Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 8759064000 | dkk |
| ifrs-full:Assets | 2019-12-31 | 7047068000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 1852383000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 662488000 | dkk |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/78117261/amNsb3VkczovLzAzL2Y0L2M5LzFkLzkxLzliMjItNGRkYi1hZTI1LTc5OGUyYWI1NGY5ZQ.xml
Separator
The full data:
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance"
xmlns="http://www.w3.org/1999/xhtml"
xmlns:arr="http://xbrl.dcca.dk/arr"
xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12"
xmlns:cmn="http://xbrl.dcca.dk/cmn"
xmlns:sob="http://xbrl.dcca.dk/sob"
xmlns:link="http://www.xbrl.org/2003/linkbase"
xmlns:ifrs-full="http://xbrl.ifrs.org/taxonomy/2019-03-27/ifrs-full"
xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
xmlns:ix="http://www.xbrl.org/2013/inlineXBRL"
xmlns:mrv="http://xbrl.dcca.dk/mrv"
xmlns:fsa="http://xbrl.dcca.dk/fsa"
xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
xmlns:BAV="http://xbrl.bavarian-nordic.com/taxonomy/2020-12-31"
xmlns:gsd="http://xbrl.dcca.dk/gsd"
xmlns:xlink="http://www.w3.org/1999/xlink"
id="DKGAAP">
<link:schemaRef xlink:href="http://archprod.service.eogs.dk/taxonomy/20201001/entryDanishGAAPExcludingBalanceSheetIncomeStatementIncludingManagementsReview20201001.xsd"
xlink:type="simple"/>
<xbrli:context id="ctx-2">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-14">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2019-01-01</xbrli:startDate>
<xbrli:endDate>2019-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-1">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx-15">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2019-01-01</xbrli:startDate>
<xbrli:endDate>2019-12-31</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="ctx-3">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardDimension">
<cmn:memberOfBoardIdentifier>1</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-4">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardDimension">
<cmn:memberOfBoardIdentifier>2</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-5">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>1</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-6">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>2</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-7">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>3</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-8">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>4</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-9">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>5</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-10">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>6</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-11">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>7</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-12">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfAuditorDimension">
<cmn:auditorIdentifier>1</cmn:auditorIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx-13">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138006JCDVYIN6INP51</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2020-01-01</xbrli:startDate>
<xbrli:endDate>2020-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:typedMember dimension="cmn:IdentificationOfAuditorDimension">
<cmn:auditorIdentifier>2</cmn:auditorIdentifier>
</xbrldi:typedMember>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:unit id="pure">
<xbrli:measure>xbrli:pure</xbrli:measure>
</xbrli:unit>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value1" xml:lang="en">Our impact on global healthNo other health int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ervention touches so many liv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es as vac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cines. The development of ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w vac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cines and increased v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cination efforts, par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ticularly in developing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountries, ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve helped to significantly reduc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the incidence o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f major communicable, life-thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eatening dise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ases. It is estimated tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t vac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cines have reduc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed these disease<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s by more than 90% over the past thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee centuries1.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>accines w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ork<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, and they contribute to the U<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.N. sustainable de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velop<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ment goal2 (SDG) number 3, âGood health and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ell-beingâ al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>l around<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the world. How<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ording to Gavi3, immunization positively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impacts, directly or indir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, 14 of the 17 SDGs that support the 2030 Agenda for Sustainable Dev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elopment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.Our contribution, as a v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>accine c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, may seem small in the global perspective, but w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are here to help achie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve the goal for securing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> good health and well-being of all humans.Growing responsiblyWhile pursuing our vision to bec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome one of the largest pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e play vac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cines companie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, improving and saving liv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es by ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>celling in R&amp;D 1 www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.who.int/immunization/monit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oring_surveillance/data/gs_gloprofile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.pdf2 www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.un.org/sustainabledevelopment/sustainable-development<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>goals/3 www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.gavi.org/about/ghd/sdg/innov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, manufacturing and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommercialization, we r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecogniz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the importance of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otecting and taking care o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the world around us, act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> responsibly in all matters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, particularly focusing on minimizing the environmental impact from our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oduction, but also on the safety and well-being of our employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, as well as other are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as of relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o our business.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e seek to communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e openly and transparently about our CSR<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> efforts in our annual CSR r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport which constitutes an independent part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the annual report and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>overs sections 99a, 99b and 107d of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Danish Financial Statements Act.Download the full CSR report at <span xmlns="http://www.w3.org/1999/xhtml" class="ff3 fc3 ws4">www<span class="_ _14"/>.bav<span class="_ _0"/>arian-nordic.com/csr</span>ESG key figuresKey figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es for selected en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vironmental social and governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e areas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecommendations set out in âESG<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> key figures in the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eportâ, June 2019 (revised Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 2020) from the Danish Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Society / CF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A Society Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, FSR â Danish Auditors, and Nasdaq C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>openhagen. For the sections regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding environ<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>mental and social data in the table below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>, the data has been subject to an independent auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s review in the form o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f limited assuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The Independent Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ssur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance Report can be f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ound in our CSR-report.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value51" xml:lang="en">Unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2018<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2017<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7f"> </span>2016Environmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal data1CO2e, sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>Metric tons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">1,381<span class="_ _67"> </span>909<span class="_ _5a"> </span>964<span class="_ _67"> </span>992<span class="_ _81"> </span>1,135</span>CO2e, sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span>Metric tons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">1,175<span class="_ _81"> </span>1,178<span class="_ _81"> </span>1,398<span class="_ _81"> </span>1,686<span class="_ _81"> </span>1,519</span>Energy Consumption<span xmlns="http://www.w3.org/1999/xhtml" class="_ _82"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">GJ<span class="_ _78"> </span>45,110<span class="_ _7c"> </span>34,137<span class="_ _7c"> </span>32<span class="_ _0"/>,527<span class="_ _7c"> </span>32,099<span class="_ _7c"> </span>34,567</span>Wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter Consumption<span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">m</span>319,170<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>14,770<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>11,610<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>10,877<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span>12,479Social data1Full-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Time W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orkforce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">FTE<span class="_ _84"> </span>607<span class="_ _67"> </span>465<span class="_ _5a"> </span>421<span class="_ _67"> </span>439<span class="_ _67"> </span>446</span>Gender Diversity2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _85"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5 ws8">61<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A</span>Gender Diversity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">%<span class="_ _85"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">56<span class="_ _87"> </span>51<span class="_ _87"> </span>50<span class="_ _87"> </span>49<span class="_ _87"> </span>52</span>Employee T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urnover Ratio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _38"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">%<span class="_ _88"> </span>9<span class="_ _87"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">10<span class="_ _87"> </span>13<span class="_ _87"> </span>18<span class="_ _87"> </span>15</span>Sickness Absenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e3Days per FTE<span xmlns="http://www.w3.org/1999/xhtml" class="_ _89"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">6<span class="_ _8a"> </span>6<span class="_ _8a"> </span>6<span class="_ _8a"> </span>8<span class="_ _8a"> </span>8</span>Governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e data4Gender Diversity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, Board<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">%<span class="_ _85"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">28<span class="_ _87"> </span>28<span class="_ _87"> </span>14<span class="_ _87"> </span>14<span class="_ _8a"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">0</span>Board Meeting Attendanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Rate5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _85"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5 ws8">97<span class="_ _87"> </span>98<span class="_ _87"> </span>97<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A</span>CEO Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y Ratio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws8">Times<span class="_ _8d"> </span>15<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A<span class="_ _86"> </span>N/A</span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Data derived from the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s CSR reports 2016<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>2020. 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Data not collected bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore 2020.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Sickness absence doe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s not include offices in the USA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Data derived from the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s annual reports 2016<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>2020, exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ept for CEO pay r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, which is presented in the 2020 r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration report.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b"/>Data not collected bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore 2018.www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>.bavarian-nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.com/c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egovernanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc5 ls2 ws2">.</span>Bavarian Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic remains focused on good c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, having implemented the rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations from the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommittee of Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e (Komit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>éen for god selskabsledelse) for c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanies listed on the Nasdaq Copenhagen e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange. Management believes that the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany is operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in complianc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with guidelines and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations that support the Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s business model and can cre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate value f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or Bavarian Nordicâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s stakeholders. Regularly and at leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t once a ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, Management monitors adherence to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecom<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>mendations on c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporate go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vernance in order t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o ensure the best possible<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> utilization of and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommendations and legislation.In acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with Section 107 b of the Danish Financial Statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, Bavarian Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic has published a statutory report on C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e Governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e for the financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar 2020 on the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s website: <span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>The Board of DirectorsThe Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ors (âthe Boardâ) is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the overall str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>tegic management and the financial and managerial supervision of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Bavarian Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, as well as for regular e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuation of the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ork of the Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. In addition, the Board supervises the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompany in a general sense and ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es that it is managed in an adequate man<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ner and in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with applicable law and the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s articles of association. The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d discharges its duties in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the rules of proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edure of the Board, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and updated by all members of the Board.Evaluation of the BoardThe Board and its subc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommittees conduct e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar a self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-evaluation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the Board's and subc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommittee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, accomplishments and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>position. The Chairman heads the annual e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuation, which is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ed at leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t every third y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear by an ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal consultant. The proces<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, whether it is f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitated internally or by e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal consultants, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es topics such as board dynamics<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, board agenda, quality of the materi<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>al that is submitted to the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d, discussions at the Board mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tings, the chairmanâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s leadership of the Board, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>trategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, Board c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omposition and Board c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompetencies. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ypically<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, the process is further f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilitated b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y each Board member filling out a detailed ques<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tionnaire, and the Board<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> members are asked to sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore to which e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtent they agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee to the indi<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>vidual questions. The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults of the questionnaire are then disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ussed at a subsequent Board meeting, and the individual comments submitt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed are used in the planning and handling of future Board mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tings. The 2020 self<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-evaluation w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as facilita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted by an ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernal consultant and, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> general, key c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onclusions wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e positive with a continued satisf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>action with the Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s work as well as the work in the committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees. Organiza<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>tional development and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinued optimization of Board e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fficiency will also be a focus are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a in 2021.For more de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tails on the work and composition of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d and its committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ees, ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erence is made t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the statutory report on C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s website: <span xmlns="http://www.w3.org/1999/xhtml" class="ff3 fc3 ws4">www<span class="_ _14"/>.bavarian-nor<span class="_ _0"/>dic.com/</span>corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 ls2 ws2">.</span>Tax policyA tax policy describing our gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erning principles by which we manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> our tax aff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>airs was appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ved by the Board in No<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vember 2020 and is av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ailable on the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s website: <span xmlns="http://www.w3.org/1999/xhtml" class="ff3 fc3 ws4">www<span class="_ _14"/>.bavarian-nor<span class="_ _0"/>dic<span class="_ _6"/>.com/</span>about/corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate-governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e/tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>.aspx<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 ls2 ws2">.</span>Remuneration policy and report The remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion of the Board and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecutive Management is governed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s remuneration policy which w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>as updated in 2020 and subsequently approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the shareholders at the annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> general meeting in June 2020.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> In acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with section 139 b in the Danish Companies Act, Bavarian Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic has prepared a report on the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emuneration of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> individual members of the Board and E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xecutive Management in 2020, The report is av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ailable on the Companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s website: <span xmlns="http://www.w3.org/1999/xhtml" class="ff3 fc3 ws4">www<span class="_ _14"/>.bavarian-</span>nordic.com/c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egovernanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc5 ls2 ws2">. </span></mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value122" xml:lang="en">Diversity in the BoardThe Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ors currently has a repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation of two female<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> members elected by the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eholders, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esponding to 28%, which is above the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent target of 15%. The targe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t is being reasse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssed in 2021.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value160" xml:lang="en">The Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ors and the Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate Management have toda<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and approved the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport of Bavarian Nordic A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year January 1 â Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 31, 2020.The consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e presented in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with International Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds as adopted by the EU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements are present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Danish Financial Statements Act. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, the annual report is prepared in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with Danish disclosure requirements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or listed c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanies.In our opinion, the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>cial statements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a true and fair view o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s and the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s financial position at December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020 as well as of the results of their<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> operations and the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s cash f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lows for the financial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear January 1 â December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020. In our opinion, the management commentary c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontains a fair r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eview of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the development of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup's and the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s business and financial matters, the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults for the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar and of the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s financial position and the financial position as a whole of the entities included in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, together with a description of the principal risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and uncertainties tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t the Group and the Parent f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ace<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In our opinion, the annual report with the file name BA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>VA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>12-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>31.zip is prepared, in all material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espects, in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the ESEF Regulation.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e recommend the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value183" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e have audited the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and the parent financial statements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Bavarian Nordic A/S f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the financial year January 1 â December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020, which comprise the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement, statement of financial position, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement of changes in equity and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> notes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including a summary of significant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies, for the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group as well as the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, and the statement of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omprehensive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> income and the cash flow sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tement of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e prepared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with International<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Financial Reporting Standards as adop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted by the EU and additional requirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the Danish Financial Statements Act, and the parent financial statements ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e prepared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Danish Financial Statements Act.In our opinion, the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a true and fair vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s financial position at December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020 and of the results of its oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations and cash flows for the financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar January 1 â December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020 in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernational Financial Reporting Standards as adop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted by the EU and additional requirements under the Danish Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, in our opinion, the parent financial statements giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a true and fair vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s financial position at December 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, 2020 and of the results of its oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations for the financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar January 1 â December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31, 2020 in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Danish Financial Statements Act.Our opinion is consist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent with our audit book comments is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sued to the Finance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Risk and Audit Committee and the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>O THE SHAREHOLDERS OF BA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ARIAN NORDIC A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value207" xml:lang="en">We c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onducted our audit in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with International Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds on Auditing (ISAs) and the additional requirements applicable in Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. Our responsibilities under those standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds and requirements are further described in the Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s responsibilities for the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements section of this audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. We are independent o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the Group in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the International Ethics Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds Board of Acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountants' Code of Ethics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or Profes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sional Acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ountants (IESBA Code) and the additional requirements applicable in Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, and we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e fulfilled our other ethical responsibilities in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with these<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> requirements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e believ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e that the audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e we have obtained is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sufficient and appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to provide a basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or our opinion. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the best of our knowledge and belie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve not provided an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y prohibited non-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>audit services as r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eferred to in Article 5(1) o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Regulation (EU) No 537/2014.After Bav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arian Nordic A/S was lis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted on Nasdaq OMX Copenhagen in 1998, we w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere appointed auditors at the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al Meeting held on May 27, 1999 for the 1999 financial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>. We hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e been reappointed annually at the annual general meeting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or a total consec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>utive engage-ment period of 22 ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ars up to and including the 2020 financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value227" xml:lang="en">Key audit ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tters are those matters tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, in our profes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sional judge<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, were o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f most significance in our audit of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>cial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements for the financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year January 1 â Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ember 31, 2020. These matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers were addre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssed in the cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ext of our audit of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and the parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements as a whole, and in forming our opinion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> thereon, and we do not pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovide a separat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e opinion on these matters.Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue under the BARDA con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tracts for JYNNEOSRevenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecogniz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed under the Biomedical Advanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Rese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arch and Development Authority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> (BARDA) contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts with the U<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.S. Government<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> related t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o JYNNEOS amounted to DKK 680 million<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in 2020 (DKK 539 million in 2019). Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts with BARDA include multiple elements, and rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognition of revenue is significant and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> requires subjective e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuations. Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cises judgement in determining whether the Group has fulfilled all of its perfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>mance obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s assessment include<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s whether it is probable that future ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomic benefits from the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sale of JYNNEOS bulk drug substance will flow to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, the benefits can be measured reliably<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, ownership of the goods and servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es is transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erred to BARDA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, and the Group no longer re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tains man<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>agerial responsibility for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>, or control of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, the goods sold and services deliv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ered to BARDA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. Refer t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o notes 2 and 3 in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Based on our risk assessment proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edures<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>on the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s business proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ess and internal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ols for rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue under the BARDA contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, we tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted the appropriatene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enue recognition.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> We r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ead the BARDA c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontracts, disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ussed them with Management and evalua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted the related<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. During the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, we tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted whether the performanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e obligations for re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognized and me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asured under the BARDA contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts were met in 2020.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> We also e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valuat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed the financial statements disclosures rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted to re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value234" xml:lang="en">Management is responsible for the management c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommentary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>.Our opinion on the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements and the parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial statements does no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t cov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er the management commentary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, and we do not e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpress any f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orm of assuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e conclusion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eon.In connection with our audit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the consolidated financial s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatements and the parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, our responsibility is t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o read the manage-ment commentary and, in doing so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, consider whether the management commentary is ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>terially inconsistent with the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements or our knowledge ob-tained in the audit or otherwise appears t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be materially misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Moreov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, it is our responsibility to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsider whether the management commentary pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovides the information r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired under the Danish Financial Statements Act.Based on the work we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e performed, we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onclude that the management commentary is in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements and has been prepared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with the requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements of the Danish Financial Statements Act. We did not identify an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the management commentary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value289" xml:lang="en">Management is responsible for the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements that giv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a true and fair view in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with Interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tional Financial Reporting Standards as adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the EU and additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ments of the Danish Financial Statements Act as w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ell as the preparation of parent financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements that give a true and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air view in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with the Danish Financial Statements Act, and for such internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol as Management determines is nec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essary to enable the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of consol<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>idated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements and parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements that are free from material mis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>statement, whether due to fraud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.In preparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and the parent financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Management is responsible for asses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sing the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s and the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s ability to continue as a going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or disclosing, as applicable, matters rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted to going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern, and for using the going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern basis of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counting in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparing the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements unless Management either intends to liquida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te the Group or the Entity or to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions, or has no realis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tic alternative but to do so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value300" xml:lang="en">Our objectives are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o obtain reasonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance about whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements as a whole are free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om material missta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, whether due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, and to issue an auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s report that includes our opinion. Reasonable as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>suranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is a high level of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, but is not a guaran<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>tee that an audit c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onducted in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e with ISAs and the additional requirements applicable in Denmark will alw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ays detect a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement when it exists. Mis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>statements can arise from fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aud or error and are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, individually or in the aggregate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, they c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ould reasonably be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to influence the ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomic decisions of users taken on the basis of these c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements and these parent financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements.As part of an audit conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ordance with ISAs and the additional requirements applicable in Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, we e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xercise pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fessional judgement and maintain prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essional scep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ticism throughout the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>: ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Identify and assess the risks of ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>terial misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of the con<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>solidated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements and the parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, whether due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, design and perform audit procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es responsiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e to those risks, and obtain audit e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vidence that is sufficient<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and appropriate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o provide a basis for our opinion. The risk o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f not detecting a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial misstatement r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esulting from fraud is higher than<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for one resulting fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, as fraud may inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olve collusion, for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, intentional omissions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, misrepresentations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, or the override of internal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Obtain an understanding of internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ant to the audit in order to de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sign audit procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es that are appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in the circumstanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, but not f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the purpose of expres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sing an opinion on the effectivene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s and the Parentâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol. ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the appropriatenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting policies used and the reasonablene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and related disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es made by Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Conclude on the appropriatene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss of Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s use of the going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ern basis of acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting in preparing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>cial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements, and, based on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e obtained, whether a material unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty exists<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> related t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o events or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions that may cast significant doubt on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group's and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s ability to continue as a going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern. If we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onclude that a material unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty exists, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are required t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o dra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w attention in our auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s report to the related disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>, if such disclosures are inadequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, to modify our opinion. Our con<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>clusions are based on the audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e obtained up to the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of our auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>. Howev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, future events or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions may cause<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group and the Entity to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ease to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontinue as a going conc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ern.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the overall pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sentation, structure and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontent of the con<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>solidated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tements and the parent financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements, including the disclosures in the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, and whether the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent financial statements repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent the underlying transactions and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents in a manner that gives <span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>a true and fair vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Obtain sufficient appropriate audit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e regarding the financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> information of the entities or busine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss activities within the Group t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o expre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss an opinion on the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted financial statements. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the direction, supervision and performanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of the group audit. We remain solely re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sponsible for our audit opinion.We c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommunicate with those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ged with governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e regarding, among other matters<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the planned scope and timing of the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>and significant audit findings, including any significant deficiencies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>in internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol that we identify during our audit.We also pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovide those charged with gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ernance with a sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tement that we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e complied with rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant ethical r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equirements regarding inde<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>pendence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommunicate with them all relationships and other matters that ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y reasonably be thought to be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar on our independence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and where applicable, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated safeguar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds.From the ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tters communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed with those charged with governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> we det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermine those matters that wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of most significance in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> audit of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent finan<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>cial statements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the current period and are theref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore the key audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> matters. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e describe these matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers in our auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>s report unless law<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> or regulation pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecludes public disclosure about the matter or when, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> extremely r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>are circ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>umstances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we determine that a matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er should not be communica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted in our report because the adverse c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsequences o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f doing so would re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>asonably be expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o outweigh the public intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st benefits of such c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommunication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value380" xml:lang="en">As part of our audit of the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted financial statements and par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y financial statements of Bav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arian Nordic A/S we performed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edures to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpress an opinion on whether the Annual Report o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f Ba<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>varian Nor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dic A/S for the financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar January 1 - December 31, 2020 with the file name BAV<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>12-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>31.zip is prepared, in all material re<span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>spects, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ommission Delegated Regulation (EU)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2019/815 on the Europe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an Single Electronic Format (ESEF Regulation)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> which includes requirements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eparation of the Annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Report in XHT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ML format and iXBRL tagging of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Management is responsible for preparing an Annual Report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> that c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omplies with the ESEF Regulation. This responsibility includes:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>The preparing of the Annual Report in XHT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ML format.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>The selection and application of appropriate iXBRL tags<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including extensions t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the ESEF taxonomy and the anchoring ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eof to elements in the taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>, for financial information required t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o be tagged using judgement where nec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Ensuring consistency betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>een iXBRL tagged data and the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2">-</span>ed financial statements pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented in human re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>adable format<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>For such internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol as Management determines nec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essary to enable the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of an Annual Report that is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliant with the ESEF Regulation. Our responsibility is to ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tain reasonable as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>surance on whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther the Annual Report is prepared, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial respects, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the ESEF Regulation based on the evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e obtained, and to issue a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport that includes our opinion. The nature<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, timing and extent o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es selected depend on the auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s judgement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>, including the asses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sment of the risks of material departur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es from the requirements se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t out in the ESEF Regulation, whether due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>. The procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es include:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sting whether the Annual Report is prepared in XHT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ML forma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Obtaining an understanding of the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s iXBRL tagging proce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss and of internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol over the tagging pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oces<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Evaluating the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompletenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s of the iXBRL tagging of the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Evaluating the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriateness of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>s use of iXBRL elements selected from the ESEF ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xonomy and the cre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of extension elements wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no suitable element in the ESEF taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> has been identified.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Evaluating the use of anchoring o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f extension elements to elements in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the ESEF taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/>.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>Reconciling the iXBRL tagged data with the audited c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In our opinion, the Annual Report of Bav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arian Nordic A/S for the financial ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ar January 1 â December 31, 2020 with the file name BA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15"/>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"/>12-31.zip is prepared, in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erial respects, in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ompliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-2" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-2" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd: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">2021-04-20</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx-2" xml:lang="en">Marianne Philip</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-2" xml:lang="en">2138006JCDVYIN6INP51</gsd:LegalEntityIdentifierOfReportingEntity>
<gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">Bavarian Nordic 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">16271187</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Philip Heymans Alle</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-2" xml:lang="en">3</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">2900</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Hellerup</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx-2" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="ctx-2" xml:lang="en">DK</gsd:AddressOfReportingEntityCountryIdentificationCode>
<gsd:DateOfFoundationOfReportingEntity contextRef="ctx-2" xml:lang="en">1992-07-01</gsd:DateOfFoundationOfReportingEntity>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-2" xml:lang="en">33268383</gsd:TelephoneNumberOfReportingEntity>
<gsd:FaxNumberOfReportingEntity contextRef="ctx-2" xml:lang="en">33268380</gsd:FaxNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">www.bavarian-nordic.com</gsd:HomepageOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-2" xml:lang="en">info@bavarian-nordic.com</gsd:EmailOfReportingEntity>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-2" xml:lang="en">https://www.bavarian-nordic.com/corporategovernance</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">https://www.bavarian-nordic.com/csr</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" xml:lang="en">https://www.bavarian-nordic.com/csr</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">607</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-14" decimals="0" unitRef="pure">465</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">408</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-15" decimals="0" unitRef="pure">298</fsa:AverageNumberOfEmployees>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-2" xml:lang="en">Hellerup</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-2" xml:lang="en">2021-03-12</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Paul John Chaplin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Henrik Juuel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Gerard W.M. van Odijk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-5" xml:lang="en">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Erik Gregers Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Frank A.G.M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Elizabeth McKee Anderson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">2138006JCDVYIN6INP51</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">16271187</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">Bavarian Nordic A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Philip Heymans Alle 3</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-03-12</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-12" xml:lang="en">Martin Norin Faarborg</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-12" xml:lang="en">State-Authorized Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-12" xml:lang="en">mne29395</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-12" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-12" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-12" xml:lang="en">Weidekampsgade</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-12" xml:lang="en">6</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-12" xml:lang="en">2300</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-12" xml:lang="en">København S</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-12" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-13" xml:lang="en">Eskild Nørregaard Jakobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-13" xml:lang="en">State-Authorized Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-13" xml:lang="en">mne11681</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-13" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-13" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-13" xml:lang="en">Weidekampsgade</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-13" xml:lang="en">6</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-13" xml:lang="en">2300</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-13" xml:lang="en">København S</gsd:AddressOfAuditorDistrictName>
<gsd:AddressOfAuditorCountry contextRef="ctx-13" xml:lang="en">Denmark</gsd:AddressOfAuditorCountry>
</xbrli:xbrl>