Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 1824800000 | vUSD |
| ifrs-full:Assets | 2019-12-31 | 1742400000 | vUSD |
| ifrs-full:Assets | 2019-12-31 | 1844000000 | vUSD |
| ifrs-full:Assets | 2020-12-31 | 1927700000 | vUSD |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 2399000000 | vUSD |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 2432200000 | vUSD |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 2597800000 | vUSD |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 2583900000 | vUSD |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/91985776/amNsb3VkczovLzAzL2Q0LzA5L2Y5LzQ2L2NhYzgtNDRkMS1iYmUyLWE2MWM5MTc1MGU4MQ.xml
Separator
The full data:
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<gsd:ReportingPeriodStartDate contextRef="ctx1">2020-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1">2020-12-31</gsd:ReportingPeriodEndDate>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORPORATE GOVERNANCE</td></tr><tr><td colspan="1">Ensuring responsible, long-term</td></tr><tr><td colspan="1">governance of the Group aligned</td></tr><tr><td colspan="1">with shareholder interests</td></tr><tr><td colspan="1">NORDENâs governance principles and</td></tr><tr><td colspan="1">structure are set out to ensure alignment</td></tr><tr><td colspan="1">with long-term shareholder interests to</td></tr><tr><td colspan="1">enable prudent management of the Group</td></tr><tr><td colspan="1">in accordance with relevant national and</td></tr><tr><td colspan="1">international regulations, applicable corpo-</td></tr><tr><td colspan="1">rate governance recommendations as well</td></tr><tr><td colspan="1">as within the risk framework specified by the</td></tr><tr><td colspan="1">Board of Directors.</td></tr><tr><td colspan="1">Furthermore, the ongoing management of</td></tr><tr><td colspan="1">NORDEN is based on the underlying com-</td></tr><tr><td colspan="1">pany values of flexibility, reliability, empathy</td></tr><tr><td colspan="1">and ambition as well as the Groupâs guiding</td></tr><tr><td colspan="1">purpose of enabling smarter global trade.</td></tr><tr><td colspan="1">Governance structure</td></tr><tr><td colspan="1">NORDEN has a two-tier governance struc-</td></tr><tr><td colspan="1">ture consisting of a Board of Directors and</td></tr><tr><td colspan="1">an Executive Management. No individuals</td></tr><tr><td colspan="1">are part of both management bodies. The</td></tr><tr><td colspan="1">shareholders have the ultimate authority over</td></tr><tr><td colspan="1">the Company and can exercise their rights</td></tr><tr><td colspan="1">by passing resolutions at general meetings.</td></tr><tr><td colspan="1">Resolutions are adopted by simple majority</td></tr><tr><td colspan="1">of votes, unless otherwise provided by legis-</td></tr><tr><td colspan="1">lation or by NORDENâs articles of association.</td></tr><tr><td colspan="1">The Board of Directors is made up of 9</td></tr><tr><td colspan="1">members of which 6 are elected for a term of</td></tr><tr><td colspan="1">1 year by the shareholders, while 3 members</td></tr><tr><td colspan="1">are elected for a term of 3 years by the em-</td></tr><tr><td colspan="1">ployees. The Board of Directors determines</td></tr><tr><td colspan="1">and approves strategies, policies, overall</td></tr><tr><td colspan="1">goals and budgets for the Group. In addition,</td></tr><tr><td colspan="1">it sets out the risk management framework</td></tr><tr><td colspan="1">and supervises the work, procedures, etc.</td></tr><tr><td colspan="1">carried out by the day-to-day management.</td></tr><tr><td colspan="1">The Board of Directors appoints the Execu-</td></tr><tr><td colspan="1">tive Management and sets out its responsi-</td></tr><tr><td colspan="1">bilities and remuneration. To avoid conflicts</td></tr><tr><td colspan="1">of interest, there are no transactions between</td></tr><tr><td colspan="1">closely related parties within the Board, and</td></tr><tr><td colspan="1">the Board does not operate with commission</td></tr><tr><td colspan="1">payments.</td></tr><tr><td colspan="1">The Executive Management comprises of</td></tr><tr><td colspan="1">the CEO and CFO, who are responsible for</td></tr><tr><td colspan="1">the day-to-day management, organisation</td></tr><tr><td colspan="1">and development of NORDEN, for manag-</td></tr><tr><td colspan="1">ing assets, liabilities, equity, accounting and</td></tr><tr><td colspan="1">reporting, and it also prepares and imple-</td></tr><tr><td colspan="1">ments the strategy. The ongoing contact</td></tr><tr><td colspan="1">between the Board of Directors and the</td></tr><tr><td colspan="1">Executive Management is primarily handled</td></tr><tr><td colspan="1">by the Chairman and the CEO. The Executive</td></tr><tr><td colspan="1">Management participates in board meetings</td></tr><tr><td colspan="1">and is supplemented by other managers in</td></tr><tr><td colspan="1">the strategy meetings and when relevant.</td></tr><tr><td colspan="1">The Articles of Association can be found on</td></tr><tr><td colspan="1">the Companyâs website. Generally, resolu-</td></tr><tr><td colspan="1">tions to amend the Articles of Association</td></tr><tr><td colspan="1">require a quorum of at least two-thirds of the</td></tr><tr><td colspan="1">voting share capital represented at a general</td></tr><tr><td colspan="1">meeting and a majority of at least two-thirds</td></tr><tr><td colspan="1">of the votes cast as well as of the voting share</td></tr><tr><td colspan="1">capital represented at such general meeting.</td></tr><tr><td colspan="1">In addition, certain resolutions on changes of</td></tr><tr><td colspan="1">the shareholdersâ dividend or voting rights</td></tr><tr><td colspan="1">or the transferability of shares, as set out in</td></tr><tr><td colspan="1">the Danish Companies Act, require a special</td></tr><tr><td colspan="1">supermajority of at least 9/10 of the votes</td></tr><tr><td colspan="1">and of the capital represented.</td></tr><tr><td colspan="1">Board work</td></tr><tr><td colspan="1">The Board of Directors sets out an annual</td></tr><tr><td colspan="1">work schedule to ensure that all relevant</td></tr><tr><td colspan="1">issues are discussed during the year. As part</td></tr><tr><td colspan="1">of the annual schedule, a board meeting</td></tr><tr><td colspan="1">and strategy seminars are held to ensure</td></tr><tr><td colspan="1">focus on both short and long-term targets for</td></tr><tr><td colspan="1">the Group. In 2020, the Board of Directors</td></tr><tr><td colspan="1">held 11 board meetings of which 4 were</td></tr><tr><td colspan="1">teleconferences in connection with financial</td></tr><tr><td colspan="1">reporting. The attendance rate was 99%.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Board committees</td></tr><tr><td colspan="2">As part of the Board of Directorsâ work</td></tr><tr><td colspan="2">and structure, 4 subcommittees have been</td></tr><tr><td colspan="2">established to ensure dedicated focus on</td></tr><tr><td colspan="2">recurring topics deemed of high importance</td></tr><tr><td colspan="2">for the governance of the Company. See</td></tr><tr><td colspan="2">overview of committees on page 40.</td></tr><tr><td colspan="2">Board qualifications and evaluation</td></tr><tr><td colspan="2">For the Board of Directors to be able to per-</td></tr><tr><td colspan="2">form its managerial and strategic tasks and at</td></tr><tr><td colspan="2">the same time act as a sounding board to the</td></tr><tr><td colspan="2">Executive Management, the following skills are</td></tr><tr><td colspan="2">deemed particularly relevant</td></tr><tr><td>â¢</td><td>Insight into shipping (specifically dry cargo</td></tr><tr><td /><td>and tankers)</td></tr><tr><td>â¢</td><td>General management</td></tr><tr><td>â¢</td><td>Strategic development</td></tr><tr><td>â¢</td><td>Risk management</td></tr><tr><td>â¢</td><td>Commodity trade</td></tr><tr><td>â¢</td><td>Investment, finance and accounting</td></tr><tr><td>â¢</td><td>International experience.</td></tr><tr><td colspan="2">In 2020, the Board of Directors and the</td></tr><tr><td colspan="2">Executive Management assisted by external</td></tr><tr><td colspan="2">consultants conducted a self-assessment of</td></tr><tr><td colspan="2">the composition, qualifications and dynamics</td></tr><tr><td colspan="2">of the Board of Directors. The assessment con-</td></tr><tr><td colspan="2">cluded that the Board of Directors possesses</td></tr><tr><td colspan="2">relevant skills and has good working relation-</td></tr><tr><td colspan="2">ships and dynamics. A similar assessment is</td></tr><tr><td colspan="2">planned for 2021.</td></tr><tr><td colspan="2">Board composition and remuneration</td></tr><tr><td colspan="2">At the annual general meeting in June 2020, all</td></tr><tr><td colspan="2">board members were re-elected as members</td></tr><tr><td colspan="2">of the Board of Directors.</td></tr><tr><td colspan="2">In August 2020, two employee-elected board</td></tr><tr><td colspan="2">members, Susanne Fauerskov and Lars En-</td></tr><tr><td colspan="2">kegaard Biilmann, were transferred to the new</td></tr><tr><td colspan="2">joint venture between NORDEN and Synergy</td></tr><tr><td colspan="2">and therefore resigned from the Board of</td></tr><tr><td colspan="2">Directors. As the remaining alternates were</td></tr><tr><td colspan="2">also transferred to the joint venture, Jesper</td></tr><tr><td colspan="2">Svenstrup will be the only employee-elect-</td></tr><tr><td colspan="2">ed board member until the next ordinary</td></tr><tr><td colspan="2">election for employee representatives takes</td></tr><tr><td colspan="2">place in March 2021.</td></tr><tr><td colspan="2">The Board of Directors has a target figure for</td></tr><tr><td colspan="2">the share of the underrepresented gender</td></tr><tr><td colspan="2">on the Board of Directors and has formulated</td></tr><tr><td colspan="2">a policy to increase the share of the under-</td></tr><tr><td colspan="2">represented gender in the Board of Direc-</td></tr><tr><td colspan="2">tors. The target for the share of sharehold-</td></tr><tr><td colspan="2">er-elected women on the Board of Directors</td></tr><tr><td colspan="2">was to have minimum 2 out of 6 sharehold-</td></tr><tr><td colspan="2">er-elected female board members by 2020,</td></tr><tr><td colspan="2">and the target has been met. Further details</td></tr><tr><td colspan="2">on the diversity levels in NORDEN can be</td></tr><tr><td colspan="2">found in the People chapter of the Sustaina-</td></tr><tr><td colspan="2">bility section within this report.</td></tr><tr><td colspan="2">Board remuneration amounts to a total of</td></tr><tr><td colspan="2">USD 0.8 million. Specific board remuneration</td></tr><tr><td colspan="2">can be found in the Remuneration Report</td></tr><tr><td colspan="2">2020 available for 10 years at</td></tr><tr><td colspan="2">norden . com/investor/governance/remuneration. The Board</td></tr><tr><td colspan="2">of Directors proposes unchanged board</td></tr><tr><td colspan="2">fee remuneration in 2021 and furthermore</td></tr><tr><td colspan="2">proposes that internationally-based Board</td></tr><tr><td colspan="2">members are eligible to receive a fixed travel</td></tr><tr><td colspan="2">allowance, when travelling to Board meetings</td></tr><tr><td colspan="2">and/or Committee meetings in Denmark.</td></tr><tr><td colspan="2">Executive Management remuneration</td></tr><tr><td colspan="2">The remuneration of the Executive Manage-</td></tr><tr><td colspan="2">ment follows the principles set out in the</td></tr><tr><td colspan="2">Companyâs Remuneration policy, and the</td></tr><tr><td colspan="2">specific remuneration components granted</td></tr><tr><td colspan="2">Our Remuneration Report 2020</td></tr><tr><td colspan="2">is available at</td></tr><tr><td colspan="2">norden.com/investor/governance/remuneration</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4">BOARD COMMITTEES</td></tr><tr><td colspan="4">The 4 subcommittees have been established to ensure dedicated focus on recurring topics</td></tr><tr><td colspan="4">deemed of high importance for the governance of the Company.</td></tr><tr><td>Audit Committee</td><td>Risk Committee</td><td>Remuneration Committee</td><td>Nomination Committee</td></tr><tr><td>The Audit Committee consists of</td><td>The Risk Committee consists of</td><td>The Remuneration Committee consists of</td><td>The Nomination Committee consists of</td></tr><tr><td>Karsten Knudsen (committee chairman)</td><td>Tom Intrator (committee chairman)</td><td>Klaus Nyborg (committee chairman)</td><td>Klaus Nyborg (committee chairman)</td></tr><tr><td>Klaus Nyborg</td><td>Karsten Knudsen</td><td>Karsten Knudsen</td><td>Johanne Riegels ÃstergÃ¥rd</td></tr><tr><td>Helle Ãstergaard Kristiansen</td><td>Stephen John Kunzer</td><td>Tom Intrator</td></tr><tr><td /><td /><td>Stephen John Kunzer</td><td>The committee is responsible for de-</td></tr><tr><td /><td /><td /><td>scribing the qualifications required in</td></tr><tr><td>The committee supervises financial</td><td /><td /><td>the Board of Directors and the Exec-</td></tr><tr><td>reporting, transactions with closely re-</td><td>The purpose of the committee is to</td><td>The committee is responsible for</td><td>utive Management. The committee is</td></tr><tr><td>lated parties, auditing, etc. The terms of</td><td>assist the Board of Directors in its over-</td><td>supervising the implementation of the</td><td>also in charge of an annual assessment</td></tr><tr><td>reference are published on NORDENâs</td><td>sight of the Groupâs overall risk-taking</td><td>Groupâs remuneration policy, which</td><td>of the competences, knowledge and</td></tr><tr><td>website, where a statement of control</td><td>tolerance and management of market,</td><td>specifies the remuneration of the Board</td><td>experience present in the 2 manage-</td></tr><tr><td>and risk management in connection with</td><td>credit and liquidity risks. The commit-</td><td>of Directors and Executive management.</td><td>ment bodies. The committeeâs terms of</td></tr><tr><td>financial reporting can also be found</td><td>teeâs terms of reference are available on</td><td>The Remuneration policy as well as the</td><td>reference are available on NORDENâs</td></tr><tr><td>(in accordance with section 107b of the</td><td>NORDENâs website. During the year, the</td><td>committeeâs terms of reference are avail-</td><td>website. In 2020, the committee held 2</td></tr><tr><td>Danish Financial Statements Act). During</td><td>committee held 5 meetings with 100%</td><td>able on NORDENâs website. In 2020, the</td><td>meetings with 100% attendance.</td></tr><tr><td>the year, the committee held 5 meetings</td><td>attendance.</td><td>committee held 2 meetings with 100%</td></tr><tr><td>with 100% attendance.</td><td /><td>attendance.</td></tr><tr><td colspan="4">for each of the two members of the Execu-</td></tr><tr><td colspan="4">tive Management are set out in the separate</td></tr><tr><td colspan="4">Remuneration Report 2020.</td></tr><tr><td colspan="4">Adherence to Danish corporate</td></tr><tr><td colspan="4">governance recommendations</td></tr><tr><td colspan="4">The Board of Directors has discussed the</td></tr><tr><td colspan="4">general recommendations for companies in</td></tr><tr><td colspan="4">Denmark as provided by the Danish Com-</td></tr><tr><td colspan="4">mittee on Corporate Governance and has</td></tr><tr><td colspan="4">reviewed its adherence to each recommenda-</td></tr><tr><td colspan="4">tion following a âcomply or explainâ approach.</td></tr><tr><td colspan="4">NORDEN follows all recommendations</td></tr><tr><td colspan="4">except for recommendation 3.4.2 as the</td></tr><tr><td colspan="4">Nomination Committee has 1 independent</td></tr><tr><td colspan="4">and 1 non-independent member, while all</td></tr><tr><td colspan="4">other committees in line with recommen-</td></tr><tr><td colspan="4">dations have a majority of independent</td></tr><tr><td colspan="4">members. A systematic review of NORDENâs</td></tr><tr><td colspan="4">adherence to each of the Danish Corporate</td></tr><tr><td colspan="4">Governance recommendations can be found</td></tr><tr><td colspan="4">in the Companyâs Statutory Statement for</td></tr><tr><td colspan="4">Corporate Governance at norden . com/inves-</td></tr><tr><td colspan="4">tor/governance/corporate-governance (in</td></tr><tr><td colspan="4">accordance with section 107b of the Danish</td></tr><tr><td colspan="4">Financial Statements Act).</td></tr><tr><td colspan="4">2021</td></tr><tr><td colspan="4">The Board of Directors has planned 14</td></tr><tr><td colspan="4">meetings, 4 of which are teleconferences</td></tr><tr><td colspan="4">in connection with the annual and interim</td></tr><tr><td colspan="4">reports. At the annual general meeting on 25</td></tr><tr><td colspan="4">March 2021, all board members elected by</td></tr><tr><td colspan="4">the shareholders will stand for re-election.</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx1">norden.com/investor/governance/remuneration</mrv:LinkToCorporateGovernanceReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SUSTAINABILITY IN NORDEN</td></tr><tr><td colspan="1">Shipping is the bedrock of global</td></tr><tr><td colspan="1">trade, accounting for 90% of the</td></tr><tr><td colspan="1">worldâs transported goods. With</td></tr><tr><td colspan="1">growing climate challenges</td></tr><tr><td colspan="1">witnessed across the world, it is ever</td></tr><tr><td colspan="1">more important to develop efficient,</td></tr><tr><td colspan="1">reliable and smart solutions for the</td></tr><tr><td colspan="1">transport of global commodities.</td></tr><tr><td colspan="1">Strategy and focus areas</td></tr><tr><td colspan="1">Launched in 2019, NORDENâs Sustainability</td></tr><tr><td colspan="1">Strategy is part of NORDENâs overall business</td></tr><tr><td colspan="1">strategy and part of the Companyâs purpose of</td></tr><tr><td colspan="1">enabling smarter global trade. NORDEN rec-</td></tr><tr><td colspan="1">ognises the following 3 areas as its operational</td></tr><tr><td colspan="1">foundation; Climate &amp; Environment, People and</td></tr><tr><td colspan="1">Anti-Corruption. The 3 areas direct NORDENâs</td></tr><tr><td colspan="1">efforts, ongoing improvements and overall aims</td></tr><tr><td colspan="1">within sustainability and are furthermore used</td></tr><tr><td colspan="1">to map each of the United Nations Sustainable</td></tr><tr><td colspan="1">Development Goals (SDGs) of particular rele-</td></tr><tr><td colspan="1">vance to NORDENâs business activities. Based</td></tr><tr><td colspan="1">on internal materiality assessments, NORDEN</td></tr><tr><td colspan="1">has selected a specific focus area to emphasise</td></tr><tr><td colspan="1">and improve upon within each of the three</td></tr><tr><td colspan="1">overall areas</td></tr><tr><td colspan="1">Decarbonisation</td></tr><tr><td colspan="1">(Climate &amp; Environment)</td></tr><tr><td colspan="1">Diversity, well-being and engagement</td></tr><tr><td colspan="1">(People)</td></tr><tr><td colspan="1">Bribery and facilitation payments</td></tr><tr><td colspan="1">(Anti-corruption)</td></tr><tr><td colspan="1">NORDEN'S SUSTAINABILITY FOCUS AREAS</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Climate &amp; Environment</td><td>People</td><td>Anti-corruption</td></tr><tr><td>Focus area</td><td>Focus area</td><td>Focus area</td></tr><tr><td>Decarbonisation</td><td>Diversity, well-being and engagement</td><td>Bribery and facilitation payments</td></tr><tr><td>Decarbonisation and energy efficiency</td><td>NORDEN acknowledges the value and</td><td>Corruption hinders the development of</td></tr><tr><td colspan="3">are part of NORDEN's agenda to curb strength of diversity and is accelerating its fair market structures, distorts competition</td></tr><tr><td>emissions gradually, while working</td><td>efforts in this area in 2021. Further, physical</td><td>and threatens development of societies.</td></tr><tr><td>towards carbon neutrality in 2050. It is</td><td>and mental wellbeing of employees will be a</td><td>NORDEN has zero tolerance towards</td></tr><tr><td colspan="3">NORDENâs responsibility to manage its dedicated focus area for NORDEN in 2021. bribery, and our policy is to refuse</td></tr><tr><td>vessels in the most energy efficient way</td><td /><td>facilitation payments.</td></tr><tr><td>possible.</td><td>NORDEN aims to be an attractive employer</td></tr><tr><td /><td>that offers a safe, healthy, inclusive and</td></tr><tr><td /><td>engaging working environment in which</td></tr><tr><td /><td>all employees have equal opportunities to</td></tr><tr><td /><td>realise their potential.</td></tr><tr><td>Read more in the section Climate &amp;</td><td>Read more in the section People</td><td>Read more in the section Anti-corruption</td></tr><tr><td>Environment on page 48</td><td>on page 51</td><td>on page 56</td></tr><tr><td>Targets</td><td>Target</td><td>Target</td></tr><tr><td>Carbon neutral by 2050</td><td>Female share of employees</td><td>Zero tolerance towards bribery and</td></tr><tr><td /><td /><td>refusal of facilitation payments</td></tr><tr><td>Yearly improvements in CO2</td><td>38%</td></tr><tr><td colspan="3">emissions per transport work for</td></tr><tr><td colspan="3">each vessel size, aligned to Paris</td></tr><tr><td>agreement targets</td><td>in 2021 (2020:36%)</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">NORDEN has been a UN Global Compact</td></tr><tr><td colspan="1">signatory since 2009, embracing a focus</td></tr><tr><td colspan="1">on how to act responsibly as a business. As</td></tr><tr><td colspan="1">part of this, NORDEN reports annually to</td></tr><tr><td colspan="1">the UN Global Compact, and this annual</td></tr><tr><td colspan="1">report functions as our Communication on</td></tr><tr><td colspan="1">Progress for the financial year 2020. CEO</td></tr><tr><td colspan="1">of NORDEN, Jan Rindbo, comments: "We</td></tr><tr><td colspan="1">remain committed in our support of the UN</td></tr><tr><td colspan="1">Global Compact and its principles in the</td></tr><tr><td colspan="1">areas of human rights, labour, environment</td></tr><tr><td colspan="1">and anti-corruption".</td></tr><tr><td colspan="1">Likewise, this report also represents our</td></tr><tr><td colspan="1">statutory statement on social responsibility,</td></tr><tr><td colspan="1">underrepresented genders and diversity in</td></tr><tr><td colspan="1">accordance with sections 99a &amp; b and 107d</td></tr><tr><td colspan="1">of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In 2021, the Company will revisit and con-</td></tr><tr><td colspan="1">firm NORDEN's Sustainability strategy for</td></tr><tr><td colspan="1">2021-2023.</td></tr><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">NORDENâs Executive Body for Sustainability,</td></tr><tr><td colspan="1">chaired by NORDENâs CEO, is ultimately</td></tr><tr><td colspan="1">responsible for NORDENâs sustainability</td></tr><tr><td colspan="1">efforts. The Executive Body for Sustainability</td></tr><tr><td colspan="1">consists of members of Senior Manage-</td></tr><tr><td colspan="1">ment, including responsible heads of NOR-</td></tr><tr><td colspan="1">DENâs three business units. The Executive</td></tr><tr><td colspan="1">Body is responsible for mandating NOR-</td></tr><tr><td colspan="1">DENâs Sustainability Strategy, focus areas,</td></tr><tr><td colspan="1">ambition level and policies.</td></tr><tr><td colspan="1">Furthermore, NORDEN seeks to engage in</td></tr><tr><td colspan="1">dialogue with our stakeholders to identify</td></tr><tr><td colspan="1">the most important issues within the three</td></tr><tr><td colspan="1">overall sustainability areas. NORDENâs key</td></tr><tr><td colspan="1">stakeholder groups are our customers, sup-</td></tr><tr><td colspan="1">pliers, employees, shareholders, financiers,</td></tr><tr><td colspan="1">industry associations, partner organisations</td></tr><tr><td colspan="1">and regulators.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">CLIMATE &amp; ENVIRONMENT</td></tr><tr><td colspan="3">NORDEN has made</td></tr><tr><td colspan="3">decarbonisation a key focus</td></tr><tr><td colspan="3">area and continuously seeks to</td></tr><tr><td colspan="3">reduce emissions by improving</td></tr><tr><td colspan="3">the energy efficiency of its vessels</td></tr><tr><td colspan="3">and testing alternative fuel</td></tr><tr><td colspan="3">solutions, promoting low-carbon</td></tr><tr><td colspan="3">transportation options.</td></tr><tr><td colspan="3">NORDEN advocates for ambitious industry</td></tr><tr><td colspan="3">targets on emission levels and increased</td></tr><tr><td colspan="3">regulatory standards through sector-wide</td></tr><tr><td colspan="3">bodies, including Danish Shipping and IMO.</td></tr><tr><td colspan="3">Further, NORDEN is intent on increasingly</td></tr><tr><td colspan="3">contributing with low-carbon transporta-</td></tr><tr><td colspan="3">tion options, collaborating with recognised</td></tr><tr><td colspan="3">shipping and environmental partners as</td></tr><tr><td colspan="3">well as supporting the development of new</td></tr><tr><td colspan="3">alternative fuel solutions.</td></tr><tr><td colspan="3">NORDENâs climate and environment goals</td></tr><tr><td colspan="3">are aligned with the United Nations Interna-</td></tr><tr><td colspan="3">tional Maritime Organisationâs (IMO) carbon</td></tr><tr><td colspan="3">reduction strategy as well as the climate</td></tr><tr><td colspan="3">ambition defined by the Danish govern-</td></tr><tr><td colspan="3">mentâs climate partnership with the Danish</td></tr><tr><td colspan="3">maritime sector of achieving carbon neu-</td></tr><tr><td colspan="3">trality in 2050. Following this, NORDEN has</td></tr><tr><td colspan="3">for several years worked to optimise its op-</td></tr><tr><td colspan="3">erational emissions, which requires ongoing</td></tr><tr><td colspan="3">improvements in the energy efficiency of</td></tr><tr><td colspan="3">vessels. However, the shipping sector ambi-</td></tr><tr><td colspan="3">tions call for an industry-wide, collaborative</td></tr><tr><td colspan="3">approach. In addition, alternative solutions</td></tr><tr><td colspan="3">are needed to generate the leaps in energy</td></tr><tr><td colspan="3">efficiency that the sector is targeting.</td></tr><tr><td colspan="3">Transparent and comparative reporting</td></tr><tr><td colspan="3">To reach the targets set, the shipping sector</td></tr><tr><td colspan="3">also needs to be aligned in how it tracks</td></tr><tr><td colspan="3">ongoing improvements across different</td></tr><tr><td colspan="3">vessel sizes and segments. For this reason,</td></tr><tr><td colspan="3">NORDEN has become a founding signatory</td></tr><tr><td colspan="3">of the Sea Cargo Charter in 2020, which</td></tr><tr><td colspan="3">commits company members to disclose</td></tr><tr><td colspan="3">transparent and comparative reporting of</td></tr><tr><td colspan="3">shipping emissions.</td></tr><tr><td colspan="3">Until 2020, NORDEN has reported on</td></tr><tr><td colspan="3">the Energy Efficiency Operation Indica-</td></tr><tr><td colspan="3">tor (EEOI), a measure of fuel efficiency</td></tr><tr><td colspan="3">expressed in relative emissions to cargo</td></tr><tr><td colspan="3">transported. However, reporting on the total</td></tr><tr><td colspan="3">EEOI score by aggregating all vessel types</td></tr><tr><td colspan="3">can obscure underlying developments as</td></tr><tr><td colspan="3">the EEOI score is easily affected by chang-</td></tr><tr><td colspan="3">es in vessel types within the portfolio. For</td></tr><tr><td colspan="3">instance, while smaller vessels can be a stra-</td></tr><tr><td colspan="3">tegically sound choice when chartering in</td></tr><tr><td colspan="3">NORDENâs portfolio of vessels, they are less</td></tr><tr><td colspan="3">energy-efficient per tonne-mile compared</td></tr><tr><td colspan="3">to larger vessels. As NORDENâs portfolio of</td></tr><tr><td colspan="3">vessel types changes continuously in line</td></tr><tr><td colspan="3">with the Companyâs agile business model, it</td></tr><tr><td colspan="3">can therefore render the gradual develop-</td></tr><tr><td colspan="3">ments in overall EEOI score less informative.</td></tr><tr><td colspan="3">To create a more informative outline of the</td></tr><tr><td colspan="3">relative energy efficiency developments,</td></tr><tr><td colspan="3">NORDEN will from 2021 onwards bench-</td></tr><tr><td colspan="3">mark its relative performance in EEOI rela-</td></tr><tr><td colspan="3">tive to the Sea Cargo Charter and its Paris</td></tr><tr><td colspan="3">agreement-aligned targets.</td></tr><tr><td colspan="3">This addition to the reporting framework</td></tr><tr><td colspan="3">commits NORDEN to consistently improve</td></tr><tr><td colspan="3">its relative energy efficiency, by bench-</td></tr><tr><td colspan="3">marking vessel emissions relative to the</td></tr><tr><td colspan="3">annual targets relating to each vessel type</td></tr><tr><td colspan="3">as outlined by Sea Cargo Charter. To ensure</td></tr><tr><td colspan="3">this is embedded in NORDENâs business</td></tr><tr><td colspan="3">activities, the Company is integrating these</td></tr><tr><td colspan="3">energy efficiency benchmarks as part of the</td></tr><tr><td colspan="3">operational decisions made by its charter-</td></tr><tr><td colspan="3">ing teams across business units.</td></tr><tr><td colspan="3">Performance in 2020</td></tr><tr><td colspan="3">NORDENâs overall relative CO2 emissions,</td></tr><tr><td colspan="3">EEOI, remained stable with a marginal</td></tr><tr><td colspan="3">increase of 1% from 8.7 g CO2 /tonne-mile</td></tr><tr><td colspan="3">in 2019 to 8.8 g CO2 /tonne-mile in 2020.</td></tr><tr><td colspan="3">The EEOI result was positively affected by</td></tr><tr><td colspan="3">less idle time and slightly lower speeds in</td></tr><tr><td colspan="3">the dry cargo vessel types, while a large</td></tr><tr><td colspan="3">increase in activity in the Handysize vessel</td></tr><tr><td colspan="3">type had a negative effect on the overall</td></tr><tr><td colspan="3">EEOI. The latter is due to the fact that while</td></tr><tr><td colspan="3">emitting less overall CO2 , Handysize vessels</td></tr><tr><td colspan="3">are a less efficient vessel type, since they are</td></tr><tr><td colspan="3">the smallest in size. Nonetheless, NORDENâs</td></tr><tr><td colspan="3">combined fleet is more efficient than the</td></tr><tr><td colspan="3">average world fleet, when comparing on</td></tr><tr><td colspan="3">relative emissions per transport work.</td></tr><tr><td colspan="3">While NORDEN has worked to reduce its</td></tr><tr><td colspan="3">operational emissions for several years, the</td></tr><tr><td colspan="3">developments in emissions reduction still</td></tr><tr><td colspan="3">has a way to go to meet the IMO target of</td></tr><tr><td colspan="3">40% reduction in 2030. Over the last few</td></tr><tr><td colspan="3">years, NORDEN's relative emission reduc-</td></tr><tr><td colspan="3">tions measured by EEOI have shown a very</td></tr><tr><td colspan="3">flat development, and at the end of 2020</td></tr><tr><td colspan="3">amounted to 22% of the 2030 IMO target</td></tr><tr><td colspan="3">(see table on page 49 for EEOI across vessel</td></tr><tr><td colspan="3">types relative to 2030 target).</td></tr><tr><td colspan="3">This is why NORDENâs Fuel Efficiency &amp;</td></tr><tr><td colspan="3">Decarbonisation team works with investi-</td></tr><tr><td colspan="3">gating new low-carbon fuel options, while</td></tr><tr><td colspan="3">the Industrial Bulk team seeks to optimise</td></tr><tr><td colspan="3">logistics associated with its vessel and port</td></tr><tr><td colspan="3">operations. On top of this, NORDEN is com-</td></tr><tr><td colspan="3">mitted to incorporating several decarboni-</td></tr><tr><td colspan="3">sation initiatives intended to positively affect</td></tr><tr><td colspan="3">emission levels in 2021 onwards.</td></tr><tr><td colspan="3">Sulphur IMO 2020</td></tr><tr><td colspan="3">As the global SOx emissions regulations,</td></tr><tr><td colspan="3">IMO 2020, came into force on 1 January</td></tr><tr><td colspan="3">2020, SOx emissions subsequently de-</td></tr><tr><td colspan="3">72%</td></tr><tr><td colspan="3">reduction in SOx emissions</td></tr><tr><td colspan="3">(compared to 2019)</td></tr><tr><td colspan="3">creased significantly during 2020. NORDEN</td></tr><tr><td colspan="3">complied with the new regulations by using</td></tr><tr><td colspan="3">low sulphur fuels and installing exhaust gas</td></tr><tr><td colspan="3">scrubbers on a large part of the owned fleet</td></tr><tr><td colspan="3">â in total on 20 vessels. Although NOR-</td></tr><tr><td colspan="3">DENâs activity level in terms of transport</td></tr><tr><td colspan="3">work increased by 4%, SOx emissions were</td></tr><tr><td colspan="3">reduced from 54,000 tonnes in 2019 to</td></tr><tr><td colspan="3">16,130 tonnes in 2020, equalling a reduc-</td></tr><tr><td colspan="3">tion of 72%.</td></tr><tr><td colspan="3">New partnerships in 2020</td></tr><tr><td colspan="3">In addition to the Sea Cargo Charter mem-</td></tr><tr><td colspan="3">bership, NORDEN signed an agreement</td></tr><tr><td colspan="3">with Dutch biofuel company, GoodFuels, in</td></tr><tr><td colspan="3">early 2020 with the purpose of accelerating</td></tr><tr><td colspan="3">the journey towards offering low-carbon</td></tr><tr><td colspan="3">transportation to our customers. In 2020,</td></tr><tr><td colspan="3">NORDEN kicked off the third successful test</td></tr><tr><td colspan="3">voyage on biofuel and is aiming to be one</td></tr><tr><td colspan="3">of the first companies to offer this fuel type</td></tr><tr><td colspan="3">to customers.</td></tr><tr><td colspan="3">During the second half of 2020, NORDEN</td></tr><tr><td colspan="3">and Spanish engineering company Bound-</td></tr><tr><td colspan="3">4Blue initiated a feasibility study to examine</td></tr><tr><td colspan="3">the possibility of installing wind sail technol-</td></tr><tr><td colspan="3">ogy on one of NORDENâs vessels. The over-</td></tr><tr><td colspan="3">all objective is to install a number of sails on</td></tr><tr><td colspan="3">a NORDEN owned vessel to determine the</td></tr><tr><td colspan="3">fuel savings and thus CO2 reductions creat-</td></tr><tr><td colspan="3">ed by the sails during normal operation.</td></tr><tr><td colspan="3">During the first months of 2021, NORDEN</td></tr><tr><td colspan="3">finalised the agreement to become Corpo-</td></tr><tr><td colspan="3">rate Partner of the new Maersk Mc-Kinney</td></tr><tr><td colspan="3">Moller Center for Zero Carbon Shipping.</td></tr><tr><td colspan="3">Based in Copenhagen, the center is an inde-</td></tr><tr><td colspan="3">pendent, not-for-profit research and devel-</td></tr><tr><td colspan="3">opment centre launched with support from</td></tr><tr><td colspan="3">the A.P. Moller Foundation, with a mission to</td></tr><tr><td colspan="3">decarbonise the maritime industry.</td></tr><tr><td colspan="3">As a corporate partner, NORDEN will con-</td></tr><tr><td colspan="3">tribute directly to the work of the center on</td></tr><tr><td colspan="3">projects related to the development and</td></tr><tr><td colspan="3">implementation of future fuels and zero</td></tr><tr><td colspan="3">carbon technologies.</td></tr><tr><td colspan="3">Improvement since 2008 relative</td></tr><tr><td colspan="3">to IMO 2030 targets</td></tr><tr><td>EEOI [g CO2 / ton-mile]</td><td>2020</td><td>2019</td></tr><tr><td>Handysize</td><td>39%</td><td>34%</td></tr><tr><td>Panamax</td><td>15%</td><td>26%</td></tr><tr><td>Supramax</td><td>16%</td><td>17%</td></tr><tr><td>Tankers</td><td>20%</td><td>14%</td></tr><tr><td>NORDEN total</td><td>22%</td><td>22%</td></tr><tr><td colspan="3">IMOâs EEOI reduction target is set at 40% reduction</td></tr><tr><td colspan="3">relative to 2008 levels. Setting this 2030 target as 100%, the</td></tr><tr><td colspan="3">percentages outlined in the table show NORDENâs relative</td></tr><tr><td colspan="3">progression towards reaching the 2030 IMO target since 2008</td></tr><tr><td colspan="3">across each vessel type and in total</td></tr><tr><td colspan="3">2) Total EEOI reflects weighted average across vessel types</td></tr><tr><td colspan="3">CLIMATE AND ENVIRONMENT</td></tr><tr><td colspan="3">PERFORMANCE SUMMARY</td></tr><tr><td /><td>Climate</td><td>Environment</td></tr><tr><td>NORDENâs ambi-</td><td>Transport work emission reduction of 40% by 2030 compared to 2008</td><td>0 oil spills into water</td></tr><tr><td>tion</td><td>Carbon neutral in 2050 aligned with Danish Shipping and the Danish</td><td>Ensure continuous sulphur emission compli-</td></tr><tr><td /><td>governmentâs climate partnership</td><td>ance</td></tr><tr><td /><td>Consistently improve relative energy efficiency by benchmarking vessel</td></tr><tr><td /><td>emissions relative to the Paris Agreement-aligned targets outlined by Sea</td></tr><tr><td /><td>Cargo Charter</td></tr><tr><td>Performance 2020</td><td>Energy Efficiency Operational Indicator (EEOI)</td><td>Emissions</td></tr><tr><td /><td>⢠8.80 g CO2 / tonne-mile, a slight increase from 8.70 in 2019</td></tr><tr><td /><td /><td>SOx: 15,430 tonnes, a decrease of 72% from</td></tr><tr><td /><td>Initiatives</td><td>2019</td></tr><tr><td /><td>Founding signatory of Sea Cargo Charter committing members to trans-</td><td>NOx: 133,760 tonnes, an increase of 4% from</td></tr><tr><td /><td>parent reporting of carbon emissions</td><td>2019</td></tr><tr><td /><td>Agreement signed with GoodFuels to accelerate the offering of low</td></tr><tr><td /><td>carbon transportation to our customers</td></tr><tr><td /><td>Feasibility study initiated with Bound4Blue on the possibilities of install-</td></tr><tr><td /><td>ing wind sail technology on one of NORDEN's vessels</td></tr><tr><td>Looking ahead</td><td>Corporate Partner of Maersk Mc-Kinney Moller Center for Zero Carbon</td></tr><tr><td /><td>Shipping during first months of 2021</td></tr><tr><td /><td>Further investigate and focus on increased fuel efficiency, low-carbon</td></tr><tr><td /><td>shipping options and logistical optimisation at ports</td></tr><tr><td>Relevant policies</td><td>Sea Cargo Charter Clause: The clause requiring a duly completed fuel</td><td>Safety &amp; Environmental Protection Policy</td></tr><tr><td /><td>emission report after completion of a voyage must be included in all</td><td>NORDENâs Plastic Policy sets out principles for</td></tr><tr><td /><td>charter parties entered by NORDEN</td><td>how we work with waste reduction through</td></tr><tr><td /><td>Safety &amp; Environmental Protection Policy: NORDEN aims to eliminate</td><td>various initiatives, phasing out products that</td></tr><tr><td /><td>possible dangers which may result in personal injury, professional illness,</td><td>cause unnecessary plastic waste and other</td></tr><tr><td /><td>accidents, damage to property and damage to the environment</td><td>waste.</td></tr><tr><td /><td>Climate Policy for Danish Shipping from November 2019 describes</td></tr><tr><td /><td>expectations for the shipping industry, including a zero-carbon industry</td></tr><tr><td /><td>in 2050 and the first carbon neutral vessels by 2030</td></tr><tr><td /><td>IMOâs Greenhouse Gas Reduction Strategy and NORDENâs climate goal</td></tr><tr><td /><td>in alignment with the Paris Agreement of reducing transport work CO2</td></tr><tr><td /><td>emissions</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4">Diversity</td></tr><tr><td colspan="4">NORDEN operates with a broad definition of</td></tr><tr><td colspan="4">employee diversity, including gender, ethnici-</td></tr><tr><td colspan="4">ty, race, socio-economic status, level of educa-</td></tr><tr><td colspan="4">tion, age, political and religious beliefs, sexual</td></tr><tr><td colspan="4">orientation and other attributes. NORDEN has</td></tr><tr><td colspan="4">in recent years improved its overall diversity</td></tr><tr><td colspan="4">by bringing in employees with other back-</td></tr><tr><td colspan="4">grounds than the traditional shipping profile,</td></tr><tr><td colspan="4">and the Company believes that a diversity of</td></tr><tr><td colspan="4">people and competences increases employee</td></tr><tr><td colspan="4">satisfaction, opens up for different viewpoints</td></tr><tr><td colspan="4">and ways of thinking about traditional issues</td></tr><tr><td colspan="4">as well as mitigates ingrained conceptions</td></tr><tr><td colspan="4">and old habits. By assembling teams consist-</td></tr><tr><td colspan="4">ing of a variety of ages, levels of experience</td></tr><tr><td colspan="4">and education, nationalities, languages and</td></tr><tr><td colspan="4">genders, NORDEN can bring all employeesâ</td></tr><tr><td colspan="4">unique contributions into its operational</td></tr><tr><td colspan="4">foundation.</td></tr><tr><td colspan="4">To support the continued focus on diversity,</td></tr><tr><td colspan="4">NORDEN has developed a new Diversity and</td></tr><tr><td colspan="4">Inclusion policy, which supports the afore-</td></tr><tr><td colspan="4">mentioned principles and helps ensure that</td></tr><tr><td colspan="4">NORDEN will continue to be a sustainable,</td></tr><tr><td colspan="4">trusted and inclusive organisation. NORDEN</td></tr><tr><td colspan="4">has also integrated the diversity agenda in</td></tr><tr><td colspan="4">the Companyâs new recruitment strategy</td></tr><tr><td colspan="4">to ensure NORDEN attracts diverse and</td></tr><tr><td colspan="4">commercial candidates going forward. As</td></tr><tr><td colspan="4">part of ensuring more women in shipping,</td></tr><tr><td colspan="4">all business units in NORDEN have received</td></tr><tr><td colspan="4">targets in relation to levelling the current</td></tr><tr><td colspan="4">gender ratio.</td></tr><tr><td colspan="4">On a similar note, during 2020, CEO Jan</td></tr><tr><td colspan="4">Rindbo became an Advisory Board member</td></tr><tr><td colspan="4">of Women In Shipping (WIS), which is a pro-</td></tr><tr><td colspan="4">fessional network with the aim of strength-</td></tr><tr><td colspan="4">ening women in shipping and achieving</td></tr><tr><td colspan="4">more diversity and equality in the industry.</td></tr><tr><td colspan="4">NORDEN representatives participate in</td></tr><tr><td colspan="4">the WIS initiatives to ensure the continued</td></tr><tr><td colspan="4">diversity focus in NORDEN.</td></tr><tr><td colspan="4">In 2021, NORDEN will implement its Diversity</td></tr><tr><td colspan="4">and Inclusion Policy as well as a list of initia-</td></tr><tr><td colspan="4">tives to support our goal of becoming a more</td></tr><tr><td colspan="4">diverse NORDEN. In 2021, the scope will</td></tr><tr><td colspan="4">include, yet not be limited to, an emphasis</td></tr><tr><td colspan="4">on gender, which will be incorporated into a</td></tr><tr><td colspan="4">global recruitment policy, strategy and plan</td></tr><tr><td colspan="4">that will compliment NORDENâs goals, includ-</td></tr><tr><td colspan="4">ing areas such as equal opportunity, work-life</td></tr><tr><td colspan="4">enablement and gender pay equality.</td></tr><tr><td colspan="4">As is the case for NORDEN efforts on</td></tr><tr><td colspan="4">mitigating sexual harassment, the vari-</td></tr><tr><td colspan="4">ous diversity initiatives will be followed</td></tr><tr><td colspan="4">up with bi-annual organisational reviews,</td></tr><tr><td colspan="4">Female share of employees</td></tr><tr><td colspan="4">on shore in 2020</td></tr><tr><td colspan="4">36%</td></tr><tr><td colspan="4">e.g. focused on managersâ handling and</td></tr><tr><td colspan="4">prevention of sexism/harassment, and</td></tr><tr><td colspan="4">further include diversity indexes and targets</td></tr><tr><td colspan="4">outlining diversity across gender, age and</td></tr><tr><td colspan="4">nationality. Furthermore, results from quar-</td></tr><tr><td colspan="4">terly engagement surveys will be actively</td></tr><tr><td colspan="4">applied to optimise the conditions for all</td></tr><tr><td colspan="4">employee groups.</td></tr><tr><td colspan="4">Diversity in management</td></tr><tr><td colspan="4">Diversity is an equally important factor in</td></tr><tr><td colspan="4">terms of managerial positions in NORDEN.</td></tr><tr><td colspan="4">In NORDEN, the managerial levels range</td></tr><tr><td colspan="4">from the Board of Directors, Senior Manage-</td></tr><tr><td colspan="4">ment to Heads of departments.</td></tr><tr><td colspan="4">The members of NORDENâs Board of</td></tr><tr><td colspan="4">Directors cover a wide range of compe-</td></tr><tr><td colspan="4">tences and experience within international</td></tr><tr><td colspan="4">shipping, finance, investment, strategy,</td></tr><tr><td colspan="4">digitalisation and risk management expe-</td></tr><tr><td colspan="4">riences from both Danish and international</td></tr><tr><td colspan="4">business. This combination is considered</td></tr><tr><td colspan="4">desirable as it ensures broadness in the</td></tr><tr><td colspan="4">members' approach to the tasks and con-</td></tr><tr><td colspan="4">tributes to ensuring qualified governance of</td></tr><tr><td colspan="4">NORDENâs strategic direction.</td></tr><tr><td colspan="4">In the Board of Directors, shareholder-elect-</td></tr><tr><td colspan="4">ed women represented 33% (2 out of 6) of</td></tr><tr><td colspan="4">the board members in 2020, reaching NOR-</td></tr><tr><td colspan="4">DENâs own target and the target set out by</td></tr><tr><td colspan="4">the Danish Business Authority. NORDENâs</td></tr><tr><td colspan="4">target figures concerning gender diversity</td></tr><tr><td colspan="4">in our Board of Directors for the next 3 years</td></tr><tr><td colspan="4">is to maintain the share of female board</td></tr><tr><td colspan="4">members at a minimum of 33%, exclusive</td></tr><tr><td colspan="4">of employee representatives. The share of</td></tr><tr><td colspan="4">women in managerial positions was 31% in</td></tr><tr><td colspan="4">2020, up from 25% in 2019. NORDEN aims</td></tr><tr><td colspan="4">to increase this share over the next 3 years.</td></tr><tr><td colspan="4">Talent attraction and education</td></tr><tr><td colspan="4">NORDEN continues to ensure that employ-</td></tr><tr><td colspan="4">ee competencies support our long-term</td></tr><tr><td colspan="4">strategy. As part of this, NORDEN increas-</td></tr><tr><td colspan="4">ingly focuses on incorporating entry-level</td></tr><tr><td colspan="4">programmes for shipping graduates as well</td></tr><tr><td colspan="4">as analytical graduates and recruits new tal-</td></tr><tr><td colspan="4">ents with other backgrounds than shipping -</td></tr><tr><td colspan="4">e.g. business, mathematics and data science</td></tr><tr><td colspan="4">as well as traditional backgrounds for the</td></tr><tr><td colspan="4">at-sea functions. The analytical support from</td></tr><tr><td colspan="4">Advanced Analytics &amp; Digital Solutions, Risk</td></tr><tr><td colspan="4">Management and Market Research contin-</td></tr><tr><td colspan="4">ues to prove the need for a broad range of</td></tr><tr><td colspan="4">employee competencies throughout the</td></tr><tr><td colspan="4">organisation.</td></tr><tr><td colspan="4">To keep recruiting new talent to NORDEN</td></tr><tr><td colspan="4">as well as build talent for the shipping in-</td></tr><tr><td colspan="4">dustry, we maintain an even stronger focus</td></tr><tr><td colspan="4">on our strategic partnerships with relevant</td></tr><tr><td colspan="4">universities globally - mainly Singapore</td></tr><tr><td colspan="4">Management University, Shanghai Maritime</td></tr><tr><td colspan="4">University, Nanyang Technological Univer-</td></tr><tr><td colspan="4">sity and Copenhagen Business School. In</td></tr><tr><td colspan="4">connection with the establishment of the</td></tr><tr><td colspan="4">Abidjan office, NORDEN has partnered up</td></tr><tr><td colspan="4">with a local university, Academie Region-</td></tr><tr><td colspan="4">ale Des Sciences et Techniques De La Mer</td></tr><tr><td colspan="4">(ARSTM), and has taken on two Port Captain</td></tr><tr><td colspan="4">trainees in 2020, which is a vital step in de-</td></tr><tr><td colspan="4">veloping local competences. NORDEN sup-</td></tr><tr><td colspan="4">ports the education of the future shipping</td></tr><tr><td colspan="4">profiles through scholarships, internships,</td></tr><tr><td colspan="4">advisory board participation and guest</td></tr><tr><td colspan="4">lectures to ensure industry relevant align-</td></tr><tr><td colspan="4">ment to the academics. For postgraduates,</td></tr><tr><td colspan="4">NORDEN offers entry-level career opportu-</td></tr><tr><td colspan="4">nities for Commercial Shipping Graduates,</td></tr><tr><td colspan="4">developing into highly skilled operators and</td></tr><tr><td colspan="4">charterers.</td></tr><tr><td colspan="4">Retention and turnover</td></tr><tr><td colspan="4">Growth in activity and needed skill sets</td></tr><tr><td colspan="4">requires a focus on attracting, retaining and</td></tr><tr><td colspan="4">developing skilled employees. In 2020, the</td></tr><tr><td colspan="4">retention rate for employees at the NOR-</td></tr><tr><td colspan="4">DEN offices was 95%. The high retention</td></tr><tr><td colspan="4">rate, which is considered satisfactory, se-</td></tr><tr><td colspan="4">cures continuity and preserves knowledge</td></tr><tr><td colspan="4">and skills in the organisation. The focus on</td></tr><tr><td colspan="4">talent retention is also reflected in ongoing</td></tr><tr><td colspan="4">engagement surveys, which assess whether</td></tr><tr><td colspan="4">employees feel empowered, have access</td></tr><tr><td colspan="4">to the information needed and understand</td></tr><tr><td colspan="4">their contribution to the overall goals of</td></tr><tr><td colspan="4">NORDEN. In 2020, NORDEN conducted</td></tr><tr><td colspan="4">Gender diversity</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>Female share on shore (%)</td><td>36</td><td>33</td><td>35</td></tr><tr><td>Female share in Board of Directors (%)</td><td>33</td><td>33</td><td>33</td></tr><tr><td>Female share in Senior Management (%)</td><td>29</td><td>29</td><td>25</td></tr><tr><td>Female share in department heads (%)</td><td>25</td><td>20</td><td>25</td></tr><tr><td>Female share in managerial positions (%)</td><td>31</td><td>25</td><td>22</td></tr><tr><td>Share of male employees who are managers (%)</td><td>18</td><td>21</td><td>27</td></tr><tr><td>Share of female employees who are managers (%)</td><td>14</td><td>13</td><td>14</td></tr><tr><td colspan="4">2 employee engagement surveys, which</td></tr><tr><td colspan="4">showed that the level of engagement and</td></tr><tr><td colspan="4">motivation is very high among the NOR-</td></tr><tr><td colspan="4">DEN employees. Employee turnover was</td></tr><tr><td colspan="4">higher in 2020, following restructurings as a</td></tr><tr><td colspan="4">consequence of NORDEN's transformation</td></tr><tr><td colspan="4">efforts. This number is expected to be lower</td></tr><tr><td colspan="4">in 2021.</td></tr></table></mrv:StatementOfTheDiversityPolicies>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT</td></tr><tr><td colspan="1">The Board of Directors and the Executive</td></tr><tr><td colspan="1">Management have today considered and</td></tr><tr><td colspan="1">adopted the Annual Report of Dampskibs-</td></tr><tr><td colspan="1">selskabet NORDEN A/S for the financial year</td></tr><tr><td colspan="1">1 January â 31 December 2020.</td></tr><tr><td colspan="1">The Consolidated Financial Statements are</td></tr><tr><td colspan="1">prepared in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards as adopted</td></tr><tr><td colspan="1">by the EU and additional requirements</td></tr><tr><td colspan="1">stated in the Danish Financial Statements</td></tr><tr><td colspan="1">Act. The Financial Statements of the Parent</td></tr><tr><td colspan="1">Company are prepared in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act. The</td></tr><tr><td colspan="1">Managementâs Review is also prepared in</td></tr><tr><td colspan="1">accordance with the Danish Financial State-</td></tr><tr><td colspan="1">ments Act.</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial</td></tr><tr><td colspan="1">Statements and the Financial Statements</td></tr><tr><td colspan="1">of the Parent Company give a true and fair</td></tr><tr><td colspan="1">view of the financial position at 31 De-</td></tr><tr><td colspan="1">cember 2020 of the Group and the Parent</td></tr><tr><td colspan="1">Company and of the results of the Groupâs</td></tr><tr><td colspan="1">and the Parent Companyâs operations and</td></tr><tr><td colspan="1">the Groupâs consolidated cash flows for the</td></tr><tr><td colspan="1">financial year 2020.</td></tr><tr><td colspan="1">In our opinion, the Managementâs Review</td></tr><tr><td colspan="1">provides a fair review of the development in</td></tr><tr><td colspan="1">the operations and financial circumstances</td></tr><tr><td colspan="1">of the Group and the Parent Company, of</td></tr><tr><td colspan="1">the results for the year and of the financial</td></tr><tr><td colspan="1">position of the Group and the Parent Com-</td></tr><tr><td colspan="1">pany as well as a description of the most</td></tr><tr><td colspan="1">significant risks and elements of uncertainty,</td></tr><tr><td colspan="1">which the Group and the Parent Company</td></tr><tr><td colspan="1">are facing.</td></tr><tr><td colspan="1">In our opinion, the ESG performance data</td></tr><tr><td colspan="1">on page 59 is presented in accordance with</td></tr><tr><td colspan="1">the stated accounting policies on page 60-</td></tr><tr><td colspan="1">61 and provides a fair and balanced view of</td></tr><tr><td colspan="1">the Groupâs sustainability performance and</td></tr><tr><td colspan="1">social responsibility for the financial year</td></tr><tr><td colspan="1">2020</td></tr><tr><td colspan="1">We recommend that the Annual Report be</td></tr><tr><td colspan="1">adopted at the Annual General Meeting on</td></tr><tr><td colspan="1">25 March 2021.</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2021-03-04</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITORâS REPORT</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Dampskibsselskabet NORDEN A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial</td></tr><tr><td colspan="1">Statements give a true and fair view of the</td></tr><tr><td colspan="1">Groupâs financial position at 31 December</td></tr><tr><td colspan="1">2020 and of the results of the Groupâs oper-</td></tr><tr><td colspan="1">ations and cash flows for the financial year</td></tr><tr><td colspan="1">1 January to 31 December 2020 in accordance with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and further</td></tr><tr><td colspan="1">requirements in the Danish Financial State-</td></tr><tr><td colspan="1">ments Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Com-</td></tr><tr><td colspan="1">pany Financial Statements give a true and</td></tr><tr><td colspan="1">fair view of the Parent Companyâs financial</td></tr><tr><td colspan="1">position at 31 December 2020 and of the results of the Parent Companyâs operations</td></tr><tr><td colspan="1">for the financial year 1 January to 31 De-</td></tr><tr><td colspan="1">cember 2020 in accordance with the Danish</td></tr><tr><td colspan="1">Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs</td></tr><tr><td colspan="1">Long-form Report to the Audit Committee</td></tr><tr><td colspan="1">and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements, and</td></tr><tr><td colspan="1">the Parent Company Financial Statements,</td></tr><tr><td colspan="1">of Dampskibsselskabet NORDEN A/S for</td></tr><tr><td colspan="1">the financial year 1 January to 31 December</td></tr><tr><td colspan="1">2020 comprise Income Statement, Balance</td></tr><tr><td colspan="1">Sheet, Statement of Changes in Equity and</td></tr><tr><td colspan="1">notes, including summary of significant</td></tr><tr><td colspan="1">accounting policies for the Group as well as</td></tr><tr><td colspan="1">for the Parent Company and Statement of</td></tr><tr><td colspan="1">Comprehensive Income and Statement of</td></tr><tr><td colspan="1">Cash Flows for the Group.</td></tr><tr><td colspan="1">Collectively referred to as the âFinancial</td></tr><tr><td colspan="1">Statementsâ.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with</td></tr><tr><td colspan="1">International Standards on Auditing (ISAs)</td></tr><tr><td colspan="1">and the additional requirements applica-</td></tr><tr><td colspan="1">ble in Denmark. Our responsibilities under</td></tr><tr><td colspan="1">those standards and requirements are fur-</td></tr><tr><td colspan="1">ther described in the Auditorâs responsibili-</td></tr><tr><td colspan="1">ties for the audit of the Financial Statements</td></tr><tr><td colspan="1">section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have</td></tr><tr><td colspan="1">obtained is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in</td></tr><tr><td colspan="1">accordance with the International Ethics</td></tr><tr><td colspan="1">Standards Board for Accountantsâ Code of</td></tr><tr><td colspan="1">Ethics for Professional Accountants (IESBA</td></tr><tr><td colspan="1">Code) and the additional requirements ap-</td></tr><tr><td colspan="1">plicable in Denmark. We have also fulfilled</td></tr><tr><td colspan="1">our other ethical responsibilities in accord-</td></tr><tr><td colspan="1">ance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief,</td></tr><tr><td colspan="1">prohibited non-audit services referred to in</td></tr><tr><td colspan="1">Article 5(1) of Regulation (EU) No 537/2014</td></tr><tr><td colspan="1">were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of Damp-</td></tr><tr><td colspan="1">skibsselskabet NORDEN A/S for the finan-</td></tr><tr><td colspan="1">cial year 1998. We have been reappointed</td></tr><tr><td colspan="1">annually by shareholder resolution for a to-</td></tr><tr><td colspan="1">tal period of uninterrupted engagement of</td></tr><tr><td colspan="1">23 years including the financial year 2020.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Valuation of vessels, right-of-use assets and prepayments</td></tr><tr><td colspan="1">on vessels and new-buildings</td></tr><tr><td colspan="1">The carrying amount of the vessels, right-of-use assets</td></tr><tr><td colspan="1">and prepayments on vessels and newbuildings is signifiÂ</td></tr><tr><td colspan="1">cant.</td></tr><tr><td colspan="1">Management monitors continuously the carrying value</td></tr><tr><td colspan="1">of the above-mentioned assets, managed on a portfolio</td></tr><tr><td colspan="1">basis. The assessment is based on the cash-generating</td></tr><tr><td colspan="1">units (CGUs); Dry Cargo and Tankers.</td></tr><tr><td colspan="1">Management performs an impairment test if any indica-</td></tr><tr><td colspan="1">tion of impairment or reversal of previous impairments</td></tr><tr><td colspan="1">exists. The indications assessed by Management com-</td></tr><tr><td colspan="1">prise, among others vessel values, newbuilding prices</td></tr><tr><td colspan="1">and future development in freight and time charter rates.</td></tr><tr><td colspan="1">If indications exist, the carrying value of the mentioned</td></tr><tr><td colspan="1">assets may be subject to material impairment or reversal</td></tr><tr><td colspan="1">of previous recognised impairments.</td></tr><tr><td colspan="1">As of 31 December 2020, Management assessed that</td></tr><tr><td colspan="1">indication of impairment exists for the CGUâs Dry Cargo</td></tr><tr><td colspan="1">and Tankers. Consequently, impairment tests were per-</td></tr><tr><td colspan="1">formed, resulting in no need for impairment or reversal of</td></tr><tr><td colspan="1">previous recognised impairments. When impairment tests</td></tr><tr><td colspan="1">are performed, Management assesses the recoverable</td></tr><tr><td colspan="1">amount of the mentioned assets based on the net selling</td></tr><tr><td colspan="1">price and value-in-use calculation.</td></tr><tr><td colspan="1">We focused on this area because the carrying amount</td></tr><tr><td colspan="1">is significant and because Management is required to</td></tr><tr><td colspan="1">exercise considerable judgement because of the inherent</td></tr><tr><td colspan="1">complexity and subjectivity in estimating the recoverable</td></tr><tr><td colspan="1">amount.</td></tr><tr><td colspan="1">Refer to note 3.1 and note 4.7 in the Consolidated Finan-</td></tr><tr><td colspan="1">cial Statements and note 3.1 and note 4.7 in the Parent</td></tr><tr><td colspan="1">Company Financial Statements.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in</td></tr><tr><td colspan="1">our professional judgement, were of most</td></tr><tr><td colspan="1">significance in our audit of the Financial</td></tr><tr><td colspan="1">Statements for 2020. These matters were</td></tr><tr><td colspan="1">addressed in the context of our audit of</td></tr><tr><td colspan="1">the Financial Statements as a whole, and</td></tr><tr><td colspan="1">in forming our opinion thereon, and we do</td></tr><tr><td colspan="1">not provide a separate opinion on these</td></tr><tr><td colspan="1">matters.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We discussed with Management and evaluated the meth-</td></tr><tr><td colspan="1">odology by which Management monitors indicators of im-</td></tr><tr><td colspan="1">pairment of vessels, right-of-use assets and prepayments</td></tr><tr><td colspan="1">on vessels and newbuildings, including identification of</td></tr><tr><td colspan="1">CGUs.</td></tr><tr><td colspan="1">For the CGUâs Dry Cargo and Tankers, indicators of</td></tr><tr><td colspan="1">impairment exist. Thus, we obtained Managementâs</td></tr><tr><td colspan="1">assessment of the recoverable amount of the mentioned</td></tr><tr><td colspan="1">assets.</td></tr><tr><td colspan="1">We evaluated Managementâs assessment of the net sell-</td></tr><tr><td colspan="1">ing price based on the obtained broker valuations.</td></tr><tr><td colspan="1">Regarding Managementâs assessment of value-in-use, we</td></tr><tr><td colspan="1">⢠&#x7;Assessed the methodology used by Management to</td></tr><tr><td colspan="1">calculate the future cash flows from the assets assigned</td></tr><tr><td colspan="1">to the CGU.</td></tr><tr><td colspan="1">⢠&#x7;Evaluated relevant controls including applicable infor-</td></tr><tr><td colspan="1">mation systems and Managementâs review of controls.</td></tr><tr><td colspan="1">⢠&#x7;Assessed Managementâs underlying key assumptions</td></tr><tr><td colspan="1">including expected short- and long-term rates applied,</td></tr><tr><td colspan="1">daily running costs, WACC, useful lives, scrap values</td></tr><tr><td colspan="1">and relevant macroeconomic assumptions.</td></tr><tr><td colspan="1">⢠&#x7;On a sample basis checked committed cash in- and</td></tr><tr><td colspan="1">outflows in the value-in-use calculation.</td></tr><tr><td colspan="1">⢠&#x7;Assessed the sensitivity calculations performed by</td></tr><tr><td colspan="1">Management.</td></tr><tr><td colspan="1">We assessed the appropriateness of Managementâs pres-</td></tr><tr><td colspan="1">entation of these matters in the Financial Statements.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Manage-</td></tr><tr><td colspan="1">mentâs Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements</td></tr><tr><td colspan="1">does not cover Managementâs Review, and</td></tr><tr><td colspan="1">we do not express any form of assurance</td></tr><tr><td colspan="1">conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial</td></tr><tr><td colspan="1">Statements, our responsibility is to read</td></tr><tr><td colspan="1">Managementâs Review and, in doing so,</td></tr><tr><td colspan="1">consider whether Managementâs Review</td></tr><tr><td colspan="1">is materially inconsistent with the Financial</td></tr><tr><td colspan="1">Statements or our knowledge obtained in</td></tr><tr><td colspan="1">the audit, or otherwise appears to be mate-</td></tr><tr><td colspan="1">rially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether ManageÂ</td></tr><tr><td colspan="1">mentâs Review includes the disclosures</td></tr><tr><td colspan="1">required by the Danish Financial Statements</td></tr><tr><td colspan="1">Act.</td></tr><tr><td colspan="1">Based on the work we have performed,</td></tr><tr><td colspan="1">in our view, Managementâs Review is in</td></tr><tr><td colspan="1">accordance with the Consolidated Financial</td></tr><tr><td colspan="1">Statements and the Parent Company Finan-</td></tr><tr><td colspan="1">cial Statements and has been prepared in</td></tr><tr><td colspan="1">accordance with the requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act. We did</td></tr><tr><td colspan="1">not identify any material misstatement in</td></tr><tr><td colspan="1">Managementâs Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the prepa-</td></tr><tr><td colspan="1">ration of consolidated financial statements</td></tr><tr><td colspan="1">that give a true and fair view in accordance</td></tr><tr><td colspan="1">with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and fur-</td></tr><tr><td colspan="1">ther requirements in the Danish Financial</td></tr><tr><td colspan="1">Statements Act and for the preparation of</td></tr><tr><td colspan="1">parent company financial statements that</td></tr><tr><td colspan="1">give a true and fair view in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act, and</td></tr><tr><td colspan="1">for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the</td></tr><tr><td colspan="1">preparation of financial statements that are</td></tr><tr><td colspan="1">free from material misstatement, whether</td></tr><tr><td colspan="1">due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Man-</td></tr><tr><td colspan="1">agement is responsible for assessing the</td></tr><tr><td colspan="1">Groupâs and the Parent Companyâs ability</td></tr><tr><td colspan="1">to continue as a going concern, disclosing,</td></tr><tr><td colspan="1">as applicable, matters related to going</td></tr><tr><td colspan="1">concern and using the going concern basis</td></tr><tr><td colspan="1">of accounting unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Group or the Parent</td></tr><tr><td colspan="1">Company or to cease operations, or has no</td></tr><tr><td colspan="1">realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditorâs responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable</td></tr><tr><td colspan="2">assurance about whether the Financial</td></tr><tr><td colspan="2">Statements as a whole are free from material</td></tr><tr><td colspan="2">misstatement, whether due to fraud or error,</td></tr><tr><td colspan="2">and to issue an auditorâs report that includes</td></tr><tr><td colspan="2">our opinion. Reasonable assurance is a high</td></tr><tr><td colspan="2">level of assurance, but is not a guarantee</td></tr><tr><td colspan="2">that an audit conducted in accordance</td></tr><tr><td colspan="2">with ISAs and the additional requirements</td></tr><tr><td colspan="2">applicable in Denmark will always detect</td></tr><tr><td colspan="2">a material misstatement when it exists.</td></tr><tr><td colspan="2">Misstatements can arise from fraud or error</td></tr><tr><td colspan="2">and are considered material if, individually</td></tr><tr><td colspan="2">or in the aggregate, they could reasonably</td></tr><tr><td colspan="2">be expected to influence the economic de-</td></tr><tr><td colspan="2">cisions of users taken on the basis of these</td></tr><tr><td colspan="2">Financial Statements.</td></tr><tr><td colspan="2">As part of an audit in accordance with ISAs</td></tr><tr><td colspan="2">and the additional requirements applicable</td></tr><tr><td colspan="2">in Denmark, we exercise professional judge-</td></tr><tr><td colspan="2">ment and maintain professional scepticism</td></tr><tr><td colspan="2">throughout the audit. We also</td></tr><tr><td>â¢</td><td>Identify and assess the risks of material</td></tr><tr><td /><td>misstatement of the Financial Statements,</td></tr><tr><td /><td>whether due to fraud or error, design and</td></tr><tr><td /><td>perform audit procedures responsive to</td></tr><tr><td /><td>those risks, and obtain audit evidence</td></tr><tr><td /><td>that is sufficient and appropriate to pro-</td></tr><tr><td /><td>vide a basis for our opinion. The risk of</td></tr><tr><td /><td>not detecting a material misstatement re-</td></tr><tr><td /><td>sulting from fraud is higher than for one</td></tr><tr><td /><td>resulting from error, as fraud may involve</td></tr><tr><td /><td>collusion, forgery, intentional omissions,</td></tr><tr><td /><td>misrepresentations, or the override of</td></tr><tr><td /><td>internal control.</td></tr><tr><td>â¢</td><td>Obtain an understanding of internal</td></tr><tr><td /><td>control relevant to the audit in order to</td></tr><tr><td /><td>design audit procedures that are appro-</td></tr><tr><td /><td>priate in the circumstances, but not for</td></tr><tr><td /><td>the purpose of expressing an opinion on</td></tr><tr><td /><td>the effectiveness of the Groupâs and the</td></tr><tr><td /><td>Parent Companyâs internal control.</td></tr><tr><td>â¢</td><td>Evaluate the appropriateness of account-</td></tr><tr><td /><td>ing policies used and the reasonableness</td></tr><tr><td /><td>of accounting estimates and related</td></tr><tr><td /><td>disclosures made by Management.</td></tr><tr><td>â¢</td><td>Conclude on the appropriateness of</td></tr><tr><td /><td>Managementâs use of the going concern</td></tr><tr><td /><td>basis of accounting and based on the</td></tr><tr><td /><td>audit evidence obtained, whether a ma-</td></tr><tr><td /><td>terial uncertainty exists related to events</td></tr><tr><td /><td>or conditions that may cast significant</td></tr><tr><td /><td>doubt on the Groupâs and the Parent</td></tr><tr><td /><td>Companyâs ability to continue as a going</td></tr><tr><td /><td>concern. If we conclude that a material</td></tr><tr><td /><td>uncertainty exists, we are required to</td></tr><tr><td /><td>draw attention in our auditorâs report</td></tr><tr><td /><td>to the related disclosures in the Finan-</td></tr><tr><td /><td>cial Statements or, if such disclosures</td></tr><tr><td /><td>are inadequate, to modify our opinion.</td></tr><tr><td /><td>Our conclusions are based on the audit</td></tr><tr><td /><td>evidence obtained up to the date of our</td></tr><tr><td /><td>auditorâs report. However, future events</td></tr><tr><td /><td>or conditions may cause the Group or</td></tr><tr><td /><td>the Parent Company to cease to continue</td></tr><tr><td /><td>as a going concern.</td></tr><tr><td>â¢</td><td>Evaluate the overall presentation,</td></tr><tr><td /><td>structure and content of the Financial</td></tr><tr><td /><td>Statements, including the disclosures,</td></tr><tr><td /><td>and whether the Financial Statements</td></tr><tr><td /><td>represent the underlying transactions</td></tr><tr><td /><td>and events in a manner that achieves fair</td></tr><tr><td /><td>presentation.</td></tr><tr><td>â¢</td><td>Obtain sufficient appropriate au-</td></tr><tr><td /><td>dit evidence regarding the financial</td></tr><tr><td /><td>information of the entities or business</td></tr><tr><td /><td>activities within the Group to express an</td></tr><tr><td /><td>opinion on the Consolidated Financial</td></tr><tr><td /><td>Statements. We are responsible for the</td></tr><tr><td /><td>direction, supervision and performance</td></tr><tr><td /><td>of the group audit. We remain solely</td></tr><tr><td /><td>responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with</td></tr><tr><td colspan="2">governance regarding, among other mat-</td></tr><tr><td colspan="2">ters, the planned scope and timing of the</td></tr><tr><td colspan="2">audit and significant audit findings, includ-</td></tr><tr><td colspan="2">ing any significant deficiencies in internal</td></tr><tr><td colspan="2">control that we identify during our audit.</td></tr><tr><td colspan="2">We also provide those charged with</td></tr><tr><td colspan="2">governance with a statement that we have</td></tr><tr><td colspan="2">complied with relevant ethical requirements</td></tr><tr><td colspan="2">regarding independence, and to commu-</td></tr><tr><td colspan="2">nicate with them all relationships and other</td></tr><tr><td colspan="2">matters that may reasonably be thought</td></tr><tr><td colspan="2">to bear on our independence, and where</td></tr><tr><td colspan="2">applicable, related safeguards.</td></tr><tr><td colspan="2">From the matters communicated with those</td></tr><tr><td colspan="2">charged with governance, we determine</td></tr><tr><td colspan="2">those matters that were of most significance</td></tr><tr><td colspan="2">in the audit of the Financial Statements of</td></tr><tr><td colspan="2">the current period and are therefore the key</td></tr><tr><td colspan="2">audit matters. We describe these matters in</td></tr><tr><td colspan="2">our auditorâs report unless law or regula-</td></tr><tr><td colspan="2">tion precludes public disclosure about the</td></tr><tr><td colspan="2">matter or when, in extremely rare circum-</td></tr><tr><td colspan="2">stances, we determine that a matter should</td></tr><tr><td colspan="2">not be communicated in our report because</td></tr><tr><td colspan="2">the adverse consequences of doing so</td></tr><tr><td colspan="2">would reasonably be expected to outweigh</td></tr><tr><td colspan="2">the public interest benefits of such commu-</td></tr><tr><td colspan="2">nication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2021-03-04</arr:SignatureOfAuditorsDate>
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<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Dampskibsselskabet NORDEN A/S</gsd:NameOfReportingEntity>
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<gsd:TelephoneNumberOfReportingEntity contextRef="ctx1" xml:lang="da">Telephone: +45 3315 0451</gsd:TelephoneNumberOfReportingEntity>
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<gsd:RegisteredOfficeOfReportingEntity contextRef="ctx1" xml:lang="da">Gentofte</gsd:RegisteredOfficeOfReportingEntity>
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<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="da">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2021-03-25</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">advokat Henning Aasmul-Olsen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">67758919</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
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<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
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<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">Jan Rindbo</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">Johanne Riegels ÃstergÃ¥rd</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx12" unitRef="vUSD" decimals="-5">331600000</ifrs-full:CashAndCashEquivalents>
<easy:VesselsHeldForSale contextRef="ctx12" unitRef="vUSD" decimals="-5">17100000</easy:VesselsHeldForSale>
<ifrs-full:CurrentAssets contextRef="ctx12" unitRef="vUSD" decimals="-5">670100000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx12" unitRef="vUSD" decimals="-5">1824800000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx12" unitRef="vUSD" decimals="-5">6500000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx12" unitRef="vUSD" decimals="-5">4100000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:RetainedEarnings contextRef="ctx12" unitRef="vUSD" decimals="-5">891900000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx12" unitRef="vUSD" decimals="-5">902500000</ifrs-full:Equity>
<ifrs-full:LongtermBorrowings contextRef="ctx12" unitRef="vUSD" decimals="-5">282400000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">213300000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">495700000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="ctx12" unitRef="vUSD" decimals="-5">37600000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">142100000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx12" unitRef="vUSD" decimals="-5">131200000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx12" unitRef="vUSD" decimals="-5">1400000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentPayables contextRef="ctx12" unitRef="vUSD" decimals="-5">56800000</ifrs-full:OtherCurrentPayables>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx12" unitRef="vUSD" decimals="-5">57500000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">426600000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">922300000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx12" unitRef="vUSD" decimals="-5">1824800000</ifrs-full:EquityAndLiabilities>
<easy:EasyX_9350176 contextRef="ctx13" unitRef="vUSD" decimals="-5">803400000</easy:EasyX_9350176>
<ifrs-dk:RightofuseAssets contextRef="ctx13" unitRef="vUSD" decimals="-6">271000000</ifrs-dk:RightofuseAssets>
<easy:PropertyAndEquipment contextRef="ctx13" unitRef="vUSD" decimals="-6">49000000</easy:PropertyAndEquipment>
<ifrs-dk:PrepaymentsForPropertyPlantAndEquipment contextRef="ctx13" unitRef="vUSD" decimals="-5">16100000</ifrs-dk:PrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx13" unitRef="vUSD" decimals="-5">1139500000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInJointVentures contextRef="ctx13" unitRef="vUSD" decimals="-5">11900000</ifrs-full:InvestmentsInJointVentures>
<easy:ReceivablesFromSubleasingNoncurrent contextRef="ctx13" unitRef="vUSD" decimals="-5">19200000</easy:ReceivablesFromSubleasingNoncurrent>
<ifrs-full:NoncurrentAssets contextRef="ctx13" unitRef="vUSD" decimals="-5">1170600000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx13" unitRef="vUSD" decimals="-5">80500000</ifrs-full:Inventories>
<easy:ReceivablesFromSubleasing contextRef="ctx13" unitRef="vUSD" decimals="-5">11300000</easy:ReceivablesFromSubleasing>
<easy:FreightReceivables contextRef="ctx13" unitRef="vUSD" decimals="-6">164000000</easy:FreightReceivables>
<ifrs-dk:CurrentReceivablesFromJointVentures contextRef="ctx13" unitRef="vUSD" decimals="-5">5800000</ifrs-dk:CurrentReceivablesFromJointVentures>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx13" unitRef="vUSD" decimals="-5">900000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx13" unitRef="vUSD" decimals="-5">31600000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx13" unitRef="vUSD" decimals="-5">68400000</ifrs-full:CurrentPrepayments>
<ifrs-full:CashAndCashEquivalents contextRef="ctx13" unitRef="vUSD" decimals="-5">209300000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx13" unitRef="vUSD" decimals="-5">571800000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx13" unitRef="vUSD" decimals="-5">1742400000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx13" unitRef="vUSD" decimals="-5">6700000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx13" unitRef="vUSD" decimals="-5">8900000</ifrs-full:ReserveOfCashFlowHedges>
<ifrs-full:RetainedEarnings contextRef="ctx13" unitRef="vUSD" decimals="-5">843400000</ifrs-full:RetainedEarnings>
<ifrs-full:Equity contextRef="ctx13" unitRef="vUSD" decimals="-6">859000000</ifrs-full:Equity>
<ifrs-full:LongtermBorrowings contextRef="ctx13" unitRef="vUSD" decimals="-5">268400000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">198700000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">467100000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="ctx13" unitRef="vUSD" decimals="-5">34900000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">131800000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx13" unitRef="vUSD" decimals="-5">117600000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-full:OtherCurrentPayables contextRef="ctx13" unitRef="vUSD" decimals="-5">58500000</ifrs-full:OtherCurrentPayables>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx13" unitRef="vUSD" decimals="-5">73500000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">416300000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">883400000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx13" unitRef="vUSD" decimals="-5">1742400000</ifrs-full:EquityAndLiabilities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" xml:lang="da">Instalments on sublease receivables</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx14" unitRef="vUSD" decimals="-5">17400000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" xml:lang="da">Instalments on sublease receivables</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx15" unitRef="vUSD" decimals="-5">11700000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx16" xml:lang="da">and other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx16" unitRef="vUSD" decimals="-5">-27100000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx17" xml:lang="da">and other tangible assets</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx17" unitRef="vUSD" decimals="-5">-102700000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx18" xml:lang="da">Prepayments on new buildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx18" unitRef="vUSD" decimals="-5">-71900000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx19" xml:lang="da">Prepayments on new buildings</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx19" unitRef="vUSD" decimals="-5">-43200000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx20" xml:lang="da">rate agreements of more than 3 months, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx20" unitRef="vUSD" decimals="-5">1900000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" xml:lang="da">rate agreements of more than 3 months, etc.</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx21" unitRef="vUSD" decimals="-5">-47200000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashAndCashEquivalents contextRef="ctx22" unitRef="vUSD" decimals="-5">92900000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents contextRef="ctx23" unitRef="vUSD" decimals="-5">115200000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:Revenue contextRef="ctx24" unitRef="vUSD" decimals="-6">2399000000</ifrs-full:Revenue>
<ifrs-full:OtherIncome contextRef="ctx24" unitRef="vUSD" decimals="-5">8500000</ifrs-full:OtherIncome>
<easy:VesselOperatingCosts contextRef="ctx24" unitRef="vUSD" decimals="-5">2064700000</easy:VesselOperatingCosts>
<ifrs-full:OtherExpenseByNature contextRef="ctx24" unitRef="vUSD" decimals="-6">21000000</ifrs-full:OtherExpenseByNature>
<ifrs-full:EmployeeBenefitsExpense contextRef="ctx24" unitRef="vUSD" decimals="-5">53600000</ifrs-full:EmployeeBenefitsExpense>
<easy:ProfitlossFromTheSaleOfVesselsEtc contextRef="ctx24" unitRef="vUSD" decimals="-5">-100000</easy:ProfitlossFromTheSaleOfVesselsEtc>
<ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="ctx24" unitRef="vUSD" decimals="-5">186400000</ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<ifrs-dk:ProfitLossInSubsidiaries contextRef="ctx24" unitRef="vUSD" decimals="-5">31400000</ifrs-dk:ProfitLossInSubsidiaries>
<ifrs-dk:ProfitLossInJointVentures contextRef="ctx24" unitRef="vUSD" decimals="-5">100000</ifrs-dk:ProfitLossInJointVentures>
<ifrs-full:FinanceIncome contextRef="ctx24" unitRef="vUSD" decimals="-5">3400000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx24" unitRef="vUSD" decimals="-5">25100000</ifrs-full:FinanceCosts>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx24" unitRef="vUSD" decimals="-5">5500000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx24" unitRef="vUSD" decimals="-6">86000000</ifrs-full:ProfitLoss>
<ifrs-full:Revenue contextRef="ctx25" unitRef="vUSD" decimals="-5">2432200000</ifrs-full:Revenue>
<ifrs-full:OtherIncome contextRef="ctx25" unitRef="vUSD" decimals="-5">3700000</ifrs-full:OtherIncome>
<easy:VesselOperatingCosts contextRef="ctx25" unitRef="vUSD" decimals="-5">2151100000</easy:VesselOperatingCosts>
<ifrs-full:OtherExpenseByNature contextRef="ctx25" unitRef="vUSD" decimals="-5">25900000</ifrs-full:OtherExpenseByNature>
<ifrs-full:EmployeeBenefitsExpense contextRef="ctx25" unitRef="vUSD" decimals="-5">64500000</ifrs-full:EmployeeBenefitsExpense>
<easy:ProfitlossFromTheSaleOfVesselsEtc contextRef="ctx25" unitRef="vUSD" decimals="-6">-4000000</easy:ProfitlossFromTheSaleOfVesselsEtc>
<ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="ctx25" unitRef="vUSD" decimals="-5">149600000</ifrs-dk:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss>
<ifrs-dk:ProfitLossInSubsidiaries contextRef="ctx25" unitRef="vUSD" decimals="-5">18500000</ifrs-dk:ProfitLossInSubsidiaries>
<ifrs-full:FinanceIncome contextRef="ctx25" unitRef="vUSD" decimals="-5">4900000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx25" unitRef="vUSD" decimals="-5">40700000</ifrs-full:FinanceCosts>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx25" unitRef="vUSD" decimals="-5">4300000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx25" unitRef="vUSD" decimals="-5">19200000</ifrs-full:ProfitLoss>
<easy:EasyX_9350176 contextRef="ctx26" unitRef="vUSD" decimals="-5">592200000</easy:EasyX_9350176>
<ifrs-dk:RightofuseAssets contextRef="ctx26" unitRef="vUSD" decimals="-5">284300000</ifrs-dk:RightofuseAssets>
<easy:PropertyAndEquipment contextRef="ctx26" unitRef="vUSD" decimals="-5">48500000</easy:PropertyAndEquipment>
<ifrs-dk:PrepaymentsForPropertyPlantAndEquipment contextRef="ctx26" unitRef="vUSD" decimals="-5">16100000</ifrs-dk:PrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx26" unitRef="vUSD" decimals="-5">941100000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInSubsidiaries contextRef="ctx26" unitRef="vUSD" decimals="-5">356400000</ifrs-full:InvestmentsInSubsidiaries>
<easy:ReceivablesFromSubleasingNoncurrent contextRef="ctx26" unitRef="vUSD" decimals="-5">12900000</easy:ReceivablesFromSubleasingNoncurrent>
<ifrs-full:NoncurrentAssets contextRef="ctx26" unitRef="vUSD" decimals="-5">1310400000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx26" unitRef="vUSD" decimals="-6">78000000</ifrs-full:Inventories>
<easy:ReceivablesFromSubleasing contextRef="ctx26" unitRef="vUSD" decimals="-5">7900000</easy:ReceivablesFromSubleasing>
<easy:FreightReceivables contextRef="ctx26" unitRef="vUSD" decimals="-6">156000000</easy:FreightReceivables>
<ifrs-dk:CurrentReceivablesFromSubsidaries contextRef="ctx26" unitRef="vUSD" decimals="-5">8300000</ifrs-dk:CurrentReceivablesFromSubsidaries>
<ifrs-dk:CurrentReceivablesFromJointVentures contextRef="ctx26" unitRef="vUSD" decimals="-5">1600000</ifrs-dk:CurrentReceivablesFromJointVentures>
<ifrs-full:CurrentTaxAssetsCurrent contextRef="ctx26" unitRef="vUSD" decimals="-5">600000</ifrs-full:CurrentTaxAssetsCurrent>
<ifrs-full:OtherCurrentReceivables contextRef="ctx26" unitRef="vUSD" decimals="-6">30000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx26" unitRef="vUSD" decimals="-5">64100000</ifrs-full:CurrentPrepayments>
<ifrs-full:CashAndCashEquivalents contextRef="ctx26" unitRef="vUSD" decimals="-5">187100000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx26" unitRef="vUSD" decimals="-5">533600000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx26" unitRef="vUSD" decimals="-6">1844000000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx26" unitRef="vUSD" decimals="-5">6700000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx26" unitRef="vUSD" decimals="-5">8900000</ifrs-full:ReserveOfCashFlowHedges>
<easy:ReserveForNetRevaluationAccordingToTheEquityMethod contextRef="ctx26" unitRef="vUSD" decimals="-5">332300000</easy:ReserveForNetRevaluationAccordingToTheEquityMethod>
<ifrs-full:RetainedEarnings contextRef="ctx26" unitRef="vUSD" decimals="-5">495300000</ifrs-full:RetainedEarnings>
<ifrs-dk:DividendAvailableForDistribution contextRef="ctx26" unitRef="vUSD" decimals="-5">15800000</ifrs-dk:DividendAvailableForDistribution>
<ifrs-full:Equity contextRef="ctx26" unitRef="vUSD" decimals="-6">859000000</ifrs-full:Equity>
<ifrs-full:LongtermBorrowings contextRef="ctx26" unitRef="vUSD" decimals="-5">268400000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx26" unitRef="vUSD" decimals="-5">195300000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx26" unitRef="vUSD" decimals="-5">463700000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="ctx26" unitRef="vUSD" decimals="-5">34900000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx26" unitRef="vUSD" decimals="-5">132600000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx26" unitRef="vUSD" decimals="-5">111300000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-dk:TradeAndOtherCurrentPayablesToSubsidiaries contextRef="ctx26" unitRef="vUSD" decimals="-5">129400000</ifrs-dk:TradeAndOtherCurrentPayablesToSubsidiaries>
<ifrs-full:OtherCurrentPayables contextRef="ctx26" unitRef="vUSD" decimals="-5">41600000</ifrs-full:OtherCurrentPayables>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx26" unitRef="vUSD" decimals="-5">71500000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx26" unitRef="vUSD" decimals="-5">521300000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx26" unitRef="vUSD" decimals="-6">985000000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx26" unitRef="vUSD" decimals="-6">1844000000</ifrs-full:EquityAndLiabilities>
<ifrs-dk:RightofuseAssets contextRef="ctx27" unitRef="vUSD" decimals="-5">434300000</ifrs-dk:RightofuseAssets>
<easy:PropertyAndEquipment contextRef="ctx27" unitRef="vUSD" decimals="-6">48000000</easy:PropertyAndEquipment>
<ifrs-dk:PrepaymentsForPropertyPlantAndEquipment contextRef="ctx27" unitRef="vUSD" decimals="-5">13500000</ifrs-dk:PrepaymentsForPropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment contextRef="ctx27" unitRef="vUSD" decimals="-5">495800000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:InvestmentsInSubsidiaries contextRef="ctx27" unitRef="vUSD" decimals="-5">803800000</ifrs-full:InvestmentsInSubsidiaries>
<ifrs-full:InvestmentsInJointVentures contextRef="ctx27" unitRef="vUSD" decimals="-5">100000</ifrs-full:InvestmentsInJointVentures>
<easy:ReceivablesFromSubleasingNoncurrent contextRef="ctx27" unitRef="vUSD" decimals="-5">22500000</easy:ReceivablesFromSubleasingNoncurrent>
<ifrs-full:NoncurrentAssets contextRef="ctx27" unitRef="vUSD" decimals="-5">1322200000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx27" unitRef="vUSD" decimals="-5">60800000</ifrs-full:Inventories>
<easy:ReceivablesFromSubleasing contextRef="ctx27" unitRef="vUSD" decimals="-5">16600000</easy:ReceivablesFromSubleasing>
<easy:FreightReceivables contextRef="ctx27" unitRef="vUSD" decimals="-6">130000000</easy:FreightReceivables>
<ifrs-dk:CurrentReceivablesFromSubsidaries contextRef="ctx27" unitRef="vUSD" decimals="-5">6200000</ifrs-dk:CurrentReceivablesFromSubsidaries>
<ifrs-dk:CurrentReceivablesFromJointVentures contextRef="ctx27" unitRef="vUSD" decimals="-5">2500000</ifrs-dk:CurrentReceivablesFromJointVentures>
<ifrs-full:OtherCurrentReceivables contextRef="ctx27" unitRef="vUSD" decimals="-6">16000000</ifrs-full:OtherCurrentReceivables>
<ifrs-full:CurrentPrepayments contextRef="ctx27" unitRef="vUSD" decimals="-5">65100000</ifrs-full:CurrentPrepayments>
<ifrs-full:CashAndCashEquivalents contextRef="ctx27" unitRef="vUSD" decimals="-5">308300000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CurrentAssets contextRef="ctx27" unitRef="vUSD" decimals="-5">605500000</ifrs-full:CurrentAssets>
<ifrs-full:Assets contextRef="ctx27" unitRef="vUSD" decimals="-5">1927700000</ifrs-full:Assets>
<ifrs-full:IssuedCapital contextRef="ctx27" unitRef="vUSD" decimals="-5">6500000</ifrs-full:IssuedCapital>
<ifrs-full:ReserveOfCashFlowHedges contextRef="ctx27" unitRef="vUSD" decimals="-5">4100000</ifrs-full:ReserveOfCashFlowHedges>
<easy:ReserveForNetRevaluationAccordingToTheEquityMethod contextRef="ctx27" unitRef="vUSD" decimals="-6">364000000</easy:ReserveForNetRevaluationAccordingToTheEquityMethod>
<ifrs-full:RetainedEarnings contextRef="ctx27" unitRef="vUSD" decimals="-5">467400000</ifrs-full:RetainedEarnings>
<ifrs-dk:DividendAvailableForDistribution contextRef="ctx27" unitRef="vUSD" decimals="-5">60500000</ifrs-dk:DividendAvailableForDistribution>
<ifrs-full:Equity contextRef="ctx27" unitRef="vUSD" decimals="-5">902500000</ifrs-full:Equity>
<ifrs-full:LongtermBorrowings contextRef="ctx27" unitRef="vUSD" decimals="-5">24100000</ifrs-full:LongtermBorrowings>
<ifrs-full:NoncurrentFinanceLeaseLiabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">294800000</ifrs-full:NoncurrentFinanceLeaseLiabilities>
<ifrs-full:NoncurrentLiabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">318900000</ifrs-full:NoncurrentLiabilities>
<ifrs-dk:CurrentPayablesToCreditInstitutions contextRef="ctx27" unitRef="vUSD" decimals="-5">4600000</ifrs-dk:CurrentPayablesToCreditInstitutions>
<ifrs-full:CurrentFinanceLeaseLiabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">201900000</ifrs-full:CurrentFinanceLeaseLiabilities>
<ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx27" unitRef="vUSD" decimals="-5">120700000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
<ifrs-dk:TradeAndOtherCurrentPayablesToSubsidiaries contextRef="ctx27" unitRef="vUSD" decimals="-5">287800000</ifrs-dk:TradeAndOtherCurrentPayablesToSubsidiaries>
<ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx27" unitRef="vUSD" decimals="-5">900000</ifrs-full:CurrentTaxLiabilitiesCurrent>
<ifrs-full:OtherCurrentPayables contextRef="ctx27" unitRef="vUSD" decimals="-5">38500000</ifrs-full:OtherCurrentPayables>
<ifrs-full:DeferredIncomeClassifiedAsCurrent contextRef="ctx27" unitRef="vUSD" decimals="-5">51900000</ifrs-full:DeferredIncomeClassifiedAsCurrent>
<ifrs-full:CurrentLiabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">706300000</ifrs-full:CurrentLiabilities>
<ifrs-full:Liabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">1025200000</ifrs-full:Liabilities>
<ifrs-full:EquityAndLiabilities contextRef="ctx27" unitRef="vUSD" decimals="-5">1927700000</ifrs-full:EquityAndLiabilities>
<cmn:NameOfAuditFirm contextRef="ctx28" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx28">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx28" xml:lang="da">Bo Schou-Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx28" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx28">mne28703</arr:IdentificationNumberOfAuditor>
<gsd:AddressOfAuditorStreetName contextRef="ctx28" xml:lang="da">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx28" xml:lang="da">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx28" xml:lang="da">2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx28" xml:lang="da">Hellerup</gsd:AddressOfAuditorDistrictName>
<cmn:NameAndSurnameOfAuditor contextRef="ctx29" xml:lang="da">Søren Ãrjan Jensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx29" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx29">mne33226</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx29">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx29" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>