Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 96250000000 | dkk |
| ifrs-full:Assets | 2019-12-31 | 97557000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 115932000000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 94701000000 | dkk |
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value48" xml:lang="en">The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ectors and Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d have t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oday consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed and adopted the Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport of DSV Panalpina A/S for the financial year <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>1 January to 31 December 2020. The Annual Report has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds (âIFRSâ) as issued by the International<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>Acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d (âIASBâ) and in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with IFRS as <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>endorsed by the EU and further requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements in the Danish Financial <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. In our opinion, the Consolidated F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air view of the financial position at 31 December 2020 of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/> and of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esults of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup and P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ations and <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>cash ï¬ows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or 2020.In our opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport of DSV Panalpina A/S for the financial year 1 January to 31 December 2020 with the file name DSVP-2020-12-31 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed, in all material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>espects, in complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the ESEF Regulation. In our opinion, Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s Comment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ary includes a true and fair ac<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>count of the development in the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ations and financial cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>cumst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ances of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company, of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults for the year and of the financial position of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company as well as a description of the most significant risks and elements of uncertainty <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>facing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ommend that the Annual Report be adopted at the Annual <span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>General Mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"/>o the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eholders of DSV P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>analpina A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value77" xml:lang="en">In our opinion, the Consolidated F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air view of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s financial position at 31 December 2020 and of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esults of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s operations and cash ï¬ows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the financial year 1 January to 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ember 2020 in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernational Financial R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds (âIFRSâ) as issued by the International Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>counting S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tandar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds Board (âIASBâ) and in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with IFRS as endorsed by the EU and further r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.Our opinion is consist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent with our Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Long-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>orm Report to the Audit Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ee and the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ectors.What we have audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>edThe Consolidated F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements and P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements of DSV P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>analpina A/S for the financial year 1 January to 31 December 2020 c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>omprise income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement and stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement of com-pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ehensive income, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ash ï¬ow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, balance sheet, statement of changes in equity and notes, including summary of significant ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>counting policies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup as well as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Collec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tively r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed to as the âF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value96" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onducted our audit in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernational St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds on Auditing (ISAs) and the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements applicable in Denmark. Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsibilities under those standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e further described in the â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the audit of the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ementsâ sec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>tion of our report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e believe that the audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e we have ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tained is suîcient and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovide a basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or our opinion.IndependenceW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e independent of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the International Ethics Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>antsâ Code of Ethics for Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofessional Acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ountants (IESBA Code) and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirements applicable in Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e have also fulfilled our other e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>thical r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsibilities in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with the IESBA C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ode. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o the best of our knowledge and belief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ohibited non-audit services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed to in Article 5(1) of R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egulation (EU) No 537/2014 wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovided. AppointmentW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e first appointed audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ors of DSV P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>analpina A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>/S on 9 Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ch 2017 f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the financial year 2017. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e have been r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eappoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed annually by shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e-holder r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esolution f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or a to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tal period of unint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>errupt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed engagement of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>our years including the financial year 2020.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value116" xml:lang="en">K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ey audit matters ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e those matters that, in our prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional judgement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e of most signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ance in our audit of the Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or 2020. These matters w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e addr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>essed in the cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xt of our audit of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements as a whole, and in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>orming our opinion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eon, and we do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovide a separat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e opinion on these matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ers.Revenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>act assets and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>crued cost of servicesThe Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s revenue c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsists primarily of services, i.e. shipments of goods between des<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tinations, which by natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed over a period of time. The determination of timing of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ognition is dependent on the appli<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cation of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting policies and terms in the cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tomer c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>acts.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ocused on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ea because the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocess of accruing f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>en-der<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ound the balance sheet dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e (c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontract assets and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>crued cost of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>vices) is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>omplex and dependent on r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elevant IT c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ols in certain oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ational systems as well as Management es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>timates, including methods and data applied and assumptions made by Management. In addition, we f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o-cused on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ea because of the significanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue and as r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue comprises a subst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>antial number of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ansactions, including with diîer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent characteristics depending on which business segment the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es to.Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tes 2.2 and 3.4 in the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsolidated Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements.How our audit addr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>essed the key audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>:Our audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es included c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsidering the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriateness of the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting policies f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ecognition applied by M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>anagement and assessing complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with applicable financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ting standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ested r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ols, including IT c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ols, conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>erning the timing of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ecognition and evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed whether these w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e designed in line with the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s accounting policies and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ating eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ectively.For r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>act assets and accrued cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t of ser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>vices, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e examined r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eports concerning services in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ess and challenged the assumptions made by Management in this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>d. Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we selected a sample of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ansactions during the year and trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed these t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o underlying evidence t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e accur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>acy and existenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e. In addition, we applied dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>a analysis in our testing of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenue tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ansactions in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>der to identify and assess transactions outside the ordinary tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ans-action ï¬ow. Def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax assets and inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ome tax positionsThe Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es in many t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>erritories and is, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, subject to local laws and cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oss-bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>der tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ansf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er pricing legislation, which complic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ates the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s tax matters. The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup also carries significant def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax assets on the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e sheet that consist primarily of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovisions made at the balance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t date and tax loss car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds. The utilisation of tax assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, inherently, uncertain as they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e dependent on the financial development of business activities in certain countries and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egions. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ocused on this ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ea because the valuation of def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax assets and income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax positions is comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>x and dependent on Management esti-mates, including Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s applied model, data and assumptions. Ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>enc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>te 5.2 t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements. How our audit addr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>essed the key audit matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>:Our audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es included c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsidering the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriateness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s accounting policies and valuation models within the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ea and assessing complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with applicable financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ting standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e also assessed Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ess f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or identifying and assessing comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>x income t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax transactions as well as def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred tax as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>sets that might not be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>able. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ested pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions made in the tax accounting. As part of this, we r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e-viewed c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>orr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>espondenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with tax authorities and discussed methods and data applied as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ell as assumptions made by Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. In doing so, we used our int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernal corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e tax specialists. Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ested M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>anagementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s assessment of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecoverability of the carrying value of def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed tax as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>sets arising fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ary diî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er-ences and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax loss carry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds on the basis of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernal f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ecasts of fu-tur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e taxable inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ome, and evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed the assumptions made by Manage-ment in this connection.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value156" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Commentary.Our opinion on the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements does no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t cover Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>mentary, and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e do not e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xpr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ess any f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>orm of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ance c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onclusion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eon.In connection with our audit of the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements, our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsi <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>bility is to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ead Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Commentary and, in doing so, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsider whether Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s Comment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ary is materially inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsistent with the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements or our knowledge obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ained in the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, or otherwise appears to be mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>erially misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed. Mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed whether Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Commentary includes the disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed by the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. Based on the work we have perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormed, in our view, M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>anagementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s Commentary is in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the Consolidated F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements and has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epared in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirements of the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e did not identify any material misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atement in Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s Commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value171" xml:lang="en">Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eparation of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements and par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent company financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements that give a true and fair view in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernational Financial Reporting St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>andar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ds (âIFRSâ) as issued by the International Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>counting S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tandar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds Board (âIASBâ) and in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with IFRS as endorsed by the EU and further r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e-ments in the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, and for such int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernal con-tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol as Management det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ermines is necessary to enable the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparation of financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ee fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om material miss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, whether due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eparing the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements, Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponsible for assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s ability to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontinue as a going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ern, disclosing, as applicable, matters r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oncern and using the going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ern basis of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting unless Management either intends t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o liquidate the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup or the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company or t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o cease operations, or has no r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value186" xml:lang="en">Our objectives are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o obtain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonable assurance about whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ther the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements as a whole ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ee fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>erial misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement, whether due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and to issue an auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport that in-cludes our opinion. Reasonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>anc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e is a high level of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ance, but is not a guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>antee that an audit c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onducted in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>danc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with ISAs and the additional r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements applicable in Denmark will always det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ect a material misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atement when it e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xists. Misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>an arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed material if, individually or in the aggr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egate, they could r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>easonably be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xpected to inï¬uenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e the economic decisions of users tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>en on the basis of these Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements.As par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t of an audit in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>dance with ISAs and the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e-ments applicable in Denmark, we e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>essional judgement and maintain pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>essional sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epticism thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oughout the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e also: ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Identify and assess the risks of material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement of the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements, whether due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, design and perform audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsive t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o those risks, and obtain audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e that is suîcient and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovide a basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or our opinion. The risk of not det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ecting a material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esulting fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aud is higher than f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or one r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esulting fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, as fraud may involv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e collusion, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>-gery, intentional omissions, misr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epresentations, or the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ride of internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ain an understanding of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol relevant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o the audit in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>der to design audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>edur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriate in the cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cum-stanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es, but not f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the purpose of expressing an opinion on the eî<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ec-tiveness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriatenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting policies used and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ea-sonableness of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elated disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es made by Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Conclude on the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriateness of Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s use of the going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ern basis of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ounting and based on the audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e obtained whether a material unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ertainty exists r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed to events or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onditions that may cast significant doub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>t on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Compa-ny<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s abilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontinue as a going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ern. If we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onclude that a mate-rial uncertainty exists, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed to dr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aw att<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ention in our audi-tor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s report to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es in the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, if such disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e inadequate, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o modify our opinion. Our conclu-sions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e based on the audit evidence obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ained up to the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e of our auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, future ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ents or conditions may cause the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup or the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent Company to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o continue as a going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oncern.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>all pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esentation, structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e and cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ent of the Finan-cial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements, including the disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es, and whether the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esent the underlying tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ansactions and events in a manner that achieves f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>air pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esentation.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ain suîcient appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriate audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ding the financial in-f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormation of the entities or business activities within the Group t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o ex-pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ess an opinion on the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e-sponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ection, super<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>vision and per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>formanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e of the gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oup audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>emain solely r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or our audit opinion.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ommunicate with those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged with governance r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ding, among other matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ers, the planned scope and timing of the audit and signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ant audit findings, including any significant deficiencies in internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol that we identify during our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e also pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ovide those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ged with governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with a stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ement that we have c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>omplied with r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elevant ethical r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ding independ-ence, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o communic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ate with them all r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elationships and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ther matters that may r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>easonably be thought to bear on our independenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e, and wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e applicable, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elated saf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eguards.Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the matters communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed with those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ged with governance, we det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ermine those matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ers that wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e of most signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ance in the audit of the Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements of the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent period and are ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e the key audit matters. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e describe these matters in our auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s report unless law or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>egulation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ecludes public disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e about the matter or when, in extr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>emely r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>cumstanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es, we de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>termine that a matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er should not be communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed in our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport because the adverse c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsequences of doing so would r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>easonably be expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o outweigh the public int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>est benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value248" xml:lang="en">R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport on complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the ESEF r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulationAs par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t of our audit of the Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements, we perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormed pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>edures to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xpr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ess an opinion on whether the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport of DSV P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>analpina A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or the financial year 1 January to 31 December 2020 with the filename DSVP-2020-12-31 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed, in all material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>espects, in complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the Commission Delegat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Regulation (EU) 2019/815 on the Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opean Single Electronic F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormat (ESEF Regulation) which includes r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ation of the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport in XHTML f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormat and iXBRL tagging of the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements.Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eparing an annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport that complies with the ESEF Regulation. This r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsibility includes:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eparing of the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport in XHT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ML f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormat;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>The selection and application of appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriate iXBRL t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ags, including ex-tensions t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onomy and the anchoring ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eof to elements in the tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onomy, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or all financial inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o be tagged us-ing judgement wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e necessary;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Ensuring c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsistency betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>een iXBRL tagged data and the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onsolidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed in human-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eadable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ormat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>; and⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or such internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol as Management det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ermines necessary to en-able the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eparation of an annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t that is compliant with the ESEF Regulation.Our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>esponsibility is to obtain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonable assurance on whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ther the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>erial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>espects, in compliance with the ESEF Regulation based on the evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e we have ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tained, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o issue a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport that includes our opinion. The natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e, timing and extent of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es se-lected depend on the auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s judgement, including the assessment of the risks of material departur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>om the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ements set out in the ESEF Regulation, whether due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>edur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>es include:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>esting whether the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>t is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in XHTML f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aining an understanding of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s iXBRL tagging pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocess and of internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ontr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ol over the tagging pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocess;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Evaluating the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>omplet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eness of the iXBRL tagging of the Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>Evaluating the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>opriatenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s of the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s use of iXBRL elements selected from the ESEF t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>axonomy and the cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eation of extension elements wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e no suitable element in the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onomy has been identified; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>Evaluating the use of anchoring of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>xtension elements t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o elements in the ESEF tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onomy; and⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"/>R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>econciling the iXBRL t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>agged data with the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed Consolidated Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>atements.In our opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eport of DSV Panalpina A/S for the financial year 1 January to 31 December 2020 with the file name DSVP-2020-12-31 is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>epar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ed, in all material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>espects, in complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>e with the ESEF Regulation.</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:ReportingPeriodNumber contextRef="ctx-2" decimals="0" unitRef="pure">44</gsd:ReportingPeriodNumber>
<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>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-2" xml:lang="en">529900X41C0BSLK67H70</gsd:LegalEntityIdentifierOfReportingEntity>
<gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">DSV Panalpina 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">58233528</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Hovedgaden</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">630</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">2640</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Hedehusene</gsd:AddressOfReportingEntityDistrictName>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-2" xml:lang="en">+4543203040</gsd:TelephoneNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">www.dsv.com</gsd:HomepageOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-2" xml:lang="en">info@dsv.com</gsd:EmailOfReportingEntity>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-2" xml:lang="en">https://www.dsv.com/en/about-dsv/corporate-responsibility/governance/governance-report
governance/governance-report
governance/governance-report</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">https://www.dsv.com/en/about-dsv/corporate-responsibility/governance/responsibility-reports
responsibility-reports</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-2" xml:lang="en">https://www.dsv.com/en/about-dsv/corporate-responsibility/governance/responsibility-reports
responsibility-reports</mrv:LinkToStatementOfDiversityPolicies>
<mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" xml:lang="en">https://www.dsv.com/en/about-dsv/corporate-responsibility/governance/responsibility-reports
responsibility-reports</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">56079</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-14" decimals="0" unitRef="pure">51367</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">437</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-15" decimals="0" unitRef="pure">431</fsa:AverageNumberOfEmployees>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Jens Bjørn Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Jens H. Lund</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Thomas Plenborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Jørgen Møller</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Annette Sadolin</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Birgit W. Nørgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Niels Smedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Marie-Louise Aamund</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Beat R. Walti</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">529900X41C0BSLK67H70</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">58233528</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">DSV Panalpina A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Hovedgaden 630</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">2640 Hedehusene</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-02-10</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-12" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-12" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-12" xml:lang="en">mne33251</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-12" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-12" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-12" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-12" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-12" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-12" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-12" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-13" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-13" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-13" xml:lang="en">mne23331</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-13" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-13" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-13" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-13" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-13" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-13" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-13" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
</xbrli:xbrl>