Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 196719000000 | dkk |
| ifrs-full:Assets | 2019-12-31 | 192860000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 50151000000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 67842000000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 2556000000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 70398000000 | dkk |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 52601000000 | dkk |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | -2450000000 | dkk |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/82731263/amNsb3VkczovLzAzL2ZjL2FhLzczLzM1Lzg4N2YtNGJkNi1hMDA2LTg5NjU0NTFhYjcxYw.xml
Separator
The full data:
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xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ote principl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>al meeting adop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ts decisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, such as the el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ection of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors and the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d Danish rule<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o our majorit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y ownership b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y the Danish St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e have a bespok<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e quorum requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment, as pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oposals t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o amend the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Articles o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Association or diss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e that the Danish St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e participat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>es in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>al meeting and support<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s the propo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>sals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>f Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ors <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>Each y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear at the annual general meeting,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eholder<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s elect six t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o eight board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>members.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> In addition, our empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>yees may el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect members corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding to hal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f of the boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d members elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al meeting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pursuant to Danish mandat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ory rul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>es. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yee el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ections ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e held e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>our years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.For the time being,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> our Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> compris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>es nine members,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> six members el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>al meeting and thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee members elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ees.The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>all management of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ays down the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategy and mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es decisions concerning ma<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>jor in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vestment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>al base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ey policie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol and audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, risk management, and signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ant oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ational issues.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>ou can see the most import<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant task<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s in 2020 on the ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>xt page<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d monit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ees pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogress r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s climat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e change str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including our ambitious net-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>zer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o carbon r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>educ<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>get<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or scope 1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>3 emissions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rou<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tinel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate climat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e change consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations when se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ting our str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>egic dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ection, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>wing sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainability risks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ting perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance objectives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, deciding on our capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al alloc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ation, and when appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ving and ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erseeing major in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vestment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and divestment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s.The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>onduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed its annual boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>valuation in No<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vember 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The basis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluation was a questionnair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e that the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/> individual members of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors and Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tee had been ask<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, and individual int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erviews c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>onduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y an ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal advisor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>At the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuation, al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>l members of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors and the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essed that the boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d is str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong, aligned, well<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-functioning, and po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ssess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>es the right compe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>encies t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o govern the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, all members f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound board dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cussions inclusive and open t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the viewpoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s of all members.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>As the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y expands t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>w mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>echnologie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s, ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome devel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>opment ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eas that need t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o be further expl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ored and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>valuat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.g.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> ensuring that the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors has the right compe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ency c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erage in the long-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erm and prioritizing succ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ession as a mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e import<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ant part of the boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d agenda.The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors has pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epared an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vervie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the compe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ences r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The list of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired compe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>es can be f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound at <span xmlns="http://www.w3.org/1999/xhtml" class="fc3 ws15">orst<span class="_ _8"/>ed.c<span class="_ _0"/>om/<span class="_ _8"/>compe<span class="_ _8"/>t<span class="_ _8"/>ences-o<span class="_ _0"/>vervie<span class="_ _8"/>w<span class="_ _0"/><span class="fc4 ls0 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xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>e go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>eOur go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vernance modelShar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eholders and gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al meetingBoar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>orsExecutiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eeNomination &amp; Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ee Audit &amp; Risk Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eeMeeting at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tendanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eMember of the boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff3">Boar<span class="_ _0"/>d of Dir<span class="_ _8"/>ect<span class="_ _8"/>ors</span>Audit &amp; Risk Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>teeNomination <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>&amp; Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eeOr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>dinary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e9"> </span>Extraor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>dinaryThomas Thune Andersen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ac"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _143"> </span>îî/î<span class="_ _4a"> </span>î/î</span>Lene Sk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ole<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _8f"> </span>î/î<span class="_ _18f"> </span>î/î</span>L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ynda Armstr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _84"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _143"> </span>îî/î<span class="_ _18f"> </span>î/î</span>Jør<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>gen Kildahl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _128"> </span>îî/î<span class="_ _8f"> </span>î/î</span>Pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>orsholm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _143"> </span>îî/î<span class="_ _191"> </span>î/î</span>Diet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er Wemmer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">î/î<span class="_ _143"> </span>îî/î<span class="_ _191"> </span>î/î</span>Hanne <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>en Andersenîî/î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span>î/îPoul Dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>erîî/î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span>î/îBenny Gøbelîî/î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _143"> </span>îî/îOle Henriks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enîî/î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span>î/îDaniel T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>Sandermannîî/î<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span>î/îThe numbers indicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e how man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y meetings in 20<span 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During 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e have been changes in the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yee r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>epr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atives.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>As a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>esul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t of this, mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ting att<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>endance varies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> descrip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tion of the individual boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d mem<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>bers,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> including their other e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>xecutiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e positions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> independence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and how the individual boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d members contribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompe<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ences c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an be f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ound on pages 65-6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Their meeting at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tendanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e during 2020 c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an be f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound in the tabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e abov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.Each y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al meeting appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ves the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>emuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ation f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the members of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ors f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the coming y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. 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See links t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o both report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o the right.Import<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant task<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s managed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors in 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>020In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vestment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>s,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> acquisitions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>and dives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>tmentsBuild out our o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ffshor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e wind project portf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olio aft<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er 2021, including bids int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o auctions and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>enders in the Netherl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ands and US and entry int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o a corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>wer pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chase agreement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>TSMC r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er Changhua 2b &amp; 4 off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e wind project in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>aiwan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> and a virtual c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>chase agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eement with Amaz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the Borkum Riff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ground 3 off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>shore wind pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oject in Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.Ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eement to div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est 50 % of the Changhua 1 pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>oject in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>aiwan t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o a consor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tium of Caiss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e de dépôt e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>t plac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ement du Québec and Cathay Priv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ate E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eement to div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est 25 % of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>the US off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e wind project O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>cean <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>Wind 1 t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o PSEG.Build out our onshor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e portf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>olio in the US,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> including final in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>vestment decisions on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> onshor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estern <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rail and the sol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ar f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm Old 300 Sol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ar Cent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er and the acquisition o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>f and final inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estment decisions on the onshor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm Haystack and the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> Muscl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e Shoals sol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar farm.Ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eement to div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est the majority of our B2B portf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olio of nat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>al gas and pow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er customers in the UK.Compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the agreements t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o divest our Danish po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>wer distribution, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidential cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>omer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and city light business<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and our LNG business.Other task<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>sAppoint Mads Nipper as our new CE<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>O f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wing Henrik Poulsen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s resignation.Assess the cl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aim made by the Danish <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>gency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>equiring Danish tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ation of our British off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>shor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>e wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arms W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alney Ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension and Hornsea 1 in the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ears 2015 and 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>16. Issue gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>een senior bonds in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>aiwan t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o finance our gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>een gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth ambition to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wards 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>25<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.Ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>er into mul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ti-y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear agreement t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>esell<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> some of the nat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ural gas r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ed fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>om the Danish part of the North Sea t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o PGNiG Suppl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>&amp; T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ading. Overs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ee the court c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ase c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>oncerning the Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed name. Overs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ee the impacts of C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>OVID-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.Overs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ee the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>esul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts from the 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>20 emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yee satisf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>action surve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>, with a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ong f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocus on the wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>l-being o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>f the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yees,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> including discussions r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egarding inclusion, div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ersit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, bull<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ying, str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ess, and har<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>assment.Overs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ee and discuss the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velopment <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>of our c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>onmental,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> social,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>and gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernance (ESG) st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>.Do<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>wnload<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>atut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ory corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ernance r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation reportÃr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>ste<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>dRemunerat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>ion <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8"/>2020</mrv:CorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value225" xml:lang="en">Pursuant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o section 99 a of the Danish<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act (Ã
rsr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egnskabsl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>en), Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is under an obligation to ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>count f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s CSR activities and report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> on business str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategies and activities with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>d to human right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>abour rights,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> anti-corrup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>tion, the en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onment, and the climat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>. B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y publishing our sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ainabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed.c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om/sus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ainability20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,<span class="fc4 ls6"> Ãrs<span class="_ _224"/>ted<span class="_ _224"/> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>complies with s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ection 9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>9 a of the Danish Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ct. </mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value236" xml:lang="en">Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s work f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or increased gender div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ersity at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> management le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vel is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eported in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with section 99 b of the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act in our ESG perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ormance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>report 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>020 (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed.c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om/ESGperf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">.</span></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value241" xml:lang="en">Reporting o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f diversit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with sec<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion 107 d o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ct can be s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>een in our sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ainability r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed.c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om/sus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ainability20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">.</span></mrv:StatementOfTheDiversityPolicies>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value245" xml:lang="en">The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectors and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ecutive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>d have t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oday consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed and adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eport of Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cial year 1 J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anuary - 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements have been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>dance with the Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andards<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> as adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the EU and futher r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the parent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S, hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e been prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act.In our opinion, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovide a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>air view of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s and the parent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>liabilities,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and financial position at 31 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>20, and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the resul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ts of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and the parent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ations and the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>or the financial year 1 J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anuary - 31îDecember 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20.In our opinion, the management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>vides a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ount of the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>op<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment in the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and the parent c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ations and financial cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and of the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>all financial position of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and the parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y as well as a des<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cription o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the most significant risks and el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements of unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ainty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acing the Group and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>evie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w has been prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the Danish Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ct.In our opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>or the financial year 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>January - 31 December 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>020 with the name <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>ORST<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>12-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>31.zip is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, in all <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espects, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the ESEF Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation. In our opinion, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed ESG stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments (â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dditional inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ormationâ) r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s social r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsibility and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> sust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainability perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ated ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting policies.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommend that the annual report be adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at the annual general mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>o th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>e sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>reho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>lders of Ãr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>sted A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value293" xml:lang="en">In our opinion, the Cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air view of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial position at 31 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>0 and of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s operations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20 in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andards as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the EU (âIFRS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â) and further requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>Act.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, in our opinion, the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w of the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s financial posi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion at 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>20 and of the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts of the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s operations f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 1 J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anuary t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20 in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the Danish Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ct.Our opinion is consist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent with our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ong-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm Report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>udit &amp; Risk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tee and the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s.What we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>edThe Cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, pp 7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>6-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>167<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and 185-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>186, compris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e the cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> the cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement of compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ehen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e sheet, the cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement of changes in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ow s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including summary of significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies.The P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>arent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements of Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, pp 17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>5-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>186, the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ome st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement, the bal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance sheet, the s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment of changes in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>summary of signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ounting policies.Coll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o as the âFinancial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ementsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value334" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed our audit in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernational St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>andards on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Auditing (IS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>As) and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in Denmark. Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponsibilities under those st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andards and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e further described in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the audit of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s section of our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e believ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e that the audit evidence w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e have obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ained is sufficient and appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ovide a basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or our opinion.IndependenceW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are independent o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ord<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ance with the Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernational Ethics Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>d f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ccount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>antsâ Code o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f Ethics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ountant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s (IESBA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Code) and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in Denmark. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e have also ful<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed our other ethic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al respon<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sibilities in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e with the IESBA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Code<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>o the best of our kno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wledge and belief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ohib<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed non-audit servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed to in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Article 5(1) o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation (EU) No 537<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>/2014 w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ere no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vided.AppointmentW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e first appointed audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ors of Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S on 19 April 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>10 for the financial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear 2010 and hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e been reappoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed annuall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y by shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eholder r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esolution f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al period of engagement of 11 years incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>uding the financial year 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>20. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e reappoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>wing a t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>endering pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e at the General Mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ting on 2 Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ch 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value365" xml:lang="en">K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ers ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e those mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters that, in our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional judgement, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ere o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f most signifi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>canc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in our audit of the Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>These mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ers wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e address<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed in the cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ext of our audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements as a whole<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orming our opinion thereon,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and we do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ovide a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e opinion on these mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24d"> </span>Ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w our audit address<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>artnership agreements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Divestment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f ownership int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts in an off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>shore wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm (f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>arm-downs) t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o a partner in a joint oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ation, including cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>culating the divestment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> gains and subsequent r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition of cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>truction agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eements and assessment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f consolidation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> method f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ained inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ests,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>outine trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>actions.As part of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm-downs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, compensation mechanisms ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e oft<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en agreed with the partners<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, e.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g. regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es price<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, cost o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f subsequent use o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>shore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ansmission asset c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onstruct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm, pot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ential wak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect compensations and warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anties. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocused on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ea because f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm-do<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>wns and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ers ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>outine tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ansactions and becaus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e the rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement of the dives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>tment gain, assessment of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidation method,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> subsequent cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>truction agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eements with the partners,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> compensation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> mechanisms and warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anties are bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed on signifi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cant judgement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s and estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es.On this basis, partner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ship agreement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er of most signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ance in our audit.Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es 1.2, 2.6, and 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.2 in the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s.During 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Ãrsted did no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm any ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm-downs,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> but compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the construction agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eements with partners fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>om pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vious yearsâ f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm-downs and dive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sted the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ffshore tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansmission asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o the W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y Extension wind f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm. As part of our audit w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e read the s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ales agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements and the construction agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements and chall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>enged the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ounting treatment applied b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment, including the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidation method.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e furthermore obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ained an underst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anding of the compens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ation mechanisms and warr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anties agreed in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arm-downs fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>om pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vious years.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e chall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>enged the estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed by Management f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ecognition and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement of thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e compen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sation mechanisms and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>arranties<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, hereunder b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y assessing and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esting the data,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> assumptions and models applied, and b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluating the outcome o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>evious estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by Management.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _24d"> </span>Ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w our audit address<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erIncome T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>axe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sÃrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed is subject t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axes in all the coun<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tries wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e they oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Significant judgements and estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equired in de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>termining the income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axes, and the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s and liabilities including uncert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax positions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Management mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es significant judgements and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es when calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating and assessing the income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axes due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o the compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ex natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> rules r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the business activities c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onducted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> in diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erent t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax jurisdictions. Furthermor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> when measuring the tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> including when and to which e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>xt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent these can be utilis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed in the futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and when measuring t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax liabilities including assessing de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax equity partnerships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>dditionall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed is party in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax and transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er pricing disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Management assesses the possible out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>comes and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsequentl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ognise pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ovisions t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o cov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er for thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e uncertain t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax positions. In 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Ãrsted r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived an administr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ative decision fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>om the Danish <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>ax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>Agenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y entailing an additional<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e and rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erests<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es and has appealed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant authorities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> On this basis, inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome taxes w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ter o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f most significanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e in our audit. Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er to not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es 1.2, 5.2, and 5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.3 in the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s.Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>axes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s and liabilities included ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aluating the assumptions applied b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y Management in determin<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ing the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ecognition and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement of inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ome t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>axes and def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es, incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>uding those r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax equity partnerships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, while t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aking int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espondence with tax authorities and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal advisors. In our audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axes, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed our tax specialists<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vered ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essing Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s judgements and estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es and carrying amount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s as well as the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed applied t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ates when c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculating thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, including the def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax liabilities in tax equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y partnerships. Our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es also c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluating and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esting Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esses f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or recor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding, assessing and continual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y reass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>essing pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ovisions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or uncert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax positions.In our audit of unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ertain t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax positions, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ained and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>evie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wed the corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espondence with rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax authorities in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>der to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider the comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>teness<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> of the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax disputes and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions. When assessing the measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions, we chal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>lenged the assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>tions used, including the possibilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y of obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aining corre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sponding tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, compens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ations from partner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s and the lik<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elihood of diff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erent out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>comes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> In addition, we as<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evant opinions ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ained by Management fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>om third parties r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ax disput<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es, and we e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed the discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>osures pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment in the cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value480" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, pp 4-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>5.Our opinion on the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements does not c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and we do not e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>xpre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ss any f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>orm of assuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e conclusion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eon.In connection with our audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsibility is t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ead Man<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>agement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view and,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> in doing so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, consider whether Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>view is mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eriall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y inconsist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent with the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s or our kno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>wledge ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ained in the audit, or other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>wise appears t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed whether Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view includes the dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>closur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ct.Based on the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ork we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ormed, in our vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view is in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the Cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>olidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>arent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments and has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements of the Danish Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e did not identify an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y mate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>rial misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement in Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value504" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements that give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>air view in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>andards<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> as adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the EU and further r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equire<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y financial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements that giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>air vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>w in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Act, and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or such int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ol as Management det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermines is necessary t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o enable the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om material misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment, whether due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>. In pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eparing the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s ability t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o continue as a going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern, discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osing, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern and using the going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ern basis of account<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ing unle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ss Management either intends t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o liquidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup or the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y or t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o ceas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e operations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, or has no realis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>tic al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ternativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e but to do so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value528" xml:lang="en">Our objectives ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ance about whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ther the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements as a whol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement, whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ther due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o issue an audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s report that includes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> our opinion. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ance is a high le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vel of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, but is not a guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>antee that an audit conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with IS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>As and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in Denmark will al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>way<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect a material mis<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement when it exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> Misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or and are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>erial if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, individuall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y or in the aggregat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y coul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>d r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y be expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to influ<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ence the ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomic decisions of users t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aken on the basis of thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements.As part of an audit in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with ISAs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in Denmark, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional judgement and maint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ain pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>epticism thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>out the audit. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also:â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Identify and assess the risks of mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> whether due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, design and perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm audit proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edures r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponsive t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o those risks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain audit evidence that is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> sufficient and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovide a basis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or our opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The risk of not det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecting a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>erial misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting from fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aud is higher than f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or one resul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, as fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aud may inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ve c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ollusion, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>entional omissions, misr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations, or the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>verride of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol.â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Obtain an under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anding of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ol r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the audit in order t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o design audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es that are appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriate in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, but not f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the purpose of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essing an opinion on the eff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectiveness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"/>s int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol.â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eness of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies used and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eness of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ounting estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>osur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es made b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y Management.â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Conclude on the appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eness of Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s use o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ern basis of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>counting and bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed on the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vidence obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ained, whether a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial uncert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainty e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>xists r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vents or conditions that may c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ast significant doubt on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s abilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinue as a going concern. If w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e conclude that a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial uncert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ainty exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ts,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> we ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aw att<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ention in our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>closur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, if such discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e inadequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o modify our opinion. Our c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onclusions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e based on the audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vidence obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ained up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e of our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s report. Ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ents or conditions may c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ause the Group or the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>arent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o continue as a going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ern.â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>all pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>sent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including the discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osures<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and whether the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent the under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ying trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>actions and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents in a manner that achie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ves f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation.â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain sufficient appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vidence r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ding the financial inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation of the en<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tities or business activities within the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess an opinion on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>e are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ection, supervision and perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormance of the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>e remain sol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>y re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>spon<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or our audit opinion.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged with go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vernanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding, among other mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the planned s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cope and timing of the audit and significant audit findings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including any significant de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ficiencies in int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol that we identify during our audit.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vide those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged with gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ern<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ance with a st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement that we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e complied with r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant ethic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding independence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o communic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e with them all r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationships and other mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s that may r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y be thought t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o bear on our independence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed saf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eguar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ds.Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed with those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ged with gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, we de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>termine those mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ters that w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere of mo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>st significanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e in the audit of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s of the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ent period and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e there<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> audit mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e describe thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s in our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s report unl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess law or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>egulation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ecludes public discl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>osure about the mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter or when, in extr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y rar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e circumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermine that a matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er should not be c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>municat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in our report bec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ause the advers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equences o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f doing so w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ould r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y be expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>weigh the public int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>est benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s of such communic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value633" xml:lang="en">As part of our audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormed proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>edur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>es t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess an opinion on whether the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport of Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o 31 December 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>20 with the fil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e name ORST<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>12-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>31.zip is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>erial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>espects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, in complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Commission Del<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>egated R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulation (EU) 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>815 on the Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>opean <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Single El<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectronic F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormat (ESEF <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation) which includes requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eport in XHTML<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ormat and iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tagging of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements.Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>or preparing an annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eport that complies with the ESEF Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>This r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsibility include<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s:â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>The preparing of the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport in XHTML<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ormat;â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _59"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>The sel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ection and application o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tags<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>, including e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>xtensions t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the ESEF t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>axonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and the anchoring thereof t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s in the taxonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or all financial inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to be t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>agged using judgement wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>e necess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ary;â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ensuring consist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ency bet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ween iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tagged<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>a and the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed in human-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eadable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormat; andâ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>For such int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol as Management det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermines necessary t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o enable the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epa<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ation of an annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport that is compliant with the ESEF Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation.Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>esponsibility is t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ain reas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>onable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>ance on whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ther the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eport is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial respect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the ESEF Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation based on the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>vidence we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e obtained,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>o issue a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eport that includes our opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>The natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, timing and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es select<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed depend on the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s judgement, including the assessment of the risks o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>erial departur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es from the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>t out in the ESEF Regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, whether due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es include:â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>esting whether the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed in XHTML<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormat;â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Obtaining an under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>anding of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s iXBRL t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>agging proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess and of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>er the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>agging proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess; â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluating the compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eness of the iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>agging of the Cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements;â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluating the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>opriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>eness of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>pan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>s use of iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s sel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ected fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the ESEF t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>axonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and the creation of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>xt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>sion element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s where no suit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>able el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ement in the ESEF t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>axonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y has been identified; â <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>aluating the use o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>f anchoring of ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ension element<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s to el<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ements in the ESEF t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axonomy;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/> andâ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>Reconciling the iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>agged dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>a with the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s.In our opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport of Ãrst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>A/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year 1 January t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o 31 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"/>December 2020 with the fil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e name ORST<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>12-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>31.zipis pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>ed, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial respect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"/>s, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompli<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ance with the ESEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulation.</arr:AuditorsReportOnXbrlTagging>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-2" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-2" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2020-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2020-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2019-12-31</gsd:PredingReportingPeriodEndDate>
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<gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">Ãrsted A/S</gsd:NameOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-2" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-2" xml:lang="en">36213728</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Kraftværksvej</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">53</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">DK-7000</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Fredericia</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx-2" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
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<gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">orsted.com</gsd:HomepageOfReportingEntity>
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<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">https://orsted.com/sustainability2020</mrv:LinkToStatementOfCorporateSocialResponsibility>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Lene Skole</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Lynda Armstrong</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Jørgen Kildahl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Peter Korsholm</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Dieter Wemmer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Benny Gøbel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Ole Henriksen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Daniel Tas Sandermann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Employee representative</cmn:TitleOfMemberOfSupervisoryBoard>
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<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Kraftværksvej 53</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
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<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-02-03</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-14" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfAuditor>
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<gsd:AddressOfAuditorStreetName contextRef="ctx-14" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
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<gsd:AddressOfAuditorDistrictName contextRef="ctx-14" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-14" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-15" xml:lang="en">Rasmus Friis Jørgensen</cmn:NameAndSurnameOfAuditor>
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<cmn:NameOfAuditFirm contextRef="ctx-15" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-15" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
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<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-15" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-15" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-15" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
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