Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 470842000 | vEUR |
| ifrs-full:Assets | 2019-12-31 | 437912000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 455970000 | vEUR |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 454531000 | vEUR |
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<mrv:CorporateGovernanceReport contextRef="ctx2" id="fact1179" xml:lang="en">CORPORATEGOVERNANCEREPORTSimCorpâs Board of Directors has reviewed each of thecurrent Danish recommendations on corporate governanceissued by Nasdaq Copenhagen and has concluded that, withone exception, SimCorp is in full compliance with therecommendations. The Board has decided on speciï¬cmeasures on the exception.SimCorpâs Corporate Governance Guidelinesare intended to ensure an eï¬cient and adequate management of SimCorp within theframework deï¬ned by applicable legislation,rules, and recommendations for listed compa-nies in Denmark and by SimCorpâs articles ofassociation, vision, and values. The statutoryreport on the recommendation on corporategovernance 2020 demonstrates that, with oneexception, SimCorp is in full compliance withthe Danish recommendations.Corporate GovernanceGuidelines 2020www2.simcorp.com/CorporateGovernanceGuidelines2020THE WORK OF THE BOARD OF DIRECTORSThe Board of Directors (BoD) is a collectivebody for promoting the long-term interestsof the company. The BoD has as its mainthree responsibilities to ensure: (i) that thecompany at all times has the right ExecutiveManagement Board (EMB); (ii) that thestrategic direction of the company is set; andiii) that the ï¬nancial and managerial controlof the Group is conducted adequately.COMPOSITION AND QUALIFICATIONS OFTHE BOARD OF DIRECTORS, EXECUTIVEMANAGEMENT BOARD, AND COMMITTEESThe BoD is constituted to ensure its indepen-dence, adequate collective competences, andexperiences within executive managementdisciplines related to global corporations,information technology, and business-to-busi-ness sales and implementation of software,and to hold a suï¬cient number of membersto enable an appropriate distribution of tasksand an eï¬ective decision-making process. Asprovided in the companyâs articles of associa-tion, SimCorpâs BoD consists of between fourand eight members elected by the companyâsshareholders in addition to members electedby and among the companyâs employees.Accordingly, following the Annual GeneralMeeting (AGM) 2020, the BoD consists ofsix members shareholder-elected and threeemployee-elected members.Self-assessmentAs part of its annual cycle activities, theBoD carries out a self-assessment. In 2020,the evaluation was facilitated internally bythe Board, and comprised an evaluationof the work and contribution of the EMB,the BoD, the Audit and Risk Committee,and the Nomination and RemunerationCommittee within the areas of strategy,ï¬nance, risk management, sales, organization,management, and operations. The BoD alsoevaluated, whether the total number ofmanagement functions, including their leveland complexity, taken on by each boardmember was appropriate.It was concluded that the BoDâs work is eï¬ec-tive, that the members collectively contributeto the required areas of expertise, and thatnone of the directors is over-boarded.The BoD also concluded that the diversityof the EMB and the BoD with regard tonationalities, educational backgrounds, gender,and age represented by its members isappropriate in light of the companyâs strategyand markets.Finally, the BOD concluded that SimCorpcomplies with the Danish Corporate Gover-nance Guidelinesâ recommendation that atleast half of the members elected by the AGMare independent.At the AGM 2021, the BoD will propose SusanStandiford as a seventh shareholder-electedmember of the BoD, which will bring thenumber of members of the underrepresentedgender up to two of seven members. SusanStandiford brings extensive experience withinsoftware and technology from her leadershipcareer at a number of international technolo-gy companies.Risk managementThe BoD has the overall responsibility forensuring that SimCorp maintains appropriateStatutory report on the recommen-dations on corporate governance 2020www2.simcorp.com/StatutoryReportCorporateGovernance2020SIMCORPâS STAKEHOLDERRELATIONSHIPSSimCorpâs overall management objective is topromote the long-term interests of the com-pany, and thus of all stakeholders. Achievingthis objective assumes that SimCorp estab-lishes lasting and constructive relationshipswith the Groupâs primary stakeholders: clients,employees, shareholders, and society.BOARD OF DIRECTORS AND COMMITTEES â MEETING PARTICIPATION IN 2020procedures to monitor, measure, and managethe companyâs risks and that such proceduresare ï¬rmly embedded in the companyâsorganization. As part of its risk management,the EMB and the BpD have deï¬ned anddescribed the most critical risks to SimCorpand the related mitigating actions. A moredetailed description is provided in the sectionâRisk Managementâ, pp 24-26.Further, the company maintains a whistle-blower hotline, which is intended to enablereporting on suspected irregularities in thebusiness. SimCorp has engaged a third party,Got Ethics, who provides an internet-basedreporting tool. Reports sent through the whis-tleblower hotline are electronically submitteddirectly to the Chairman of the Audit and RiskCommittee and another member of SimCorpâsBoD.Whistleblower Policywww2.simcorp.com/WhistleblowerPolicyof ownership as the severance payment isup to nine months, and the notice period isextended to 24 months for two executives and36 months for one executive. In future agree-ments, SimCorp will ensure the total remu-neration does not exceed the recommendedthreshold. Refer to our Remuneration Reportfor more details on severance payments.emuneration Report 2020www2.simcorp.com/RemunerationReport2020AUDIT AND RISK COMMITTEEIn November 2020, the BoD decided toformally make the Audit Committee respon-sible for risk oversight and renamed thecommittee âthe Audit and Risk Committeeâ.The Audit and Risk Committee is responsiblefor assisting the BoD by monitoring Sim-Corpâs ï¬nancial reporting, its internal ï¬nancialcontrol and enterprise risks, as well as thequality, eï¬ectiveness, and independenceof the external auditors for the SimCorpGroup of companies. The Audit and RiskCommittee consists of four members electedon a one-year term by and among the BoD.The Audit and Risk Committee meets asoften as it and its Chairman deem necessary,however, as a minimum, the Committee willmeet four times a year at appropriate timesin the reporting and audit cycle. In 2020, ï¬vemeetings were held.Pursuant to the Danish corporate governancerecommendations, it is recommended that themajority of the members of the Committeequalify as independent and the committeeshould possess the necessary ï¬nancialexpertise. The members of the Audit and RiskCommittee qualify, and are shown in the tableon the left-hand side. See SimCorpâs CorporateGovernance Guidelines for a full description ofthe Audit and Risk Committeeâs activities.External auditorâ tasks, objectivity, and independenceThe Audit and Risk Committee reviews andmonitors the companyâs ongoing relationswith and the independence of the externalauditors. Based on recommendations from theAudit and Risk Committee and the externalauditors, the Board of Directors decideswhether there are areas to which the externalauditors should pay special attention.During the year, the Audit and Risk Committeehas been informed about the external audi-torâs policies and procedures for safeguardingits objectivity and independence, and theaudit partners and ï¬rm rotation requirementsREMUNERATION COMMITTEEThe Nomination and Remuneration Com-mittee assists the BoD with oversight of thecompetence proï¬le and composition of theBoD, nomination of the BoD and committeemembers, succession plans for the EMB,remuneration packages and policies forthe BoD and EMB, and other tasks on anad-hoc basis as decided by the BoD. TheNomination and Remuneration Committeeconsists of four members elected by the BoDon a one-year term by and among the BoD.Further, SimCorpâs CEO is a regular attendeeat meetings of the Nomination and Remu-neration Committee. In 2020, the committeeheld four meetings.Exception from the Danish corporategovernance recommendationsSeverance paymentsFor three of the four existing executive servicesagreements, the total severance pay duringthe notice period exceeds the recommendedtwo yearsâ remuneration in the event of changehave been routinely observed. During the year,the Committee has approved audit-relatedand non-audit related services fees accordingto the Audit and Risk Committee guidelinesfor approval of non-audit services. Audit feesare for the audit of the consolidated and localcompany ï¬nancial statements.Other ongoing activitiesAs part of its annual cycle activities, the Auditand Risk Committee reviews SimCorpâsaccounting policies, compliance with report-ing requirements, risk policy and assessment,internal controls, whistleblower policy, insur-ance principles, and interim reports. It doesdeep-dives into speciï¬c topics, for example,risk associated with long-term contracts.AssessmentDuring 2020, the SimCorp Audit and RiskCommittee was satisï¬ed with auditor inde-pendence, and with the management of riskswithin the areas it monitors for the BoD.</mrv:CorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx2" id="fact1501" xml:lang="en">DIVERSITYReport on the underrepresented gender anddiversity, cf. Sections 99 b and 107 d of theDanish Financial Statements Actersity Report 2020www2.simcorp.com/DiversityReport2020As described in our Diversity and InclusionPolicy, SimCorp aims to promote diversity.Regarding gender diversity, it is our objectiveto develop female talent within the businessand to increase the proportion of women atall management levels. To ensure a strongfocus on female leadership, SimCorp has seta target to increase the share of women inmanagement positions to 34% by the end of2023. Activities to reach this goal are de-scribed in the Diversity Report 2020. The goalis based on a wish to strengthen the versatilityand total competences across the businessand to improve decision-making processes.Regarding gender diversity of the BoD, it isthe companyâs target to have at least twoshareholder-elected directors of the under-represented gender, also corresponding to theshare in general population in the industry. It isSimCorpâs goal to reach the target in 2021 withthe election of Susan Standiford to the BoD.Regarding gender diversity in the EMB,SimCorp has set a target for the group to con-sist of minimum 25% women. When recruitingnew EMB members, gender, age, nationalityand professional capabilities should be takeninto account to ensure diversity. Furthermore,the recruitment process should followSimCorpâs general guidelines on securing adiverse candidate ï¬eld.At the end of 2020, people managers inSimCorp comprised 69.6% (2019: 70.7%) menand 30.4% (2019: 29.3%) women. Overall,SimCorpâs staï¬ comprised 67.7% (2019: 67.7%)men and 32.3% (2019: 32.3%) women.As described in the previous section on self-as-sessment of the EMB and BoD, the diversity ofeach with regard to educational backgroundand nationalities is regarded as satisfactory.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx2" id="fact1410" xml:lang="en">CORPORATE SOCIAL RESPONSIBILITYStatement on corporate social responsibility,cf. Section 99 a of the Danish FinancialStatements Acttainability report 2020www2.simcorp.com/SustainabilityReport2020Corporate social responsibility (CSR) inSimCorp is ï¬rmly based on the Groupâs CSRPolicy and overall approach to sustainability.SimCorpâs commitment to corporate sus-tainable development is based on combiningï¬nancial performance with socially responsi-ble behavior and environmental awareness.SimCorpâs approach to CSR is described inits policies and business behavior guidelines,including the companyâs âCorporate SocialResponsibility Policyâ, âDiversity and InclusionPolicyâ, âGuideline for Good BusinessBehaviorâ, âRemuneration Guidelinesâ andâCorporate Governance Guidelinesâ. Thesedocuments include guidelines on ethics,human rights, the environment, stakeholderengagement, governance, bribery, andanti-corruption that aim to maintain aprofessional and commercial relations withinternal and external stakeholders based onmutual respect.Guideline for GoodBusiness Behaviorwww2.simcorp.com/GuidelineForGoodBusinessBehaviorCSR Policywww2.simcorp.com/CSRPolicySimCorp joined the UN Global Compact in2019 and commit to submitting an annualCommunication on Progress (CoP) concerningour implementation of its principles. SimCorpâscontribution to speciï¬c targets related to UNâsSustainable Development Goals and our resultson a wide range of non-ï¬nancial ESG metricsare included in our Sustainability report.Our cloud transformation, new technlogies,and people initiatives are key enablers of ourfocus on sustainability, which aims at reducingour CO2 emission, expanding support forour clientsâ ESG investments, creating a trulydiverse and inclusive workplace, and ensuringmeaning in work.Travel and electricity and heat-related energyconsumption are the key environmentalfactors aï¬ected by SimCorpâs businessmodel (see page 11). To reduce negativeimpact, SimCorp promotes responsibilityand increasing use of modern technologiesacross its business operations, SimCorpâstravel policy guides employees to replaceair travel with virtual meetings wheneverpossible, with a goal of reducing travel relatedCO2 emission by 50% compared with 2019.To track progress, we set KPIs and providemetrics for key impact actvities as part of ourSustainabilty report.Due to the nature of its business model andits associated risks, SimCorp does not have aspeciï¬c human rights policy and our approachto human rights is outlined in our Guidelinefor Good Business Behavior that is also thefoundation for our business relationshipswith suppliers. It is part of the procurementprocess that suppliers are requested toconï¬rm adherence to a number of principles,including compliance with the UN conventionon child labor, article 32.1, and the respectfor an equal status between the sexes andbetween persons of diï¬erent races andreligion. Further, SimCorp does not acceptproducts and services which have directlyor indirectly been designed, manufactured,produced, or procured in contraventionof local environmental legislation or otherlegislation, or by means of corruption, bribery,or other fraudulent behavior.SimCorp maintains high standards onconï¬dentiality and protection of personal data,which is ensured through compliance withtechnical data security standards andprocesses, as well as ongoing education of theemployees on how to handle data conï¬dentially.A framework is in place to ensure that SimCorpcomplies with the General Data ProtectionRegulation (GDPR).</mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact1546" xml:lang="en">STATEMENTS ANDSIGNATURESSTATEMENT BY THE BOARD OFDIRECTORS AND THE EXECUTIVEMANAGEMENT BOARD</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx2" id="fact1551" xml:lang="en">The Board of Directors and Executive Mana-gement Board have today considered andadopted the Annual Report of SimCorp A/Sfor the ï¬nancial year January 1 â December 31,2020.</sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx2" id="fact1556" xml:lang="en">The Annual Report has been prepared inaccordance with International FinancialReporting Standards as adopted by theEU and further requirements in the DanishFinancial Statements Act.</sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx2" id="fact1561" xml:lang="en">In our opinion, the Consolidated FinancialStatements and the Parent Company FinancialStatements give a true and fair view of theï¬nancial position at December 31, 2020 ofthe Group and the Parent Company and ofthe results of the Group and Parent Companyoperations and cash ï¬ows for 2020.</sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact1568" xml:lang="en">INDEPENDENT AUDITORâS REPORTSTo the shareholders of SimCorp A/SREPORT ON THE AUDIT OFTHE FINANCIAL STATEMENTS</arr:IndependentAuditorsReportsAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact1600" xml:lang="en">Basis for opinionWe conducted our audit in accordance withInternational Standards on Auditing (ISAs)and the additional requirements applicablein Denmark. Our responsibilities under thosestandards and requirements are furtherdescribed in the Auditorâs responsibilities forthe audit of the Financial Statements sectionof our report.We believe that the audit evidence we haveobtained is suï¬cient and appropriate toprovide a basis for our opinion.IndependenceWe are independent of the Group in accor-dance with the International Ethics StandardsBoard for Accountantsâ Code of Ethics forProfessional Accountants (IESBA Code) andthe additional requirements applicable inDenmark. We have also fulï¬lled our otherethical responsibilities in accordance with theIESBA Code. To the best of our knowledgeand belief, prohibited non-audit servicesreferred to in Article 5(1) of Regulation (EU)No 537/2014 were not provided.AppointmentWe were ï¬rst appointed auditors of SimCorpA/S on 31 March 2014 for the ï¬nancial year2014. We have been reappointed annuallyby shareholder resolution for a total periodof uninterrupted engagement of 7 yearsincluding the ï¬nancial year 2020.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx2" id="fact1631" xml:lang="en">Key audit mattersKey audit matters are those matters that, inour professional judgement, were of mostsigniï¬cance in our audit of the FinancialStatements for 2020. These matters wereKEY AUDIT MATTERRevenue recognitionThe Group and the parent companyprovide its products and services to clientsin bundled packages as multi-elementcontracts, and recognition of revenue issubject to the inherent complexities in thesoftware industry.Revenue is recognized when controlis passed and if the revenue criteria forrecognizing revenue over time or at a pointof time have been met.We focused on this area due to thejudgmental and complex nature ofrevenue recognition for multiple elementarrangements that include identiï¬cation ofperformance obligations in the contractsand allocation of the relative standaloneselling prices to the identiï¬ed performanceobligations.Further, we focused on presentation in thestatement of ï¬nancial position of contractsassets and revenue recognition for ï¬xed feeand time and material projects due to theinherent estimation uncertainty.Refer to note 2.1 âRevenueâ, 2.2 âSegmentinformationâ, 2.3 âFuture performanceobligations and note 2.4 âContract balanc-esâ in the consolidated ï¬nancial statementsand note 2.1 âRevenueâ, 2.2 âFuture perfor-mance obligationsâ and note 2.3 âContractbalancesâ in the parent company ï¬nancialstatements.addressed in the context of our audit ofthe Financial Statements as a whole, and informing our opinion thereon, and we do notprovide a separate opinion on these matters.HOW OUR AUDIT ADDRESSEDTHE KEY AUDIT MATTERWe assessed the design and implementationof the controls over the Groupâs revenuecycle. We tested relevant controls includingapplication controls and Managementâsreview controls.For revenue recognized we challengedand evaluated Managementâs assessmentthat customers has the ability to direct useand obtain substantially all beneï¬ts for thelicenses transferred.For revenue recognized point in time wechallenged and evaluated Managementâsdocumentation for right to payment andthat the licenses has been transferred andmade available to the customer. For revenuerecognized over time we challenged andevaluated Managementâs assessment thatcustomers over time consumes and beneï¬tfrom the services delivered.For multi-element contracts, we identiï¬ed,challenged and evaluated Managementâsallocation of revenue to the speciï¬c per-formance obligations in the contracts andassessed the allocation of the standaloneselling prices to the performance obligationsincluding rebates, discounts, allowances andinherent interests.We assessed the percentage of comple-tion on speciï¬c ï¬xed fee projects basedon Management reports, project estimatesand interview of project managers. Wealso assessed the outcome of prior periodestimates.HOW OUR AUDIT ADDRESSEDTHE KEY AUDIT MATTERIn understanding and evaluating Man-agementâs judgement, we considered thestatus of recent and current tax author-ity audits and enquiries, the outcome ofprevious claims, judgmental positions takenin tax returns and current year estimatesand developments in the tax environment.We used our own local and internationaltax specialists, evaluated the adequacy ofManagementâs signiï¬cant assumptions andread correspondence with tax authoritiesto assess the valuation of tax assets andliabilities.KEY AUDIT MATTERAccounting for taxationThe Group operates in a complex multina-tional tax environment and there are opentax and transfer pricing cases with domesticand foreign tax authorities.We focused on this area as the amountsinvolved are potentially material and the valua-tion of tax assets and liabilities are associa-ted with estimation uncertainty and judgement.Refer to note 4.1 âIncome taxâ and 4.2Deferred taxâ in the consolidated ï¬nancialstatements as well as in the parent companyï¬nancial statements.Reporting on Management ReportManagement is responsible for ManagementReport.Our opinion on the Financial Statements doesnot cover Management Report, and we donot express any form of assurance conclusionthereon.In connection with our audit of the FinancialStatements, our responsibility is to readManagement Report and, in doing so, considerwhether Management Report is materiallyinconsistent with the Financial Statementsor our knowledge obtained in the audit, orotherwise appears to be materially misstated.Moreover, we considered whether Manage-ment Report includes the disclosures requiredby the Danish Financial Statements Act.Based on the work we have performed, in ourview, Management Report is in accordancewith the Consolidated Financial Statementsand the Parent Company Financial Statementsand has been prepared in accordance with therequirements of the Danish Financial State-ments Act. We did not identify any materialmisstatement in Management Report.</arr:KeyAuditMattersAudit>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact1572" xml:lang="en">Our opinionIn our opinion, the Consolidated FinancialStatements and the Parent CompanyFinancial Statements give a true and fair viewof the Groupâs and the Parent Companyâsï¬nancial position at 31 December 2020 andof the results of the Groupâs and the ParentCompanyâs operations and cash ï¬ows for theï¬nancial year 1 January to 31 December 2020in accordance with International FinancialReporting Standards as adopted by theEU and further requirements in the DanishFinancial Statements Act.Our opinion is consistent with our AuditorâsLong-form Report to the Audit Committeeand the Board of Directors.What we have auditedThe Consolidated Financial Statements andParent Company Financial Statements of Sim-Corp A/S for the ï¬nancial year 1 January to 31December 2020 comprise income statementand statement of comprehensive income,statement of ï¬nancial position, statementof changes in equity, cash ï¬ow statementand notes, including summary of signiï¬cantaccounting policies for the Group as well asfor the Parent Company. Collectively referredto as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact1762" xml:lang="en">ï¬nancial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements,Management is responsible for assessing theGroupâs and the Parent Companyâs ability tocontinue as a going concern, disclosing, as ap-plicable, matters related to going concern andusing the going concern basis of accountingunless Management either intends to liquidatethe Group or the Parent Company, or to ceaseoperations, or has no realistic alternative butto do so.Managementâs responsibilities for theFinancial StatementsManagement is responsible for the preparationof consolidated ï¬nancial statements andparent company ï¬nancial statements thatgive a true and fair view in accordance withInternational Financial Reporting Standards asadopted by the EU and further requirementsin the Danish Financial Statements Act, and forsuch internal control as Management deter-mines is necessary to enable the preparation of</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact1785" xml:lang="en">Auditorâs responsibilities for theaudit of the Financial StatementsOur objectives are to obtain reasonableassurance about whether the FinancialStatements as a whole are free from materialmisstatement, whether due to fraud or error,and to issue an auditorâs report that includesour opinion. Reasonable assurance is a highlevel of assurance, but is not a guaranteethat an audit conducted in accordancewith ISAs and the additional requirementsapplicable in Denmark will always detecta material misstatement when it exists.Misstatements can arise from fraud or errorand are considered material if, individually orin the aggregate, they could reasonably beexpected to inï¬uence the economic decisionsof users taken on the basis of these FinancialStatements.As part of an audit in accordance with ISAsand the additional requirements applicable inDenmark, we exercise professional judgementand maintain professional scepticism through-out the audit. We also:â¢Identify and assess the risks of materialmisstatement of the Financial Statements,whether due to fraud or error, designand perform audit procedures responsiveto those risks, and obtain audit evidencethat is suï¬cient and appropriate to providea basis for our opinion. The risk of notdetecting a material misstatement resultingfrom fraud is higher than for one resultingfrom error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.â¢Obtain an understanding of internal controlrelevant to the audit in order to designaudit procedures that are appropriate inthe circumstances, but not for the purposeof expressing an opinion on the eï¬ective-ness of the Groupâs and the ParentCompanyâs internal control.â¢Evaluate the appropriateness of accountingpolicies used and the reasonableness ofaccounting estimates and related disclo-sures made by Management.â¢Conclude on the appropriateness of Man-agementâs use of the going concern basisof accounting and based on the audit evi-dence obtained, whether a material uncer-tainty exists related to events or conditionsthat may cast signiï¬cant doubt on theGroupâs and the Parent Companyâsability to continue as a going concern. If weconclude that a material uncertainty exists,we are required to draw attention in ourauditorâs report to the related disclosures inthe Financial Statements or, if suchdisclosures are inadequate, to modify ouropinion. Our conclusions are based on theaudit evidence obtained up to the date ofour auditorâs report. However, future eventsor conditions may cause the Group or theParent Company to cease to continue as agoing concern.Evaluate the overall presentation, structureand content of the Financial Statements,including the disclosures, and whether theFinancial Statements represent the under-lying transactions and events in a mannerthat achieves fair presentation.Obtain suï¬cient appropriate auditevidence regarding the ï¬nancial infor-mation of the entities or business activitieswithin the Group to express an opinion onthe Consolidated Financial Statements. Weare responsible for the direction, super-vision and performance of the group audit.We remain solely responsible for our auditopinion.We communicate with those charged withgovernance regarding, among other matters,the planned scope and timing of the auditand signiï¬cant audit ï¬ndings, including anysigniï¬cant deï¬ciencies in internal control thatwe identify during our audit.We also provide those charged withgovernance with a statement that we havecomplied with relevant ethical requirementsregarding independence, and to communicatewith them all relationships and other mattersthat may reasonably be thought to bear onour independence, and where applicable,related safeguards.From the matters communicated with thosecharged with governance, we determinethose matters that were of most signiï¬cancein the audit of the Financial Statements ofthe current period and are therefore the keyaudit matters. We describe these matters inour auditorâs report unless law or regulationprecludes public disclosure about the matteror when, in extremely rare circumstances, wedetermine that a matter should not be com-municated in our report because the adverseconsequences of doing so would reasonablybe expected to outweigh the public interestbeneï¬ts of such communication.REPORT ON COMPLIANCE WITH THE ESEFREGULATIONAs part of our audit of the Financial State-ments we performed procedures to expressan opinion on whether the annual report ofSimCorp A/S for the ï¬nancial year 1 Januaryto 31 December 2020 with the ï¬lenamesimcorp-2020-12-31.zip is prepared, in allmaterial respects, in compliance with theCommission Delegated Regulation (EU)2019/815 on the European Single ElectronicFormat (ESEF Regulation) which includesrequirements related to the preparationof the annual report in XHTML format andiXBRL tagging of the Consolidated FinancialStatements.Management is responsible for preparing anannual report that complies with the ESEFRegulation. This responsibility includes:â¢The preparing of the annual report inXHTML format;â¢The selection and application of appro-priate iXBRL tags, including extensions tothe ESEF taxonomy and the anchoringthereof to elements in the taxonomy, for allï¬nancial information required to be taggedusing judgement where necessary;â¢Ensuring consistency between iXBRL tag-ged data and the Consolidated FinancialStatements presented in human-readableformat; andâ¢For such internal control as Managementdetermines necessary to enable the prepa-ration of an annual report that is compliantwith the ESEF Regulation.Our responsibility is to obtain reasonableassurance on whether the annual report isprepared, in all material respects, in compli-ance with the ESEF Regulation based on theevidence we have obtained, and to issue areport that includes our opinion. The nature,timing and extent of procedures selecteddepend on the auditorâs judgement, includingthe assessment of the risks of materialdepartures from the requirements set out inthe ESEF Regulation, whether due to fraud orerror. The procedures include:â¢Testing whether the annual report isprepared in XHTML format;â¢Obtaining an understanding of thecompanyâs iXBRL tagging process and ofinternal control over the tagging process;â¢Evaluating the completeness of theiXBRL tagging of the ConsolidatedFinancial Statements;â¢Evaluating the appropriateness of thecompanyâs use of iXBRL elements selectedfrom the ESEF taxonomy and the creationof extension elements where no suitableelement in the ESEF taxonomy has beenidentiï¬ed;â¢Evaluating the use of anchoring ofextension elements to elements in theESEF taxonomy; andâ¢Reconciling the iXBRL tagged data withthe audited Consolidated FinancialStatements.In our opinion, the annual report of SimCorpA/S for the ï¬nancial year 1 January to31 December 2020 with the ï¬le namesimcorp-2020-12-31.zip is prepared, in allmaterial respects, in compliance with theESEF Regulation.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
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