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Report: Sagsnummer X21-BM-45-UK

Report overview

Organization name	SCANDINAVIAN TOBACCO GROUP A/S
CVR number	31080185
Sagsnummer	X21-BM-45-UK
Period	2020-01-01 - 2020-12-31
Pages	N/A
Words	N/A
Characters	N/A
Sustainability info

Type	Separate report
UN Global Compact CoP	No UN Global Compact record found for this reporting period
Standards mentioned	Not yet analyzed
Text structure

A sparkline graph showing the number of pages, their relative length and how many times the word 'sustainability' occurs in them:
Documents

AARSRAPPORT (application/xhtml+xml) Includes sustainability reporting	Open
AARSRAPPORT (application/xml) Includes sustainability reporting	Open
AARSRAPPORT_ESEF (application/xml)	Open
Sustainability report

Direct link: http://regnskaber.virk.dk/58108013/amNsb3VkczovLzAzLzU2L2VlL2I0LzI0LzEyZTgtNGZkNi1hY2JmLTIzZjU4MDM3NjY2Yg.xhtml
Extra info

Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2020-12-31	13996000000	dkk
ifrs-full:Assets	2019-12-31	13872000000	dkk
Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2020-01-01	2020-12-31	8005900000	dkk
ifrs-full:Revenue	2019-01-01	2019-12-31	6719000000	dkk
XML

See the xml submitted here:
XML: http://regnskaber.virk.dk/58108013/amNsb3VkczovLzAzL2QyLzZkL2E5LzJhL2E5ODItNDMyMi04NzE2LWYzNmNmYjU2MDM2MQ.xml
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This falls short of our g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;oal of 33%, and we want to do be&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;tter&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;.  C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ODE OF CONDUCTOur Code of Conduct describes the ethical behaviour we expect from every one of our employees.We do not toler&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ate any kind of discriminationWe are committ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed to eliminating child labour in all forms in our  value chainWe are working to adopt sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainable business practic&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;esWe seek to reduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e energy use and waste through pr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;evention, reduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;-tion, recycling and reuseWe work to prot&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ect labour rights and ensure safe and secure w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;orking environmentsWe do not toler&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ate any form of corruption or briberyWe commit to non-discrimination under human rights laws and conventionse want our C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;SR work to have a meaningful and r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecogniz&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;able impact in our business and in the world around us. That is why w&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e have sought to map our new C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;SR Strat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;-egy t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o the United Nations Sustainable Development Go&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;als (SDGs). HOW WE LINK OUR WORK T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;O THE SDGSTheîGroupîadobtedîitsîîrstîC&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;SRîStrategyîinîJuneî2020. The new CSR Str&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ateg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;y has 4 focus areas, eachîwithîitsîownîdeînedîambitions,îactivitiesîandîgoals. These f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ocus areas ar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e:â¢ People &amp;amp; Communitiesâ¢ Planet â¢ Ethicsâ¢ Governanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;eWe assess that these focus are&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;as and related ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;-tivities impact 5 of the United Nations Sust&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainable Development Goals (SDGs):WPEOPLE AND C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;OMMUNITIESHow we engag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e with our employees and the communities where they work and live&lt;span xmlns="http://www.w3.org/1999/xhtml" class="fc7"&gt; &lt;/span&gt;ETHIC&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;S&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2 fs1"&gt; &lt;/span&gt;How we promote r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;esponsible actions in our business and industryPLANET How we work to ensur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e sustainable productionGOVERNANCE&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2 fs1"&gt; &lt;/span&gt;How we embed strong over&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;sight and transp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;arency in our businessWe will seek to measur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e, report and ultimately reduc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e our greenhouse gas emissionsFor the st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;atutory statement on c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;orporat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e social responsibility in complianc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;e with Section 99a of the Danish Financial Statements Act, please see our Corporat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e Social Responsibility Report for 2020, av&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ailable at&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;: </mrv:StatementOfCorporateSocialResponsibility>
   <mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value75" xml:lang="en">candinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;o Group A/S is inc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;orpor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ated in Denmark under Danish law&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;. Since F&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ebruary 2016, the Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s shares have been public&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;-ly listed on Nasdaq Copenhag&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;en.The Group&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;â&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s corporate g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;overnanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e is based on the Danish Companies Act, the Danish Financial State-ments Act, the International Financial Reporting Stan-dards (IFRS), the EU Mark&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;et Abuse Re&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;gulation, Nasdaq Copenhagen A/Sâ Rulebook for Issuer&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s of Shares and its Rules for Issuers of Bonds as well as the Comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;anyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s articles of association among others. Further&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, the Danish Recommendations on Corpor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ate Governance are tak&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;en into account. The ultimate authority over the Comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;any is held by the shareholders who ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ercise their rights at g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;eneral meetings. The Annual Report and amendments to the articles of association are appro&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ved by the gener&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;al meeting which also elects members of the Board of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ectors and the independent auditor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;. The gener&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;al meeting ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ercises its power&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s pursuant to the provisions of Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;co Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s articles of association which are available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;st&lt;span class="_ _3"/&gt;-group.c&lt;span class="_ _1"/&gt;om&lt;span class="ff2"&gt;. &lt;/span&gt;&lt;/span&gt;In 2020, the Annual General Mee&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ting was held on 26 March. The minutes of the Annual Gener&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;al Meeting are available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;invest&lt;span class="_ _1"/&gt;or&lt;span class="_ _3"/&gt;.st&lt;span class="_ _3"/&gt;-group.com&lt;span class="ff2"&gt;.&lt;/span&gt;&lt;/span&gt;As a publicly listed comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;any, Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co Group is required b&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;y law to report on its c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ompliance with the Danish Recommendations on Corpor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ate SGovernance, which c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;an be found at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;c&lt;span class="_ _1"/&gt;orpor&lt;span class="_ _1"/&gt;ateg&lt;span class="_ _1"/&gt;over&lt;span class="_ _1"/&gt;-&lt;/span&gt;nance.dk.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2"&gt; R&lt;span class="_ _1"/&gt;eports on corpor&lt;span class="_ _1"/&gt;ate g&lt;span class="_ _1"/&gt;overnance must be &lt;/span&gt;presented by c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ompanies in accor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dance to the â&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;comply or explain approachâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"/&gt;, which means that a comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;any mayîchooseînotîtoîcomplyîwithîaîspeciîcîr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecommen&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2"&gt;-&lt;/span&gt;dation and instead explain why it has chosen not t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o comply with the rec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ommendation, and what it has chosen to do inste&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ad.Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co Group c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;omplies with the Recommendations on Corpor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ate Governance. A det&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ailed overview can be found in Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;o Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s 2020 Statutory Report on Corporat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e Governance. The r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;eport is available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;st&lt;span class="_ _3"/&gt;-group.com/&lt;/span&gt;corpor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ategov&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ernance.pdf&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2"&gt;.&lt;/span&gt;REMUNERA&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;TION Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co Group&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;âs R&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;emuneration P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;olicy lays down the principles governing the r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;emuneration of the Board of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ectors and Ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecutive Management, and it acts as a framework ar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ound which their con-tractual t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;erms and compensation ar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e set, reviewed and managed in ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;cordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;e with the Danish Compa-nies Act and the Corporat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e Governance R&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecommen-dations.The over&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;all objective of the Remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation Policy is to enable the Company to attr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;act and retain high calibr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e, experiencedîandîqualiîedîindividualsît&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;oîitsîBoardîof Directors and Ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ecutive Management. Further&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, the Remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation Policy enables the Comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;any to incentivise the Ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecutive Management to deliv&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;er the Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s strate&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;gic ambitions in a way which creat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es sustained shareholder v&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;alue and reward the Executive Management appropriat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ely for achieving cor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e short-term and long-term business g&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;oals while managing and growing the c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ompany to ensur&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e its continued sustainability in a way which aligns with the int&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;erests of shareholders and st&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;akeholders. The R&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;emuneration Policy was r&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;eviewed in 2020 in the light of changes to the Danish Companies Act and adopted at the Annual General Mee&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ting on 26 March 2020. The Remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ation Policy can be f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ound at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;st&lt;span class="_ _1"/&gt;-group.c&lt;span class="_ _3"/&gt;om&lt;span class="ff2"&gt;.&lt;/span&gt;&lt;/span&gt; A det&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ailed description of the main elements of the remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation of the Board of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ectors and the Ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ec-utive Management and the remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ation paid in the înancialîyearî2020îisîincludedîinîtheî2020îRemuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2"&gt;-&lt;/span&gt;tion Report available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6"&gt;st&lt;span class="_ _3"/&gt;-group.c&lt;span class="_ _1"/&gt;om&lt;span class="ff2"&gt;.  &lt;/span&gt;&lt;/span&gt;Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co Group complies with the Danish recommendations on c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;orporate governanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e. A det&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ailed overview can be found in Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;co Group&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;â&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s 2020 Statutory Report on Corporat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e Governance.ST&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;-GROUP&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;.COM/ C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ORPORA&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;TEGOVERNANCE.PDFTHE REPORT IS A&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;V&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;AILABLE ATDISCL&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;OSURE REGARDING CHANGE OF &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt; &lt;/span&gt;C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ONTROLScandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co Group&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;âs lo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;an facilities at înancialîinstitutionsîandîissuedîbondsîasîwellîasîtheîinvestment in an associated c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ompany are subject t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o change of c&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ontrol clauses. In relation to the Ex&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ecutive Management, the current employment contr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;act with the CEO states that within 6-12îmonthsîaîerîaîchangeîofîtheîc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ontrol,îtheîCEOîmay terminate his employment, and he will be entit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;- led to 24 months remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ation and a proportional share of his buy-out payment as f&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;urther described in the Remuner&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation Report. If the Company should wish toîterminateîtheîCF&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;Oîwithinî18îmonthsîaîerîaîchangeîof the control of the Comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;any, the CFO is ac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;cording t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o her contr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;act entitled to a notice of 24 months. </mrv:CorporateGovernanceReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value177" xml:lang="en">The Board of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ectors believes that members of the Board should be elect&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed based on their prof&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;essional experienceîandîqualiîc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ations,îbutîalsoîthatîdiversityîim&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff2 ls0 ws0"&gt;-&lt;/span&gt;proves the quality of discussions and decision-making not only in the Board of Dir&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ectors but in the Group as a whole. Diversity brings strength t&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o our Group. The Bo&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ard of Directors has adopt&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed the Group&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;â&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s Diversity and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt; &lt;/span&gt;Inclusion Policy&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, which is available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6 ws21"&gt;st&lt;span class="_ _1"/&gt;-group.c&lt;span class="_ _3"/&gt;om.&lt;/span&gt;The statut&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ory report and description of the Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; activities to ensure relev&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ant diversity at management levels, including a discription of the goals and objec&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt;-&lt;/span&gt;tives and the progress made in achieving the objectives can be found in the Comp&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;any's 2020 C&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;SR Report, which is available at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="ff6 ls10 ws21"&gt;st&lt;span class="_ _3"/&gt;-group.com/&lt;span class="_ _1"/&gt;csrreport.pdf&lt;span class="_ _3"/&gt;.&lt;/span&gt;</mrv:StatementOfTheDiversityPolicies>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value191" xml:lang="en">The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Executive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Directors have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;today &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;considered &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;adopted &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Annual &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Scandinavian &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;A/S &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Januar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;y &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;â &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020.The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;International &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Reporting Standards as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;adopted &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;EU &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;additional&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Act. The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;accordance with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Act. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Moreover&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;prepar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;additional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosure &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;listed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;companies. The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;also &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosure &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;listed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;companies. In &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;give &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;true &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;view&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;position &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Par&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;results &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Par&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company's operations &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îows &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Januar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;y â &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020.In &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;includes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;true&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;account &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;development &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;operations &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;circumstanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;es &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;arent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;results &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;position &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;arent Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;well &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;description &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;most &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiî&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt;-&lt;/span&gt;cant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;risks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;elements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;uncertainty &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;facing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Par&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;recommend &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Annual &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;be &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;adopted &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;at&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Annual &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;General &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;shareholders &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Scandinavian &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;obac&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;co &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value225" xml:lang="en">In &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements give &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;true &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;view &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;înancial position &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;results &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;operations &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îows &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;year 1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;January &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;International &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Reporting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Standards as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;adopted by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;EU &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;further requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Act.Moreover&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;arent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial Statements give &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;true &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;view &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;arent Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;position &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;at &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;results &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;arent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;operations for the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Januar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;y &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Act&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;.Our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;consistent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Long-form Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Committee &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of Directors.What we have auditedThe &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Scandinavian &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;A/S &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;January &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;comprise &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;statement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;compre- hensive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;income, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;balance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;sheet, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îow &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ement, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;statement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; changes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;equity &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;notes, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;including summary &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;policies.The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Par&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Scandina&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;vian &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;A/S &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;January&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;31 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;December &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;2020 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;comprise &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;income &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;statement, the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;balanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;sheet, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;statement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;changes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;equity and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;notes, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;including &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;summary &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;policies.Collectively &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;referred &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;âFinancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statementsâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"/&gt;.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value257" xml:lang="en">We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conducted &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Interna&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;tional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Standards on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Auditing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;(ISAs) &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;additional&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;applicable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Denmark&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;responsibili&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;ties &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;under &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;standards &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are further &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;described &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;responsibilities &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;section &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;report.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt; We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;believe &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evidence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;obtained &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;suîicient &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appropriate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;provide &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;basis &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our opinion.IndependenceWe &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;independent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;International &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Ethics &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Standards &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Board &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ount&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;antsâ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Code &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Ethics &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Professional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ountants (IESBA &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Code) &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;additional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;applica&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;ble &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Denmark&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;also &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fulîlled &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;other &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ethical responsibilities &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;IESBA &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Code. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;best &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;knowledge &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;belief&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prohibited non-audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;services &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;referred &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Article &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;5(1) &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of Regulation (EU) &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;No &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;537/2014 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;were &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;provided. AppointmentFollowing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;admission &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;shares &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;A/S &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;listing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Nasdaq &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Copenha&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;gen, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;were &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;îrst &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appointed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;auditors &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Scandinavian T&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;obacc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;o &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;A/S &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;26 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;April &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;2017. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;been&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; reappoint&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;annually &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;shareholder &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;resolution &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; total period &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;uninterrupted engagement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;4 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;years, including &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;year &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value284" xml:lang="en">Key &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;professional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;judgement&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;were &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;most &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;These &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;were &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;addressed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;context &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whole, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;forming &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;thereon, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;do &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;provide &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;separ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ate opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;these &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;matters.IMP&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;AIRMENT OF GOODWILL AND STRA&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;TEGIC TRADEMARK&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;S WITH INDEFINITE LIVESThe &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;principal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;risks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;relation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Managementâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assessment &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;future &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;timing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;amount &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îows &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;used &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;project &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;recoverability of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;carrying &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;amount &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;goodwill &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;strategic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;trademarks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;indeînite &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;lives.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; There &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;speciîc &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;risks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;macroeconomic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;conditions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;volatile &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;earnings &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;caused &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;volume &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;decline, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;intensi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt;-&lt;/span&gt;îed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;competition &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;changed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;regulations &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;key &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;markets.Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;re-allocation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;value &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;goodwill &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;new &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;operating &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;segments &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;based &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the relative &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fair values &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;new &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;operating segments &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;2020.Values &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;strategic trademarks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;indeînite &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;life &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;separ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ately &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;tested &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;impairment.&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; Bearing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;mind &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;generally &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;long-lived &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;nature &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assets, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assumptions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Managementâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;view &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; prices, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;volumes, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;discount &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;rat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;terminal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;growth &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;rates &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;well &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;judgement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;deîning &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;allocating &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;costs &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;each &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cash-gener&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ating &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;units &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;(CGUs).We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;focused &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;this &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;area, as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;there &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;high &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;level &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;subjectivity &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;exercised &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;determining &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;signiîcant assumptions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;estimating &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îows.The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;key &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assumptions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;treatment &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;described &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Section &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;3.1 &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;âIntangible &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Assetsâ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Consolidated Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assessed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;new &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;deînition &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;CGUs &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;re-allocation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;goodwill, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;net &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assets &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;îows &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;new operating &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;segments. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Further&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;obtained &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;impairment &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;tests &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;goodwill &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;strat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;egic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;trademarks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;indeînite lives. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;considered &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appropriateness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Managementâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;deîned &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;CGUs &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;within &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;business. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evaluated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;there were &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;factors requiring &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;change &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;its &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;deînition. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;examined &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;methodology &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;used &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to assess &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;carr&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;ying &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;amount &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;goodwill &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;strategic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;trademarks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;indeînite &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;lives &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assigned &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;CGUs.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;challenged &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assumptions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;cash &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îow &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;forecasts &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;applied &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;also &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evaluated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;appropriateness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assumptions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;regar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ding &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;prices, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;volumes, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;discount &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;rat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;terminal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;growth &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;rates &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;well &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assessed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Managementâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;sensitivity &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;calculation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;across &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;CGUs.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assessed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;impairment &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;models &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;applied &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;tested &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;mathematical &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;accuracy &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;relevant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;value-in-use models &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assessed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;appropriateness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;disclosures. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;made &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;use &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;internal valuation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;specialists &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value314" xml:lang="en">Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;responsible &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Report.Our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;does &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cover &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Report, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;do &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;express &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;any &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;form &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; assuranc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conclusion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;thereon.In &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;connection &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;responsibility &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;read &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in doing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;so, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;consider &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;materially &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;inconsistent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;knowledge &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;obtained in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;otherwise &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appears to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;be &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;materially &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misstat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ed. Moreover&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;considered &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;includes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;required &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial Statements Act&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. Based &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;work &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;performed, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;vie&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;w, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Consolidated Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;arent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;has &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;been &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;prepared &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accor&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;dance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Act. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;did &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;identify &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;any &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misstatement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management Report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value326" xml:lang="en">Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;responsible &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;prepar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;ation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;give &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;true &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;vie&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;w &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;International &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Reporting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Standards &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;adopted &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;EU &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;further &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements Act &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;preparation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;parent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;give &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;true &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;view &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Danish &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Act, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;such &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;internal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;control &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management determines &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;necessary &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;enable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;prepar&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;stat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;free &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;from &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;misstat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ement,&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;due &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;error&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;.In &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;preparing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;responsible &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assessing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Parent Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ability &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;continue &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ern, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosing, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;applicable, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ern &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and using &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;concern &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;basis &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;unless &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Management &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;either &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;intends &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;liquidate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Parent Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cease &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;operations, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;has &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;no &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;realistic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;alternative &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;but &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;do &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value336" xml:lang="en">Our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;objectives &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;obtain &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;reasonable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;assuranc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;about &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;whole &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;free&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; from material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misstatement, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;due &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or error&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;issue &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;includes &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our opinion. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Reasonable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assurance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;high &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;level &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; assuranc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;but &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;guarantee &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conduct&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;ed &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;acc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ordance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ISAs &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;additional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;require&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;ments &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;applicable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Denmark &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;will &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;always &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;detect &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misstatement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;when &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;it &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;exists. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Misstat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;can&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; arise &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;from &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;error &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;considered &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;if, individually &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;aggreg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ate, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;y &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;could &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;reasonably &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;be&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; expected &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;inîuence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;economic &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;decisions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;users tak&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;en &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;basis &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;these &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements.As &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;part &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accordanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ISAs &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; additional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;applicable &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Denmark&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; exercise &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;professional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;judgement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;maintain professional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;scepticism &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;throughout &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;also:â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/&gt;Identify &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;assess &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;risks &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;material misstatement of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;due &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or error&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;design &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;perform &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;procedures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;responsive &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;risks, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;obtain &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evidence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;suîicient &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appropriate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;provide &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;basis &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; opinion. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;The &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;risk &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;detecting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misstate&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt;-&lt;/span&gt;ment &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;resulting from &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;is &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;higher &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;than &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for one&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; resulting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;from &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;error&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fraud &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;may &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;involve &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;collusion, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;forgery, intentional &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;omissions, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;misrepresent&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ations, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;override &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;internal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;control.â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;Obtain &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;understanding &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;internal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;control &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;relevant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;order &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;design &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;procedures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;appropriate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;circumstanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;es, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;but &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; purpose &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;expressing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;eîectiveness of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Parent Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;internal control.â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;Evaluat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appropriateness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;policies&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; used &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;reasonableness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;estimates &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;disclosures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;made &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;by &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Management&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;.â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"/&gt;Conclude &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;appropriateness &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Managementâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;use of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;concern &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;basis &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;accounting &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;based &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evidence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;obtained, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;material uncert&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ainty &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;exists &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;events &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conditions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;may &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;cast &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;doubt &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Groupâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; P&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;arent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Companyâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ability &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;continue &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; conc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ern. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;If &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conclude &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;material &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;uncertainty exists, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are required &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;draw attention &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;disclosures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; Statements or, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;if &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;such &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosures &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;inadequate, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to modify &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conclusions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;based &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;evidence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;obtained &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;up &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;date &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;s report. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;However, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;future &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;events &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;conditions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;may &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cause &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Par&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Company &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;cease &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;continue as &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;going &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;concern.â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;Evaluat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;overall &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;presentation, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;structure &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;content of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;including &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;disclosures, and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;whether &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;represent &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; underlying &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;transactions &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;events &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;manner &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; achieves &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;fair &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;present&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;ation.â¢ &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt; &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"/&gt;Obtain &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;suîicient &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;appropriate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;e&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;vidence &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;regarding the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;înancial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;information &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;entities &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;business&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; activities &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;within &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Group &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;express &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;an &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;opinion &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the Consolidated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;responsible for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;direction, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;super&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;vision &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;performance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;group audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;remain &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;solely &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;responsible for &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; opinion.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;communicat&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;e &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;charged &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;governance reg&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;arding, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;among &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;other &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;planned &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;scope &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; timing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;îndings, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;including &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;any &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;deîciencies &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;internal &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;control that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;identify &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;during &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit.We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;also &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;provide &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;charged &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;governance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;statement &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;have &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;complied &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;relevant &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;ethical requirements &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;regarding &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;independence, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;communi&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;cate &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;them &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;all &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;relationships &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;other &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that may &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;reasonably be &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;thought &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;bear on &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;independ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"&gt;-&lt;/span&gt;ence, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;where &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;applicable, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;related &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;safeguards.From &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;communicated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;charged with &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;governance, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;determine &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;those &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;were of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;most &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;signiîcance &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;Financial &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;Statements of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;current &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;period &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;and &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;are &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;therefore &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the key &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;audit &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matters. &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;We &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;describe &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;these &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;matters &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our auditorâ&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/&gt;s &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;unless &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;law &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;regulation &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;precludes public &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;disclosure &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;about &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matter &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;or &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;when, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;extreme&lt;span xmlns="http://www.w3.org/1999/xhtml" class="ls0"&gt;-&lt;/span&gt;ly &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;rare &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;circumstanc&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/&gt;es, &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;we &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;determine &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;that &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;a &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;matter should &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;not &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;be &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;communicated &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;in &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;our &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;report &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;because &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;the&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; adverse &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;consequences &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;doing &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;so &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;would &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;reasonably &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;be expected &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;to &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;outweigh &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;the &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;public &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;interest &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;beneîts &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt;of&lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/&gt; such &lt;span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"/&gt;communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <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>
   <gsd:DateOfGeneralMeeting contextRef="ctx-2" xml:lang="en">2021-04-14</gsd:DateOfGeneralMeeting>
   <gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx-2" xml:lang="en">Christian Lundgren</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
   <gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-2" xml:lang="en">5299003KG4JS99TRML67</gsd:LegalEntityIdentifierOfReportingEntity>
   <gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">Scandinavian Tobacco Group 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">31080185</gsd:IdentificationNumberCvrOfReportingEntity>
   <gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Sandtoften</gsd:AddressOfReportingEntityStreetName>
   <gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">9</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">2820</gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Gentofte</gsd:AddressOfReportingEntityDistrictName>
   <gsd:AddressOfReportingEntityCountry contextRef="ctx-2" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
   <mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">st-group.com/csrreport.pdf</mrv:LinkToStatementOfCorporateSocialResponsibility>
   <fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">10561</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-17" decimals="0" unitRef="pure">7258</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">107</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-18" decimals="0" unitRef="pure">97</fsa:AverageNumberOfEmployees>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-2" xml:lang="en">Gentofte</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-2" xml:lang="en">2021-03-10</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Niels Frederiksen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Marianne RÃ¸rslev Bock</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Nigel Northridge</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Henrik Brandt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Vice-Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Marlene Forsell</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Dianne Neal Blixt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Luc Missorten</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Anders Obel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Claus Gregersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Lindy Larsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Hanne Malling</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Mogens Olsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">5299003KG4JS99TRML67</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
   <gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">31080185</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">Scandinavian Tobacco Group A/S</gsd:NameOfSubmittingEnterprise>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Sandtoften 9</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">2820  Gentofte</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">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-03-10</arr:SignatureOfAuditorsDate>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-15" xml:lang="en">Torben Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-15" xml:lang="en">STATE AUTHORISED PUBLI ACCOUNTANT</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-15" xml:lang="en">mne18651</cmn:IdentificationNumberOfAuditor>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-15" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-15" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <gsd:AddressOfAuditorStreetName contextRef="ctx-15" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
   <gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-15" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
   <gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-15" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
   <gsd:AddressOfAuditorDistrictName contextRef="ctx-15" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-16" xml:lang="en">SÃ¸ren Ãrjan Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-16" xml:lang="en">STATE AUTHORISED PUBLIC ACCOUNTANT</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-16" xml:lang="en">mne33226</cmn:IdentificationNumberOfAuditor>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-16" xml:lang="en">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-16" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <gsd:AddressOfAuditorStreetName contextRef="ctx-16" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
   <gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-16" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
   <gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-16" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
   <gsd:AddressOfAuditorDistrictName contextRef="ctx-16" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
</xbrli:xbrl>