held on April 30, 2015, the Board</td></tr><tr><td colspan="3">was authorized to issue new shares under the warrant</td></tr><tr><td colspan="3">program up to a nominal value of DKK 200,000 through</td></tr><tr><td colspan="3">April 30, 2020.</td></tr><tr><td colspan="3">At the Board Meeting on August 11, 2015, warrants per-</td></tr><tr><td colspan="3">mitting subscription of up to 700,000 shares of a nominal</td></tr><tr><td colspan="3">value of DKK 0.10 and at an exercise price of NOK 10.50</td></tr><tr><td colspan="3">per share were issued. The exercise price was established</td></tr><tr><td colspan="3">as the share price (âclosing priceâ) for the Companyâs</td></tr><tr><td colspan="3">share as of August 12, 2015. The warrants were issued to</td></tr><tr><td colspan="3">employees and Board members.</td></tr><tr><td colspan="3">At the Board Meeting on April 29, 2016, warrants permit-</td></tr><tr><td colspan="3">ting subscription of up to 600,000 shares of a nominal</td></tr><tr><td colspan="3">value of DKK 0.10 and at an exercise price of NOK 19.50</td></tr><tr><td colspan="3">per share were issued. The exercise price was established</td></tr><tr><td colspan="3">as the share price (âclosing priceâ) for the Companyâs</td></tr><tr><td colspan="3">share as of April 28, 2016. The warrants were issued to</td></tr><tr><td colspan="3">employees and Board members.</td></tr><tr><td colspan="3">At the Board Meeting on April 25, 2017, warrants permit-</td></tr><tr><td colspan="3">ting subscription of up to 509,687 shares of a nominal</td></tr><tr><td colspan="3">value of DKK 0.10 and at an exercise price of NOK 76.25</td></tr><tr><td colspan="3">per share were issued. The exercise price was established</td></tr><tr><td colspan="3">as the share price (âclosing priceâ) for the Companyâs</td></tr><tr><td colspan="3">shares as of April 25, 2017. The warrants were issued to</td></tr><tr><td colspan="3">employees and Board members.</td></tr><tr><td colspan="3">At the Board Meeting on July 7, 2017, warrants permitting</td></tr><tr><td colspan="3">subscription of up to 106,999 shares of a nominal value</td></tr><tr><td colspan="3">of DKK 0.10 and at an exercise price of NOK 113.00 per</td></tr><tr><td colspan="3">share were issued. The exercise price was established as</td></tr><tr><td colspan="3">the share price (âclosing priceâ) for the Companyâs shares</td></tr><tr><td colspan="3">as of July 7, 2017. The warrants were issued to employees.</td></tr><tr><td colspan="3">At the General Meeting held on April 25, 2018, the Board</td></tr><tr><td colspan="3">was authorized to acquire the Companyâs own shares.</td></tr><tr><td colspan="3">At the Board Meeting on October 31, 2018, the Board</td></tr><tr><td colspan="3">introduced an employee stock option program to replace</td></tr><tr><td colspan="3">the warrant program previously in place. The program is</td></tr><tr><td colspan="3">governed by the Companyâs general guidelines for equity</td></tr><tr><td colspan="3">incentive programs as adopted on August 14, 2013. Upon</td></tr><tr><td colspan="3">adoption of the plan, options permitting purchase of up to</td></tr><tr><td colspan="3">378,500 shares of a nominal value of DKK 0.10 and at an</td></tr><tr><td colspan="3">exercise price of NOK 46.30 per share were issued. The</td></tr><tr><td colspan="3">exercise price was established as the share price (âclosing</td></tr><tr><td colspan="3">priceâ) for the Companyâs share as of October 31, 2018.</td></tr><tr><td colspan="3">At the General Meeting held on April 10, 2019, the Board</td></tr><tr><td colspan="3">was authorized to acquire the Companyâs own shares.</td></tr><tr><td colspan="3">At the Board Meeting on September 8, 2019, options</td></tr><tr><td colspan="3">permitting purchase of up to 494,900 shares of a nominal</td></tr><tr><td colspan="3">value of DKK 0.10 and at an exercise price of NOK 24.70</td></tr><tr><td colspan="3">per share were issued. The exercise price was established</td></tr><tr><td colspan="3">as the share price (âclosing priceâ) for the Companyâs</td></tr><tr><td colspan="3">share as of September 9, 2019.</td></tr><tr><td colspan="3">REMUNERATION OF THE BOARD OF</td></tr><tr><td colspan="3">DIRECTORS AND EXECUTIVE STAFF</td></tr><tr><td colspan="3">At the 2019 General Meeting, the Company established</td></tr><tr><td colspan="3">a remuneration policy which sets out the guidelines for</td></tr><tr><td colspan="3">compensation of the Board of Directors and executive</td></tr><tr><td colspan="3">management. The policy can be found on the Companyâs</td></tr><tr><td colspan="3">website: https://ir . Asetek .com/media/2002/remuner-</td></tr><tr><td colspan="3">ation-policy-2019.pdf. The Board of Directors will be</td></tr><tr><td colspan="3">proposing a revised policy at the annual general meeting</td></tr><tr><td colspan="3">in April 2020.</td></tr><tr><td colspan="3">The Company's Nomination Committee considers the re-</td></tr><tr><td colspan="3">muneration of members of the Board of Directors at least</td></tr><tr><td colspan="3">once a year. The agenda of the annual general meeting</td></tr><tr><td colspan="3">includes a separate item with a proposal for remuneration</td></tr><tr><td colspan="3">of the Board of Directors for the ongoing financial year.</td></tr><tr><td colspan="3">Board members representing their Companyâs ownership</td></tr><tr><td colspan="3">interests are not compensated for their service, and the</td></tr><tr><td colspan="3">significant travel time endured by all Board members is</td></tr><tr><td colspan="3">not specifically compensated. Prior to 2018, independent</td></tr><tr><td colspan="3">board members received a combination of cash compen-</td></tr><tr><td colspan="3">sation and long termed stock option-based incentives.</td></tr><tr><td colspan="3">Beginning in 2018, the Board no longer receives warrants</td></tr><tr><td colspan="3">or options as a component of remuneration. Please see</td></tr><tr><td colspan="3">Note 24 for further details.</td></tr><tr><td colspan="3">The Board of Directorsâ Remuneration Committee rec-</td></tr><tr><td colspan="3">ommends to the Board, and the Board sets, the terms of</td></tr><tr><td colspan="3">employment of the members of executive management.</td></tr><tr><td colspan="3">Each year, the Remuneration Committee undertakes</td></tr><tr><td colspan="3">a review of salary and other remuneration to executive</td></tr><tr><td colspan="3">management. Executive management refers to the</td></tr><tr><td colspan="3">Companyâs executives registered with the Danish</td></tr><tr><td colspan="3">Business Authority.</td></tr><tr><td colspan="3">A summary of the agreements between the Company</td></tr><tr><td colspan="3">and its executive management pertaining to termination</td></tr><tr><td colspan="3">can be found in Note 6.</td></tr><tr><td colspan="3">The stock option program and the allocation of options</td></tr><tr><td colspan="3">to the employees are decided upon by the Board of</td></tr><tr><td colspan="3">Directors.</td></tr><tr><td colspan="3">AUDITORS</td></tr><tr><td colspan="3">Asetek A/S first appointed its current auditors, Price</td></tr><tr><td colspan="3">WaterhouseCoopers (PwC) for the financial year 2013.</td></tr><tr><td colspan="3">PwC has been reappointed annually by resolution of the</td></tr><tr><td colspan="3">Annual General Meeting for a total consecutive period of</td></tr><tr><td colspan="3">seven years up to and including the financial year 2019.</td></tr><tr><td colspan="3">The PwC audit partners Henrik Trangeled Kristensen and</td></tr><tr><td colspan="3">Henrik Berring Rasmussen have been assigned to the</td></tr><tr><td colspan="3">Asetek A/S audit since 2013 and 2016, respectively.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx1">https://ir.asetek.com/media/1095/corporate-social-responsibility-policy.pdf</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">CORPORATE SOCIAL RESPONSIBILITY</td></tr><tr><td colspan="3">CSR Policy. Asetek seeks to be a good corporate citizen</td></tr><tr><td colspan="3">in everything that it does, and therefore has combined its</td></tr><tr><td colspan="3">operating principles into one framework policy of Corpo-</td></tr><tr><td colspan="3">rate Social Responsibility (CSR). This policy encompasses</td></tr><tr><td colspan="3">all areas of Asetekâs operations and its aim is to provide a</td></tr><tr><td colspan="3">set of guidelines, standards and practical guidance for the</td></tr><tr><td colspan="3">Companyâs employees in conducting business globally.</td></tr><tr><td colspan="3">Important aspects of the CSR policy include the following,</td></tr><tr><td colspan="3">which are referenced in subsequent paragraphs in this</td></tr><tr><td colspan="3">section</td></tr><tr><td colspan="3">// &#x7;Code of conduct</td></tr><tr><td colspan="3">// &#x7;Anti-corruption and bribery</td></tr><tr><td colspan="3">// &#x7;Internal environment, knowledge</td></tr><tr><td colspan="3">resources and employee relations</td></tr><tr><td colspan="3">// &#x7;Equal opportunities</td></tr><tr><td colspan="3">// &#x7;External environment</td></tr><tr><td colspan="3">// &#x7;Adherence to human rights principles</td></tr><tr><td colspan="3">CSR Policy and risk management. Maintenance of, and</td></tr><tr><td colspan="3">adherence to the CSR policy is important in mitigating</td></tr><tr><td colspan="3">several aforementioned business risks including manu-</td></tr><tr><td colspan="3">facturing supply, research and development, product in-</td></tr><tr><td colspan="3">novation, project &amp; contract management, and employee</td></tr><tr><td colspan="3">relations (refer to the prior section titled âRisk exposure</td></tr><tr><td colspan="3">and managementâ).</td></tr><tr><td colspan="3">The Companyâs CSR policy can be found at: https://ir.asetek.com/media/1095/corporate-social-responsibility-policy.pdf</td></tr><tr><td colspan="3">Business model. Refer to the Asetek at a Glance section</td></tr><tr><td colspan="3">of the Management Report on page 9.</td></tr><tr><td colspan="3">Code of conduct. Asetekâs Code of Business Conduct</td></tr><tr><td colspan="3">and Ethics is the general ethical policy for business</td></tr><tr><td colspan="3">conduct to promote global ethical business practices and</td></tr><tr><td colspan="3">protect Asetek against corruption and other unethical</td></tr><tr><td colspan="3">business behavior. Per the policy, Asetek employees,</td></tr><tr><td colspan="3">officers, directors and independent contractors are ex-</td></tr><tr><td colspan="3">pected to perform their duties ethically, honestly and with</td></tr><tr><td colspan="3">integrity; and communicate in good faith any concerns</td></tr><tr><td colspan="3">regarding improper business practices or conflicts of</td></tr><tr><td colspan="3">interests, if observed. The business conduct guidelines</td></tr><tr><td colspan="3">and policy can be found at http://asetek .com/investor-re-</td></tr><tr><td colspan="3">lations/corporate-governance/ethical-guidelines.aspx</td></tr><tr><td colspan="3">Anti-corruption and bribery. As documented in its CSR</td></tr><tr><td colspan="3">Policy, Asetek will not tolerate corruption, money launder-</td></tr><tr><td colspan="3">ing, bribery or other illegal or unethical business activity.</td></tr><tr><td colspan="3">The Companyâs performance and competitiveness are</td></tr><tr><td colspan="3">strengthened solely through lawful conduct. The Groupâs</td></tr><tr><td colspan="3">anti-corruption position has been clearly communicated</td></tr><tr><td colspan="3">to all employees. Furthermore, Asetek has implemented an</td></tr><tr><td colspan="3">Ethics Website operated by a third-party company. Via the</td></tr><tr><td colspan="3">website, all stakeholders can keep themselves informed</td></tr><tr><td colspan="3">about Asetekâs policies as well as report any concern to the</td></tr><tr><td colspan="3">Companyâs leadership. No reports related to alleged in-</td></tr><tr><td colspan="3">fringing activities have been received during 2019. It is the</td></tr><tr><td colspan="3">Company's assessment that Asetek's operations do not</td></tr><tr><td colspan="3">cause significant risks associated with the commitment to</td></tr><tr><td colspan="3">adhere to these policies.</td></tr><tr><td colspan="3">Internal environment, knowledge resources and</td></tr><tr><td colspan="3">employee relations. Asetek recognizes that its employees</td></tr><tr><td colspan="3">are its key assets and it is committed to maintaining a</td></tr><tr><td colspan="3">stimulating working environment that offers opportunity</td></tr><tr><td colspan="3">for both personal and professional development. The</td></tr><tr><td colspan="3">Companyâs CSR Policy on Employment reinforces the</td></tr><tr><td colspan="3">framework established by the Organization for Economic</td></tr><tr><td colspan="3">Cooperation and Development (OECD), encourag-</td></tr><tr><td colspan="3">ing openness, sustainability and respect for employee</td></tr><tr><td colspan="3">rights. The Company maintains a team-oriented culture</td></tr><tr><td colspan="3">where all employees have the opportunity to contrib-</td></tr><tr><td colspan="3">ute significantly to the success of the Company. This is</td></tr><tr><td colspan="3">also necessary to continue to attract and retain highly</td></tr><tr><td colspan="3">qualified employees within the computer industry. Asetek</td></tr><tr><td colspan="3">welcomes applications for employment from all sectors of</td></tr><tr><td colspan="3">the community and strives to promote equal opportunity</td></tr><tr><td colspan="3">of employment to all. The Group maintains a positive</td></tr><tr><td colspan="3">working environment and sick leave is not significant.</td></tr><tr><td colspan="3">During 2019, total employee attrition was 14%, which is</td></tr><tr><td colspan="3">lower than the global average of a recent Radford report</td></tr><tr><td colspan="3">on turnover rates at technology companies. Of Asetekâs</td></tr><tr><td colspan="3">employees at December 31, 2019, 37% have been contin-</td></tr><tr><td colspan="3">uously employed by the Company for five years or longer.</td></tr><tr><td colspan="3">No working accidents or injuries occurred in 2019.</td></tr><tr><td colspan="3">During 2019, the work on internal environment contin-</td></tr><tr><td colspan="3">ued to focus on enhancing the collaboration between</td></tr><tr><td colspan="3">Asetekâs various global locations and cultures, including</td></tr><tr><td colspan="3">teambuilding associated with the launch and manage-</td></tr><tr><td colspan="3">ment of the Companyâs first ever gaming tournament</td></tr><tr><td colspan="3">for the Danish eSports community. To enable theCom-</td></tr><tr><td colspan="3">pany to support initiatives aimed at improving working</td></tr><tr><td colspan="3">conditions, the Company monitors sick leave by job type.</td></tr><tr><td colspan="3">It is the Company's assessment that Asetek's operations</td></tr><tr><td colspan="3">do not cause significant risks associated with the above</td></tr><tr><td colspan="3">principles.</td></tr><tr><td colspan="3">Equal opportunities. During 2019, the Company met its</td></tr><tr><td colspan="3">goal of at least 15% female representation at board and</td></tr><tr><td colspan="3">management levels. As of December 31, 2019, the Board</td></tr><tr><td colspan="3">consists of 80% male and 20% female members. When</td></tr><tr><td colspan="3">evaluating new potential board members, the Board of</td></tr><tr><td colspan="3">Directors encourages female candidates, while at the</td></tr><tr><td colspan="3">same time continues to search for relevant experience</td></tr><tr><td colspan="3">specific to Asetek. At other management levels, there is</td></tr><tr><td colspan="3">18% female representation at the end of 2019, which is</td></tr><tr><td colspan="3">an increase from the year before (14%). During 2019 the</td></tr><tr><td colspan="3">Company has continued to actively encourage women</td></tr><tr><td colspan="3">to apply for open positions as well as it has continued its</td></tr><tr><td colspan="3">communication with educational institutions which trains</td></tr><tr><td colspan="3">both male and female candidates.</td></tr><tr><td>Internal Environment</td><td>2019</td><td>2018</td></tr><tr><td colspan="3">EMPLOYEE RELATIONS</td></tr><tr><td>Employee attrition</td><td>14%</td><td>18%</td></tr><tr><td colspan="3">Employees with 5 years</td></tr><tr><td>or more service</td><td>37%</td><td>29%</td></tr><tr><td>Work accidents</td><td>-</td><td>-</td></tr><tr><td colspan="3">FEMALE REPRESENTATION</td></tr><tr><td colspan="3">At least 15% at Board and</td></tr><tr><td>Management level?</td><td>Yes</td><td>No</td></tr><tr><td>Board level</td><td>20%</td><td>0%</td></tr><tr><td>Other management</td><td>18%</td><td>14%</td></tr><tr><td colspan="3">External environment. Asetek Group operationsâ effect</td></tr><tr><td colspan="3">on the environment is minimal and is typical for a supplier</td></tr><tr><td colspan="3">of computer components. As such, the Company does</td></tr><tr><td colspan="3">not have a policy on environment and climate impact.</td></tr><tr><td colspan="3">The principal source of strain on the environment from</td></tr><tr><td colspan="3">the business is related to shipment of inventory, which is</td></tr><tr><td colspan="3">conducted in accordance with normal routine commerce.</td></tr><tr><td colspan="3">Asetekâs principal manufacturing operations are out-</td></tr><tr><td colspan="3">sourced to a commercial manufacturer in China, which</td></tr><tr><td colspan="3">is continuously monitored on various factors relating to</td></tr><tr><td colspan="3">the environment and other social responsibilities. The</td></tr><tr><td colspan="3">Company monitors the consumption of select resources</td></tr><tr><td colspan="3">at its manufacturing partner, enabling an ongoing discus-</td></tr><tr><td colspan="3">sion about how to design manufacturing processes that</td></tr><tr><td colspan="3">minimize the use of environmental resources.</td></tr><tr><td>Resource Consumption</td><td>2019</td><td>2018</td></tr><tr><td colspan="3">Electricity consumption</td></tr><tr><td>per desktop unit</td><td>0.28 kWh</td><td>0.28 kWh</td></tr><tr><td colspan="3">Internally, the Company is working towards achieving</td></tr><tr><td colspan="3">continuous improvement in environmental performance.</td></tr><tr><td colspan="3">Asetek takes great care to ensure that the materials and</td></tr><tr><td colspan="3">liquids used are not harmful to the environment. All</td></tr><tr><td colspan="3">Asetek products are compliant with the EU standards</td></tr><tr><td colspan="3">RoHS and REACH. In 2019, the Company developed a</td></tr><tr><td colspan="3">banned materials list, the use of which has been imple-</td></tr><tr><td colspan="3">mented across the supplier base. It is the Company's</td></tr><tr><td colspan="3">assessment that Asetek's operations do not cause signifi-</td></tr><tr><td colspan="3">cant risks to the external environment.</td></tr><tr><td colspan="3">Adherence to human rights principles. Asetek supports</td></tr><tr><td colspan="3">the fundamental principles of EICC (Electronic Industry</td></tr><tr><td colspan="3">Citizenship Coalition) on human rights, employeesâ rights,</td></tr><tr><td colspan="3">child labor, health and safety, environment and anticor-</td></tr><tr><td colspan="3">ruption. The Companyâs CSR Policy includes standards</td></tr><tr><td colspan="3">of conduct that include the fair and honest treatment of</td></tr><tr><td colspan="3">employees, respecting human rights and the interests of</td></tr><tr><td colspan="3">employees, customers and third parties.</td></tr><tr><td colspan="3">The Company requires that suppliers respect and conform</td></tr><tr><td colspan="3">to the same human rights principles. Asetekâs CSR Policy</td></tr><tr><td colspan="3">specifies its commitment to obtaining and retaining goods</td></tr><tr><td colspan="3">and services while at the same time ensuring they are from</td></tr><tr><td colspan="3">sources which have not jeopardized human rights, safety</td></tr><tr><td colspan="3">or the environment. Asetek periodically validates via its</td></tr><tr><td colspan="3">supplier review and evaluation process that its suppliers</td></tr><tr><td colspan="3">conform to the principles. The principles can be found</td></tr><tr><td colspan="3">at http://www.eicc.info/eicc_code.shtml The Companyâs</td></tr><tr><td colspan="3">work in 2019 focused on working with and monitoring new</td></tr><tr><td colspan="3">suppliers. It is the Company's assessment that Asetek's</td></tr><tr><td colspan="3">operations do not cause significant risks associated with</td></tr><tr><td colspan="3">the commitment to adhere to human rights principles.</td></tr><tr><td colspan="3">Transparency and credibility. Asetek is committed to</td></tr><tr><td colspan="3">show complete openness towards shareholders, custom-</td></tr><tr><td colspan="3">ers, employees, suppliers and other stakeholders.</td></tr><tr><td colspan="3">Future work. In 2020, the Company has launched a</td></tr><tr><td colspan="3">broader, company-wide CSR initiative which is expected</td></tr><tr><td colspan="3">to yield results starting in 2021.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<ifrs-full:Revenue contextRef="ctx1" unitRef="vUSD" decimals="-3">54334000</ifrs-full:Revenue>
<ifrs-full:CostOfSales contextRef="ctx1" unitRef="vUSD" decimals="-3">31329000</ifrs-full:CostOfSales>
<ifrs-full:GrossProfit contextRef="ctx1" unitRef="vUSD" decimals="-3">23005000</ifrs-full:GrossProfit>
<ifrs-full:ResearchAndDevelopmentExpense contextRef="ctx1" unitRef="vUSD" decimals="-3">4889000</ifrs-full:ResearchAndDevelopmentExpense>
<easy:SellingGeneralAndAdministrative_1665523598 contextRef="ctx1" unitRef="vUSD" decimals="-3">17821000</easy:SellingGeneralAndAdministrative_1665523598>
<ifrs-full:OtherIncome contextRef="ctx1" unitRef="vUSD" decimals="-3">753000</ifrs-full:OtherIncome>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">1048000</ifrs-full:ProfitLossFromOperatingActivities>
<easy:ForeignExchangeGainloss_1512250362 contextRef="ctx1" unitRef="vUSD" decimals="-3">218000</easy:ForeignExchangeGainloss_1512250362>
<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vUSD" decimals="-3">359000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vUSD" decimals="-3">171000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx1" unitRef="vUSD" decimals="-3">1454000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx1" unitRef="vUSD" decimals="-3">2082000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx1" unitRef="vUSD" decimals="-3">-628000</ifrs-full:ProfitLoss>
<ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax contextRef="ctx1" unitRef="vUSD" decimals="-3">-444000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax>
<ifrs-full:ComprehensiveIncome contextRef="ctx1" unitRef="vUSD" decimals="-3">-1072000</ifrs-full:ComprehensiveIncome>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">-0.0200</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="4">-0.0200</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense contextRef="ctx1" unitRef="vUSD" decimals="-3">4057000</ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-172000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx1" unitRef="vUSD" decimals="-3">2234000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">8870000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-1441000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-713000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-2154000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:ProceedsFromIssuingShares contextRef="ctx1" unitRef="vUSD" decimals="-3">64000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-734000</ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vUSD" decimals="-3">-648000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx1" unitRef="vUSD" decimals="-3">-190000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vUSD" decimals="-3">5878000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<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">MANAGEMENT STATEMENT</td></tr><tr><td colspan="1">The Executive Board and the Board of Directors have</td></tr><tr><td colspan="1">today considered and adopted the Annual Report of</td></tr><tr><td colspan="1">Asetek A/S for the financial year January 1 to December</td></tr><tr><td colspan="1">31, 2019. The annual report is prepared in accordance with</td></tr><tr><td colspan="1">International Financial Reporting Standards as adopted</td></tr><tr><td colspan="1">by the EU and additional Danish disclosure requirements</td></tr><tr><td colspan="1">for listed companies.</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements</td></tr><tr><td colspan="1">and Parent Company Financial Statements give a true</td></tr><tr><td colspan="1">and fair view of the financial position at December 31,</td></tr><tr><td colspan="1">2019 of the Group and the Parent company and of the</td></tr><tr><td colspan="1">results of the Group and Parent company operations and</td></tr><tr><td colspan="1">cash flows for 2019.</td></tr><tr><td colspan="1">In our opinion, Managementâs Report includes a true</td></tr><tr><td colspan="1">and fair account of the development in the operations</td></tr><tr><td colspan="1">and financial circumstances of the Group and the Parent</td></tr><tr><td colspan="1">company as well as a description of the most significant</td></tr><tr><td colspan="1">risks and elements of uncertainty facing the Group and</td></tr><tr><td colspan="1">the Parent company.</td></tr><tr><td colspan="1">We recommend that the Annual Report be adopted at</td></tr><tr><td colspan="1">the Annual General Meeting.</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Aalborg</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2020-02-25</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 ASETEK A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OUR OPINION</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements</td></tr><tr><td colspan="1">and the Parent Company Financial Statements give a true</td></tr><tr><td colspan="1">and fair view of the Groupâs and the Parent Companyâs</td></tr><tr><td colspan="1">financial position at 31 December 2019 and of the results</td></tr><tr><td colspan="1">of the Groupâs and the Parent Companyâs operations and</td></tr><tr><td colspan="1">cash flows for the financial year 1 January to 31 December</td></tr><tr><td colspan="1">2019 in accordance with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and further requirements</td></tr><tr><td colspan="1">in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs Long-form</td></tr><tr><td colspan="1">Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited. Asetek A/Sâ Consolidated and</td></tr><tr><td colspan="1">Parent Company Financial Statements comprise</td></tr><tr><td colspan="1">The Consolidated Financial Statements and Parent Com-</td></tr><tr><td colspan="1">pany Financial Statements of Asetek A/S for the financial</td></tr><tr><td colspan="1">year 1 January to 31 December 2019 comprise statement</td></tr><tr><td colspan="1">of comprehensive income, balance sheet, statement of</td></tr><tr><td colspan="1">changes in equity, cash flow statement and notes, including</td></tr><tr><td colspan="1">summary of significant accounting policies for the Group as</td></tr><tr><td colspan="1">well as for the Parent Company. Collectively referred to as</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Standards on Auditing (ISAs) and the additional require-</td></tr><tr><td colspan="1">ments applicable in Denmark. Our responsibilities under</td></tr><tr><td colspan="1">those standards and requirements are further described in</td></tr><tr><td colspan="1">the Auditorâs Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence. We are independent of the Group in</td></tr><tr><td colspan="1">accordance with International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountantsâ Code of Ethics for Professional Account-</td></tr><tr><td colspan="1">ants (IESBA Code) and the ethical requirements that are</td></tr><tr><td colspan="1">relevant to our audit of the financial statements in Denmark.</td></tr><tr><td colspan="1">We have also fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-au-</td></tr><tr><td colspan="1">dit services referred to in Article 5(1) of Regulation (EU) No</td></tr><tr><td colspan="1">537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment. We were first appointed auditors of Asetek</td></tr><tr><td colspan="1">A/S on 22 January 2013 for the financial year 2013. We</td></tr><tr><td colspan="1">have been reappointed annually by shareholder resolution</td></tr><tr><td colspan="1">for a total period of uninterrupted engagement of 7 years</td></tr><tr><td colspan="1">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="2">KEY AUDIT MATTERS</td></tr><tr><td colspan="2">Key audit matters are those matters that, in our professional</td></tr><tr><td colspan="2">judgment, were of most significance in our audit of the fi-</td></tr><tr><td colspan="2">nancial statements for 2019. These matters were addressed</td></tr><tr><td colspan="2">in the context of our audit of the financial statements as a</td></tr><tr><td colspan="2">whole, and in forming our opinion thereon, and we do not</td></tr><tr><td colspan="2">provide a separate opinion on these matters.</td></tr><tr><td colspan="2">Capitalization of development costs</td></tr><tr><td colspan="2">Asetek A/S continuously develops new solutions and prod-</td></tr><tr><td colspan="2">ucts adapted to the latest technology and the clientsâ needs</td></tr><tr><td colspan="2">as well as improving existing solutions and market position.</td></tr><tr><td colspan="2">As described in note 14 USD 1,920k of internal development</td></tr><tr><td colspan="2">costs have been capitalized within Intangible Assets.</td></tr><tr><td colspan="2">We focused on this area due to the size of the internal costs</td></tr><tr><td colspan="2">capitalized, and the fact that there is judgement involved</td></tr><tr><td colspan="2">in assessing whether the criteria set out in the accounting</td></tr><tr><td colspan="2">standards for capitalization of such costs have been met,</td></tr><tr><td colspan="2">particularly</td></tr><tr><td colspan="2">// The technical feasibility of the project; and</td></tr><tr><td colspan="2">// The likelihood of the project delivering sufficient future</td></tr><tr><td colspan="2">economic benefits; and</td></tr><tr><td colspan="2">// &#x7;That costs capitalized are relevant to the project and in</td></tr><tr><td colspan="2">conjunction with IAS 38.</td></tr><tr><td colspan="2">In the light of the development of new solutions and prod-</td></tr><tr><td colspan="2">ucts adapted to the latest technology, we also focused on</td></tr><tr><td colspan="2">whether the carrying value of existing capitalised solutions</td></tr><tr><td colspan="2">and products was impaired.</td></tr><tr><td colspan="2">How our audit addressed the key audit matter</td></tr><tr><td colspan="2">We obtained a breakdown, by value, of all individual devel-</td></tr><tr><td colspan="2">opment projects capitalized in the period and reconciled</td></tr><tr><td colspan="2">this to the amounts recorded in the general ledger.</td></tr><tr><td colspan="2">We tested the largest capitalized development projects in</td></tr><tr><td colspan="2">2019 together with a sample of smaller projects from the</td></tr><tr><td colspan="2">remaining population, as follows</td></tr><tr><td colspan="2">// &#x7;We obtained business cases from management including</td></tr><tr><td /><td>description of the development project, feasibility</td></tr><tr><td /><td>analysis, budgeted costs and budgeted revenue. This also</td></tr><tr><td /><td>included descriptions on how the specific requirements</td></tr><tr><td /><td>of the relevant accounting standards and other guidance,</td></tr><tr><td /><td>most notably IAS 38 were met.</td></tr><tr><td colspan="2">// &#x7;We discussed the assumptions for budgets and</td></tr><tr><td /><td>compared historical budgets with realized amounts to</td></tr><tr><td /><td>challenge managementâs explanations.</td></tr><tr><td colspan="2">// &#x7;We obtained explanations from management of why</td></tr><tr><td /><td>the projects are impaired or not. We challenged both</td></tr><tr><td /><td>management and the project manager as to whether the</td></tr><tr><td /><td>development of new solutions and products superseded</td></tr><tr><td /><td>or impaired any of the existing assets on the balance</td></tr><tr><td /><td>sheet. We also applied our own understanding of both</td></tr><tr><td /><td>new and existing projects that is no longer in use or its life</td></tr><tr><td /><td>was shortened by any development activity.</td></tr><tr><td colspan="2">To determine whether costs were directly attributable to</td></tr><tr><td colspan="2">projects, we obtained listings of hours worked on individual</td></tr><tr><td colspan="2">projects and compared a sample of the individual hours</td></tr><tr><td colspan="2">recorded with the capitalized hours. We also checked the</td></tr><tr><td colspan="2">hours charged equated to the value of costs capitalized,</td></tr><tr><td colspan="2">by applying the approved salary rates per employee to</td></tr><tr><td colspan="2">the timesheet hours, without significant exception. We</td></tr><tr><td colspan="2">reconciled specifications of the basis used for capitalized</td></tr><tr><td colspan="2">overheads and discussed the appropriateness of included</td></tr><tr><td colspan="2">costs in respect of relevant accounting rules and guidance.</td></tr><tr><td colspan="2">Furthermore, we compared a sample of the direct costs</td></tr><tr><td colspan="2">capitalized with external vendor invoices.</td></tr><tr><td colspan="2">Valuation of deferred tax assets</td></tr><tr><td colspan="2">As explained in note 11, Asetek A/S has recognized USD 5,521</td></tr><tr><td colspan="2">as deferred tax assets. Tax losses from previous years amounts</td></tr><tr><td colspan="2">to USD 7,458k of the total recognized deferred tax asset. The</td></tr><tr><td colspan="2">tax losses can be carried forward against future taxable income.</td></tr><tr><td colspan="2">The tax losses relates to losses realized in Denmark and the U.S.</td></tr><tr><td colspan="2">We focused on this area due to the size of the deferred tax</td></tr><tr><td colspan="2">asset and the size of the total tax losses. Furthermore, there</td></tr><tr><td colspan="2">is judgement involved in assessing whether the criteria set</td></tr><tr><td colspan="2">out in the accounting standards (IAS 12) for recognising de-</td></tr><tr><td colspan="2">ferred tax assets have been met, particularly the probability</td></tr><tr><td colspan="2">that future taxable profit will be available, against which the</td></tr><tr><td colspan="2">unused tax losses can be utilised.</td></tr><tr><td colspan="2">Reference is made to note 11 in the Consolidated Financial</td></tr><tr><td colspan="2">Statements.</td></tr><tr><td colspan="2">How our audit addressed the key audit matter</td></tr><tr><td colspan="2">We assessed the managementâs valuation of the deferred</td></tr><tr><td colspan="2">tax assets and reconciled this to the amounts recorded in</td></tr><tr><td colspan="2">the financial statements.</td></tr><tr><td colspan="2">We challenged and applied professional scepticism to the</td></tr><tr><td colspan="2">judgments and estimates made by management in relation</td></tr><tr><td colspan="2">to the deferred tax assets through the following audit</td></tr><tr><td colspan="2">procedures</td></tr><tr><td colspan="2">// &#x7;&#x7;We received the Groupâs budgets for the period 2020-</td></tr><tr><td /><td>2024. We evaluated and challenged the assumptions</td></tr><tr><td /><td>made by management by comparing budgets to realized</td></tr><tr><td /><td>figures and realized growth for 2019.</td></tr><tr><td colspan="2">// &#x7;We compared the budgets with the deferred tax asset</td></tr><tr><td /><td>recognised and challenged management on their plan</td></tr><tr><td /><td>for utilising the tax losses.</td></tr><tr><td colspan="2">// &#x7;We utilised our tax specialists in order to ensure compli-</td></tr><tr><td /><td>ance to tax rules in respect of determining the value of</td></tr><tr><td /><td>the deferred tax asset.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover</td></tr><tr><td colspan="1">Managementâs Review, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our</td></tr><tr><td colspan="1">responsibility is to read Managementâs Review and, in doing</td></tr><tr><td colspan="1">so, consider whether Managementâs Review is materially</td></tr><tr><td colspan="1">inconsistent with the financial statements or our knowledge</td></tr><tr><td colspan="1">obtained in the audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Managementâs Review</td></tr><tr><td colspan="1">includes the disclosures required by the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Manage-</td></tr><tr><td colspan="1">mentâs Review is in accordance with the Consolidated Financial</td></tr><tr><td colspan="1">Statements and the Parent Company Financial Statements and</td></tr><tr><td colspan="1">has been prepared in accordance with the requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act. We did not identify any</td></tr><tr><td colspan="1">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 Responsibility for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consoli-</td></tr><tr><td colspan="1">dated Financial Statements and Parent Company Financial</td></tr><tr><td colspan="1">Statements that give a true and fair view in accordance with</td></tr><tr><td colspan="1">International Financial Reporting Standards as adopted by</td></tr><tr><td colspan="1">the EU and further requirements in the Danish Financial</td></tr><tr><td colspan="1">Statements Act, and for such internal control as Manage-</td></tr><tr><td colspan="1">ment determines is necessary to enable the preparation of</td></tr><tr><td colspan="1">financial statements that are free from material misstate-</td></tr><tr><td colspan="1">ment, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is</td></tr><tr><td colspan="1">responsible for assessing the Groupâs and the Parent Com-</td></tr><tr><td colspan="1">panyâs ability to continue as a going concern, disclosing, as</td></tr><tr><td colspan="1">applicable, matters related to going concern and using the</td></tr><tr><td colspan="1">going concern basis of accounting unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Group or the Parent Company or to</td></tr><tr><td colspan="1">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="2">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about</td></tr><tr><td colspan="2">whether the financial statements as a whole are free from</td></tr><tr><td colspan="2">material misstatement, whether due to fraud or error, and to</td></tr><tr><td colspan="2">issue an auditorâs report that includes our opinion. Reasona-</td></tr><tr><td colspan="2">ble assurance is a high level of assurance, but is not a guaran-</td></tr><tr><td colspan="2">tee that an audit conducted in accordance with ISAs and the</td></tr><tr><td colspan="2">additional requirements applicable in Denmark will always</td></tr><tr><td colspan="2">detect a material misstatement when it exists. Misstatements</td></tr><tr><td colspan="2">can arise from fraud or error and are considered material if,</td></tr><tr><td colspan="2">individually or in the aggregate, they could reasonably be</td></tr><tr><td colspan="2">expected to influence the economic decisions of users taken</td></tr><tr><td colspan="2">on the basis of these financial statements.</td></tr><tr><td colspan="2">As part of an audit in accordance with ISAs and the addi-</td></tr><tr><td colspan="2">tional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="2">professional judgment and maintain professional skepticism</td></tr><tr><td colspan="2">throughout the audit. We also</td></tr><tr><td colspan="2">// &#x7;Identify and assess the risks of material misstatement of</td></tr><tr><td /><td>the financial statements, whether due to fraud or error,</td></tr><tr><td /><td>design and perform audit procedures responsive to those</td></tr><tr><td /><td>risks, and obtain audit evidence that is sufficient and ap-</td></tr><tr><td /><td>propriate to provide a basis for our opinion. The risk of not</td></tr><tr><td /><td>detecting a material misstatement resulting from fraud</td></tr><tr><td /><td>Is higher than for one resulting from error, as fraud may</td></tr><tr><td /><td>involve collusion, forgery, intentional omissions, misrep-</td></tr><tr><td /><td>resentations, or the override of internal control.</td></tr><tr><td colspan="2">// &#x7;Obtain an understanding of internal control relevant to</td></tr><tr><td /><td>the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose</td></tr><tr><td /><td>of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="2">// &#x7;Evaluate the appropriateness of accounting policies used</td></tr><tr><td /><td>and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td colspan="2">// &#x7;Conclude on the appropriateness of Managementâs use</td></tr><tr><td /><td>of the going concern basis of accounting and based on</td></tr><tr><td /><td>the audit evidence obtained, whether a material uncer-</td></tr><tr><td /><td>tainty exists related to events or conditions that may cast</td></tr><tr><td /><td>significant doubt on the Groupâs and the Parent Compa-</td></tr><tr><td /><td>nyâs ability to continue as a going concern. If we conclude</td></tr><tr><td /><td>that a material uncertainty exists, we are required to draw</td></tr><tr><td /><td>attention in our auditorâs report to the related disclosures</td></tr><tr><td /><td>in the financial statements or, if such disclosures are</td></tr><tr><td /><td>inadequate, to modify our opinion. Our conclusions are</td></tr><tr><td /><td>based on the audit evidence obtained up to the date of</td></tr><tr><td /><td>our auditorâs report. However, future events or conditions</td></tr><tr><td /><td>may cause the Group or the Parent Company to cease to</td></tr><tr><td /><td>continue as a going concern.</td></tr><tr><td colspan="2">// &#x7;Evaluate the overall presentation, structure and content</td></tr><tr><td /><td>of the financial statements, including the disclosures, and</td></tr><tr><td /><td>whether the financial statements represent the underlying</td></tr><tr><td /><td>transactions and events in a manner that achieves fair</td></tr><tr><td /><td>presentation.</td></tr><tr><td colspan="2">// &#x7;Obtain sufficient appropriate audit evidence regard-</td></tr><tr><td /><td>ing the financial information of the entities or business</td></tr><tr><td /><td>activities within the Group to express an opinion on the</td></tr><tr><td /><td>consolidated financial statements. We are responsible for</td></tr><tr><td /><td>the direction, supervision and performance of the group</td></tr><tr><td /><td>audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance</td></tr><tr><td colspan="2">regarding, among other matters, the planned scope and tim-</td></tr><tr><td colspan="2">ing of the audit and significant audit findings, including any</td></tr><tr><td colspan="2">significant deficiencies in internal control that we identify</td></tr><tr><td colspan="2">during our audit.</td></tr><tr><td colspan="2">We also provide those charged with governance with a</td></tr><tr><td colspan="2">statement that we have complied with relevant ethical</td></tr><tr><td colspan="2">requirements regarding independence, and to communi-</td></tr><tr><td colspan="2">cate with them all relationships and other matters that may</td></tr><tr><td colspan="2">reasonably be thought to bear on our independence, and</td></tr><tr><td colspan="2">where applicable, related safeguards.</td></tr><tr><td colspan="2">From the matters communicated with those charged with</td></tr><tr><td colspan="2">governance, we determine those matters that were of most</td></tr><tr><td colspan="2">significance in the audit of the financial statements of the</td></tr><tr><td colspan="2">current period and are therefore the key audit matters. We</td></tr><tr><td colspan="2">describe these matters in our auditorâs report unless law or</td></tr><tr><td colspan="2">regulation precludes public disclosure about the matter or</td></tr><tr><td colspan="2">when, in extremely rare circumstances, we determine that a</td></tr><tr><td colspan="2">matter should not be communicated in our report because</td></tr><tr><td colspan="2">the adverse consequences of doing so would reasonably be</td></tr><tr><td colspan="2">expected to outweigh the public interest benefits of such</td></tr><tr><td colspan="2">communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2020-02-25</arr:SignatureOfAuditorsDate>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">33767552</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">EasyX ApS</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Vester Voldgade 8, 1th.</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">1552 København V</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:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx2" xml:lang="da">Jukka Pertola</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx2" xml:lang="da">chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx3" xml:lang="da">Chris J. Christopher</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx3" xml:lang="da">chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">Erik Damsgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Jørgen Smidt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">Maria Hjorth</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx7" xml:lang="da">André Sloth Eriksen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx8" xml:lang="da">Peter Dam Madsen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx8" xml:lang="da">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
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<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx9" unitRef="vUSD" decimals="-3">-118000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
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<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx9" unitRef="vUSD" decimals="-3">3843000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx9" unitRef="vUSD" decimals="-3">-1745000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
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<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx9" unitRef="vUSD" decimals="-3">-3659000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:ProceedsFromIssuingShares contextRef="ctx9" unitRef="vUSD" decimals="-3">782000</ifrs-full:ProceedsFromIssuingShares>
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<ifrs-full:CurrentAssets contextRef="ctx10" unitRef="vUSD" decimals="-3">40242000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx10" unitRef="vUSD" decimals="-3">54105000</ifrs-full:Assets>
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<easy:AccruedCompensationAndEmployeeBenefits_2086385952 contextRef="ctx10" unitRef="vUSD" decimals="-3">1526000</easy:AccruedCompensationAndEmployeeBenefits_2086385952>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx10" unitRef="vUSD" decimals="-3">8257000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentLiabilities contextRef="ctx10" unitRef="vUSD" decimals="-3">12323000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx10" unitRef="vUSD" decimals="-3">15097000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx10" unitRef="vUSD" decimals="-3">54105000</ifrs-full:EquityAndLiabilities>
<ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx11" unitRef="vUSD" decimals="-3">2414000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx11" unitRef="vUSD" decimals="-3">4103000</ifrs-full:PropertyPlantAndEquipment>
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<ifrs-full:Equity contextRef="ctx11" unitRef="vUSD" decimals="-3">38958000</ifrs-full:Equity>
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<ifrs-full:EquityAndLiabilities contextRef="ctx11" unitRef="vUSD" decimals="-3">51398000</ifrs-full:EquityAndLiabilities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx16" unitRef="vUSD" decimals="-3">359000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx17" unitRef="vUSD" decimals="-3">205000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx19" unitRef="vUSD" decimals="-3">-96000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx20" unitRef="vUSD" decimals="-3">2082000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx21" unitRef="vUSD" decimals="-3">1198000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx22" unitRef="vUSD" decimals="-3">1056000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx23" unitRef="vUSD" decimals="-3">1276000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx24" unitRef="vUSD" decimals="-3">154000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" unitRef="vUSD" decimals="-3">-2264000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" xml:lang="da">Funds drawn against line of credit</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx26" unitRef="vUSD" decimals="-3">22000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
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<easy:SellingGeneralAndAdministrative_1665523598 contextRef="ctx30" unitRef="vUSD" decimals="-3">3092000</easy:SellingGeneralAndAdministrative_1665523598>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx47" xml:lang="da">Henrik Trangeled Kristensen</cmn:NameAndSurnameOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx48" xml:lang="da">Henrik Berring Rasmussen</cmn:NameAndSurnameOfAuditor>
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