Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-05-31 | 1776000000 | vDKK |
| ifrs-full:Assets | 2019-05-31 | 2462000000 | vDKK |
| ifrs-full:Assets | 2020-05-31 | 1216000000 | vDKK |
| ifrs-full:Assets | 2019-05-31 | 1500000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2019-06-01 | 2020-05-31 | 2036000000 | vDKK |
| ifrs-full:Revenue | 2018-06-01 | 2019-05-31 | 2838000000 | vDKK |
| ifrs-full:Revenue | 2019-06-01 | 2020-05-31 | 123000000 | vDKK |
| ifrs-full:Revenue | 2018-06-01 | 2019-05-31 | 455000000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/11975214/amNsb3VkczovLzAzLzNlLzg4LzFhLzUzLzFjNTgtNDdhNS1iMmRhLTY0MWZjOGQwMjMwYw.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">CSR &amp; SUSTAINABILITY</td></tr><tr><td colspan="1">In 2019/20, Bang &amp; Olufsen made good progress on the companyâs corporate social responsibility (CSR &amp; Sustainability) efforts and achieved 13 of 16 key targets for the year.</td></tr><tr><td colspan="1">Bang &amp; Olufsen has published a full CSR &amp; Sustainability report for 2019/20. The report outlines the companyâs strategy, key targets, initiatives and results achieved in the financial year. In addition, the report outlines the key targets for the next financial year, 2020/21.</td></tr><tr><td colspan="1">The report complies with sections 99a and 99b of the Danish Financial Statements Act, and it is available in its entirety on the Bang &amp; Olufsen website at: https://corporate.bang-olufsen.com/en/csr</td></tr><tr><td colspan="1">UPDATE ON STRATEGIC INITIATIVES FOR 2019/20</td></tr><tr><td colspan="1">In 2017/18, Bang &amp; Olufsen launched a three-year CSR &amp; Sustainability strategy. The strategy has four focus areas: Environmental &amp; Climate Impact, Responsible Employer, Role in Society and Responsible Partner with eight three-year</td></tr><tr><td colspan="1">CSR-commitments. Action plans, annual targets and initiatives have been developed across all focus areas to ensure progress.</td></tr><tr><td colspan="1">ENVIRONMENTAL &amp; CLIMATE IMPACT</td></tr><tr><td colspan="1">Bang &amp; Olufsen is committed to minimising the adverse impact on the environment and climate from the companyâs own operations and its supply chain as well as to continuously reducing the footprint of the companyâs products over their entire lifecycle.</td></tr><tr><td colspan="1">RESPONSIBLE EMPLOYER</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to be recognised as a people-oriented and responsible company. Therefore the company has a strong focus on empowering employees and helping them develop their competencies as well as promoting the health and well-being of people working. Furthermore, Bang &amp; Olufsen promotes diversity across gender, culture, nationality and competencies.</td></tr><tr><td colspan="1">ROLE IN SOCIETY</td></tr><tr><td colspan="1">Bang &amp; Olufsen operates in a responsible and transparent manner and is committed to creating value to all the companyâs stakeholders. The company will continue to share knowledge and making the companyâs expertise available to society and stakeholders, while continuing to support community initiatives in the societies in which the company operates.</td></tr><tr><td colspan="1">RESPONSIBLE PARTNER</td></tr><tr><td colspan="1">Bang &amp; Olufsen wants to ensure partner relationships by engaging with suppliers to raise responsibility standards and work with retail partners to ensure a strong compliance culture to ensure that they live up to the companyâs ethical and social standards and expectations from all stakeholders.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<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">GOVERNANCE</td></tr><tr><td colspan="1">Bang &amp; Olufsen has a two-tiered management structure. As per current practice in Denmark, responsibility is divided between the non-executive Board of Directors and the Executive Management Board, which are independent of each other. The Board of Directors determines the overall strategy and supervises Bang &amp; Olufsenâs activities, management and organisation, while the Executive Management Board is in charge of the day-to-day management. Members of the Executive Management Board do not serve on the Board of</td></tr><tr><td colspan="1">Directors.</td></tr><tr><td colspan="1">The companyâs Board of Directors and Executive Management Board constantly strive to ensure transparency and accountability by building trusting relationships with shareholders, consumers, suppliers, employees and the local communities in which the company operates.</td></tr><tr><td colspan="1">Compliance with the</td></tr><tr><td colspan="1">Recommendations on Corporate Governance</td></tr><tr><td colspan="1">Bang &amp; Olufsen is subject to the Recommendations on Corporate Governance as updated in November 2017 (the Recommendations), prepared by the Danish Committee on Corporate Governance.</td></tr><tr><td colspan="1">The Board of Directors regularly reviews Bang &amp; Olufsenâs corporate governance framework and policies in relation to the Recommendations as well as any relevant statutory requirements and continuously assesses the need for adjustments. At 31 May 2020, Bang &amp; Olufsen followed all Recommendations.</td></tr><tr><td colspan="1">Bang &amp; Olufsen has prepared a detailed Corporate Governance Report in accordance with Section 107b of the Danish Financial Statements Act, which includes a description of the composition of the Board of Directors and its work over the past year as well as a description of the main elements of the companyâs internal control and risk management system. The Corporate Governance Report can be found at https://investor.bang-olufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The Board of Directors currently has eleven members, seven of whom are elected by the shareholders. Four Board members are elected by the employees in accordance with the Danish Companies Act. The shareholder-elected members are elected for terms of one year, while employee representatives are elected for terms of four years in accordance with current legislation. All shareholder-elected members are independent. For more information about the individual board members, please see the section âBoard of Directorsâ on pages 55-56.</td></tr><tr><td colspan="1">Between eight and ten board meetings are held each year, with ad hoc meetings being held if necessary. In 2019/20, the Board of Directors held 18 meetings.</td></tr><tr><td colspan="1">The Board of Directors believes that members should be chosen on the basis of their overall competencies, and also recognises the benefits of board diversity in respect of experience, cultural background and gender. Each year, the Board of Directors considers the skills and competencies that should be represented on the Board of Directors on the basis of a recommendation from the Nomination Committee. These skills are described in detail in the Companyâs Corporate Governance Report. For skills and competences possessed by each respective member of the Board of Directors, please see the section âBoard of Directorsâ on pages 55-56.Board committees and advisory Board</td></tr><tr><td colspan="1">The Board of Directors has established four committees: a Remuneration Committee, a Nomination Committee, an Audit Committee and a Technology Committee. The committees are tasked with preparing decisions and recommendations for assessment and approval by the Board of Directors. The committees report to the Board of Directors and each committee has a detailed charter setting out its most important tasks and responsibilities. The tasks and work of the committees are described in more detail in the Corporate Governance Report.</td></tr><tr><td colspan="1">Furthermore, the Board of Directors have established a China Advisory Board to (i) ensure that trends and learnings from China are captured and (ii) provide guidance and support for the Chinese part of the business to support the growth trajectory in China.</td></tr><tr><td colspan="1">The table illustrates Board meeting and committee attendance over the past year.</td></tr><tr><td colspan="1">Board evaluation process</td></tr><tr><td colspan="1">The Chairman of the Board of Directors conducts an annual board self-assessment and review of the Boardâs performance, addressing the effectiveness of the Board, the processes supporting its work, individual board membersâ contributions, the Chairmanâs performance and the cooperation with the Executive Management Board.</td></tr><tr><td colspan="1">The assessment is conducted by way of each individual Board member and member of the Executive Management Board by anonymously completing a comprehensive online questionnaire, which is then summarised by an external consultant. Ratings and comments are consolidated and shared with the Board of Directors followed by a Board discussion on potential improvements.</td></tr><tr><td colspan="1">The Chairman presented the results of the evaluation to the Board of Directors in July 2020. According to the conclusion of the evaluation, the Board of Directors is generally well organised, well-functioning and work on the Board is characterised by an open and trusting relationship and cooperation both among the members of the Board and with the Executive Management Board. The self-assessment also concluded</td></tr><tr><td colspan="1">that the Board of Directors continues to demonstrate industry knowledge and experience which is well suited to support Bang &amp; Olufsenâs business and strategic direction reflected in the recent Strategy Plan developed during the period November 2019 - March 2020.</td></tr><tr><td colspan="1">The evaluation identified two main areas for improvement</td></tr><tr><td colspan="1">(i) increase focus on structured succession planning. This has also been an observation in previous years. However, as the organisation has been significantly changed and many managers in leadership positions have been replaced during the year, the succession planning process has not been materially improved yet. The Board will maintain focus on this area and steps have been and will be taken to improve the companyâs succession planning</td></tr><tr><td colspan="1">(ii) Allocation of more time for deep dive discussions at each Board meeting</td></tr><tr><td colspan="1">In addition, the evaluation also identified certain minor areas for improvement.</td></tr><tr><td colspan="1">These will be considered, and steps will be taken to improve the situation.</td></tr><tr><td colspan="1">The Chairman has reviewed the performance with each of the members of the Board of Directors and has provided each member with feedback on their performance.</td></tr><tr><td colspan="1">REMUNERATION</td></tr><tr><td colspan="1">The remuneration of the Board of Directors and the Executive Management Board is designed to support the strategic goals of the company and to promote value creation for the benefit of the companyâs shareholders and other stakeholders. Remuneration levels must ensure that the company is able to attract, motivate and retain highly qualified members for both the Executive Management Board and the Board of</td></tr><tr><td colspan="1">Directors.</td></tr><tr><td colspan="1">The company's remuneration policy is reviewed annually by the Remuneration Committee and the Board of Directors. The remuneration policy as well as the full remuneration report for the financial year 2019/20 can be found at https:// investor.bang-olufsen.com.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">The remuneration of members of the Board of Directors comprises a fixed annual base fee and fixed annual supplementary fees for the Chairman, the VIce Chairman, and members and chairmen of permanent committees.</td></tr><tr><td colspan="1">Members of the Board of Directors do not receive incentive-based remuneration. However, to align the interests of the Board of Directors with the companyâs shareholders, each member of the Board elected by the general meeting is obliged to invest in shares issued by the company not later than 12 months after the date of the memberâs election to the Board for an amount at least corresponding to the annual base fee paid to an ordinary member of the Board according to the most recent annual report and to keep such shareholding for as long as the individual is a member of the Board.</td></tr><tr><td colspan="1">Executive Management Board</td></tr><tr><td colspan="1">Members of the Executive Management Board are entitled to an annual remuneration in accordance with the remuneration policy which may consist of the following fixed and variable remuneration components</td></tr><tr><td colspan="1">⢠Fixed base salary, including pension contribution</td></tr><tr><td colspan="1">⢠Variable remuneration consisting of (i) non-share-based cash bonus and/or (ii) share-based remuneration</td></tr><tr><td colspan="1">⢠Termination and severance payments</td></tr><tr><td colspan="1">⢠Customary non-monetary employment benefits</td></tr><tr><td colspan="1">The individual composition of remuneration is determined with a view to contributing to the companyâs ability to attract and retain competent key employees while, at the same time, ensuring that the Executive Management</td></tr><tr><td colspan="1">Board has an incentive through variable remuneration to create added value for the benefit of the company's shareholders. For detailed information on remuneration, see notes 3.2 and 3.3 as well as the remuneration report for 2019/20, which is available at https:// investor.bang-olufsen.com</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 Executive Management Board have today discussed and approved the Annual Report of the Bang &amp; Olufsen Group and the parent company for 2019/20.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the consolidated financial statements and the Parent Companyâs financial statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 May 2020 and of the results of the Groupâs and the Parent Companyâs operations and cash flow for the financial year 1 June 2019 â 31 May 2020.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion the Management review includes a fair review of the development in the Groupâs and the Parent Companyâs operations and financial matters, of the result for the year, and of the Groupâs and the Parent Companyâs financial position as well as describing the significant risks and uncertainties affecting 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 General Meeting approve the Annual Report.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Struer</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2020-07-07</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR'S REPORT</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Bang &amp; Olufsen 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">Opinion</td></tr><tr><td colspan="1">we have audited the consolidated financial statements and the parent company financial statements of Bang &amp; Olufsen A/S for the financial year 1 June 2019 â 31 May 2020, which comprise income statement, statement of comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements 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 financial position of the Group and the Parent Company at 31 May 2020 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 June 2019 â 31 May 2020 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our longform audit report to the Audit Committee and the Board of Directors.</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 additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements 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">Independence</td></tr><tr><td colspan="1">we are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">Appointment of auditor</td></tr><tr><td colspan="1">we were initially appointed as auditor of Bang &amp; Olufsen A/S for the financial year 2012/13. we have been reappointed annually by resolution of the general meeting for a total consecutive period of 8 years up until and including the financial year 2019/20.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<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 the financial year 2019/20.</td></tr><tr><td colspan="1">These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.</td></tr><tr><td colspan="1">we have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.</td></tr><tr><td colspan="1">Revenue recognition from sale of goods Revenue is recognised when control of the goods has been transferred to the customer and is measured at the fair value of the expected consideration to be received, less rebates, discounts, sales taxes, duties and expected sales returns. we refer to note 2.1 Operating Segment information and note</td></tr><tr><td colspan="1">2.2 Revenue of the consolidated financial statements. Revenue recognition was a significant matter in our audit due to the estimates and judgements necessary by Management in respect of timing of transfer of control to the customers and measurement of rebates and discounts. Our procedures included considering the appropriateness of the Groupâs accounting policies in relation to revenue, assessment of internal controls related to timing and measurement of revenue and test of a sample of customer contracts to assess the completeness and measurement of recognised rebates and discounts. we have applied data analytics and performed sample testing of sales transactions close to the balance sheet date as well as credit notes issued after the balance date to verify, whether those transactions were recognised in the correct period and at correct amounts. Furthermore, we assessed the appropriateness of the disclosures in note</td></tr><tr><td colspan="1">2.1 Operating Segment information and in note 2.2 Revenue against applicable financial reporting standards.</td></tr><tr><td colspan="1">Valuation of deferred tax assets</td></tr><tr><td colspan="1">The Group has recognised deferred tax assets of DKK 48m at 31 May 2020 (31 May 2019: DKK 261m) of which DKK 16m relate to tax loss carry forwards and DKK 32m relate to temporary differences. The Group has recognised the deferred tax assets to the extent that the realisation of the related tax benefits through future taxable profits are probable within a foreseeable future.</td></tr><tr><td colspan="1">During 2019/20 Management recognised a write-down of tax assets of approximately DKK 200m. we refer to note 2.7 Tax of the consolidated financial statements. This area was significant to our audit due to the amount of the recognised deferred tax assets and recognised write-down as well as the inherent uncertainty related to Managementâs estimates in forecasting future taxable profits, including expectations for future revenue and margin developments.</td></tr><tr><td colspan="1">Our audit procedures included evaluating Managementâs assumptions and methodologies, and testing consistency between the assumptions used in the measurement of deferred tax assets against the long-term forecast and strategy plans. Furthermore, we assessed the appropriateness of the disclosures in note 2.7 Tax of the consolidated financial statements against applicable financial reporting standards.</td></tr><tr><td colspan="1">Liquidity and capital structure</td></tr><tr><td colspan="1">The performance during 2019/20, the circumstances related to COVID-19 and the impact on the Groupâs cash position and ability to execute the planned strategy have increased the focus on the cash position and capital structure of the Group. After the balance sheet date, on an extraordinary general meeting at 3 June 2020, the share-holders approved a rights issue by a share capital increase. The capital increase was completed at 26 June 2020 providing a net proceeds of DKK 356m. we refer to note 6.5 Capital structure and share capital and note 7.5 â Events after the reporting period.</td></tr><tr><td colspan="1">This area was significant to our audit due to the impact it could have on the Group cash position and capital structure and the presentation thereof in the consolidated financial statements.</td></tr><tr><td colspan="1">As part of our procedures we have evaluated Managementâs assessment of the cash position and capital structure following the subsequent share capital increase. Furthermore, we assessed the appropriateness of the disclosures in note 6.5 Capital structure and share capital and note 7.5 Events after the reporting period of the consolidated financial statements against applicable financial reporting standards.</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 the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. we did not identify any material misstatement of the Management's review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.</td></tr><tr><td colspan="1">Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">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 consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters.</td></tr><tr><td colspan="1">We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2020-07-07</arr:SignatureOfAuditorsDate>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx10" unitRef="vDKK" decimals="-6">314000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx11" unitRef="vDKK" decimals="-6">314000000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx12" unitRef="vDKK" decimals="-6">974000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx13" xml:lang="da">Kristian Teär</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx14" xml:lang="da">Nikolaj wendelboe</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx14" xml:lang="da">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx15" xml:lang="da">Christian Birk</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx16" xml:lang="da">Snorre Kjesbu</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="da">Juha Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx18" xml:lang="da">Anders Colding Friis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx19" xml:lang="da">Brian Bjørn Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx20" xml:lang="da">Britt Lorentzen Jepsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx21" xml:lang="da">Dorte Vegebjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx22" xml:lang="da">Jesper Jarlbæk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx23" xml:lang="da">Joan Ng Pi O</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx24" xml:lang="da">M. Claire Chung</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" xml:lang="da">Mads Nipper</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" xml:lang="da">Søren Balling</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx27" xml:lang="da">Tuula Rytilä</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx28" xml:lang="da">EY Godkendt Revisionspartnerskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx28">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx28" xml:lang="da">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx28" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx28">mne24687</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx29" xml:lang="da">Morten Friis</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx29" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx29">mne32732</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx29">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx29" xml:lang="da">EY Godkendt Revisionspartnerskab</cmn:NameOfAuditFirm>
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