Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 336811000 | vEUR |
| ifrs-full:Assets | 2019-12-31 | 111169000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 19501000 | vEUR |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 38382000 | vEUR |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/30508113/amNsb3VkczovLzAzL2JiLzdjL2ZmLzQwLzE4NmEtNGE2OS05MjE4LWViNjAwZTE5NDJhMQ.xml
Separator
The full data:
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<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">The Companyâs corporate governance principles are based on, and in all material</td></tr><tr><td colspan="1">aspects in compliance with, the Norwegian Code of Practice and applicable Danish</td></tr><tr><td colspan="1">law. A full copy of the companies statement of corporate governance, cf. section 107</td></tr><tr><td colspan="1">b of the Danish Financial Statements Act is available on the companyâs website</td></tr><tr><td colspan="1">www.cadeler.com/media/1572/pandion-corporate-governance-policy.pdf</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">Board of Directors</td></tr><tr><td colspan="1">The board of directors includes Chairman Richard Sell, who has held</td></tr><tr><td colspan="1">senior management positions and directorships in a number of marine</td></tr><tr><td colspan="1">and energy related businesses, and director Roy Shearer who is a char-</td></tr><tr><td colspan="1">tered accountant with the Institute of Chartered Accountants of Scotland</td></tr><tr><td colspan="1">and holds a first-class honours degree in finance and accounting. He</td></tr><tr><td colspan="1">brings considerable experience from leadership positions in finance in the</td></tr><tr><td colspan="1">energy industry. Jesper T. Lok is a board member and chairman of the</td></tr><tr><td colspan="1">remuneration committee. He has held leadership positions in multinational</td></tr><tr><td colspan="1">corporations in the transport and logistics, energy and infrastructure</td></tr><tr><td colspan="1">sectors. Ditlev Wedell-Wedellsborg is a board member and chairman of</td></tr><tr><td colspan="1">the audit committee with extensive experience in the shipping industry.</td></tr><tr><td colspan="1">He is the owner and chairman of Weco Invest A/S, an active investment</td></tr><tr><td colspan="1">company mostly involved in the travel industry. Connie Hedegaard is a</td></tr><tr><td colspan="1">board member and chairman of the nomination committee. Ms. Hede-</td></tr><tr><td colspan="1">gaard served as a member of parliament and the Danish Minister of the</td></tr><tr><td colspan="1">Environment and was the European Commissioner for Climate Action</td></tr><tr><td colspan="1">from 2010 to 2014. Andreas Beroutsos is a board member and also works</td></tr><tr><td colspan="1">at BW Group as Managing Director, responsible for strategic investments,</td></tr><tr><td colspan="1">new businesses, and senior investment officer.</td></tr><tr><td colspan="1">Ditlev Wedell-Wedellsborg, Jesper T Lok and Connie Hedegaard are</td></tr><tr><td colspan="1">considered to be Independent Directors. During the year 2020 there was</td></tr><tr><td colspan="1">an 100% attendance rate of Board Directors at Board Meetings.</td></tr><tr><td colspan="1">Largest Shareholders</td></tr><tr><td colspan="1">As at 31st December 2020, two shareholders held shares in excess of 5% of the total</td></tr><tr><td colspan="1">share capital of Cadeler. Swire Pacific Offshore Holdings Limited held 46.5% and BW</td></tr><tr><td colspan="1">Wind Services Ltd held 20.3% of the total share capital.</td></tr><tr><td colspan="1">Share capital increases and issuance of shares</td></tr><tr><td colspan="1">At the general meeting held on 26 October 2020, the board of directors was granted</td></tr><tr><td colspan="1">an authorisation to increase the share capital of the Company in connection with the</td></tr><tr><td colspan="1">issue of new shares without pre-emption rights for the Companyâs existing share-</td></tr><tr><td colspan="1">holders at market price or to members of the Board, Executive Management and/or</td></tr><tr><td colspan="1">employees of the Company and/or of the Companyâs subsidiaries at a subscription</td></tr><tr><td colspan="1">price to be determined by the Board, which may be below market price as is</td></tr><tr><td colspan="1">customary for listed companies on Oslo Børs.</td></tr><tr><td colspan="1">Purchase of own shares</td></tr><tr><td colspan="1">At the general meeting held on 26 October 2020, the board of directors was granted</td></tr><tr><td colspan="1">an authorisation in the period until 30 September 2025 to purchase own shares of</td></tr><tr><td colspan="1">the Company. The Company does not plan to repurchase any own shares for the</td></tr><tr><td colspan="1">time being other than for the purpose of satisfying its obligations under the Compa-</td></tr><tr><td colspan="1">nyâs share-based incentive programmes.</td></tr><tr><td colspan="1">Voting Rights</td></tr><tr><td colspan="1">As at 31 December 2020 there were 115,574,468 issued shares in Cadeler. At the</td></tr><tr><td colspan="1">general meeting, each Share of the nominal value of DKK 1 shall carry one vote.</td></tr><tr><td colspan="1">No Shareholders have any special or different voting rights pursuant to the</td></tr><tr><td colspan="1">Articles of Association.</td></tr><tr><td colspan="1">Resolutions at general meetings shall be passed by a simple majority of votes cast,</td></tr><tr><td colspan="1">unless otherwise prescribed under the Danish Companies Act or by the Articles of</td></tr><tr><td colspan="1">Association. Adoption of changes to the Articles of Association, dissolution of the</td></tr><tr><td colspan="1">Company, merger or demerger requires that the resolution is adopted by at least 2/3</td></tr><tr><td colspan="1">of the votes cast as well as of the share capital represented at the general meeting.</td></tr><tr><td colspan="1">The provisions in the Articles of Association relating to a change of the rights of</td></tr><tr><td colspan="1">shareholders or a change to the capital are not more stringent than required by the</td></tr><tr><td colspan="1">Danish Companies Act.</td></tr><tr><td colspan="1">Change of control</td></tr><tr><td colspan="1">The EUR 95 million credit facility entered into with DNB Bank ASA and SpareBank 1</td></tr><tr><td colspan="1">SR-Bank on 4 November 2020 has a change of control clause which is triggered</td></tr><tr><td colspan="1">If (i) Swire Pacific Limited directly or indirectly ceases to own and/or control at least</td></tr><tr><td colspan="1">25% of the voting and/or ordinary shares of the Company, or (ii) any person or group</td></tr><tr><td colspan="1">of persons acting in concert gains control, directly or indirectly, of â
or more of the</td></tr><tr><td colspan="1">voting and/or ordinary shares of the Company, the facility agent (acting on instruc-</td></tr><tr><td colspan="1">tions from the majority lenders) may by written notice of ten (10) business days</td></tr><tr><td colspan="1">cancel the facilities and require repayment of all amounts outstanding under</td></tr><tr><td colspan="1">the facilities.</td></tr><tr><td colspan="1">Customer contracts may include change of control clauses, which are considered</td></tr><tr><td colspan="1">customary for the industry.</td></tr></table></mrv:CorporateGovernanceReport>
<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">Statutory CSR report</td></tr><tr><td colspan="1">For the statutory statement on corporate responsibility cf. section 99a of the Danish</td></tr><tr><td colspan="1">Financial Statements Act, the company have published a Corporate Social Respon-</td></tr><tr><td colspan="1">sibility report for 2020 which is available on the companyâs website: www.cadeler.</td></tr><tr><td colspan="1">com/media/1603/cadeler-sd-report-2020.pdf</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender 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">Account of the gender composition of Management</td></tr><tr><td colspan="1">Cadeler had set a goal of having at least one woman included in the Board of Direc-</td></tr><tr><td colspan="1">tors before 2020. This target was achieved in 2020 as Connie Hedegaard was</td></tr><tr><td colspan="1">appointed as a member of the Board of Directors. Cadeler have set a goal to</td></tr><tr><td colspan="1">increase the number of women on the board to two by the end of 2022.</td></tr><tr><td colspan="1">During 2020, two of our Managers at other managerial positions were women. We</td></tr><tr><td colspan="1">wish to ensure a diverse workforce and have a policy of increasing the underrepre-</td></tr><tr><td colspan="1">sented gender on management levels. In order to support this policy, Cadeler seeks</td></tr><tr><td colspan="1">to have at least one person of each gender represented among the last three candi-</td></tr><tr><td colspan="1">dates in the hiring process for management positions. Overall, the current gender</td></tr><tr><td colspan="1">composition in Cadeler as of 31 December 2020 is 68% men and 32% women.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<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 management</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport 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">The Board of Directors and the Executive Board have today discussed and approved the annual report of Cadeler A/S for 2020.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement 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">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU. The parent company financial statements are prepared in accordance with the Danish Financial Statements Act. Further, the annual report is prepared in accordance with</td></tr><tr><td colspan="1">additional requirements of the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults 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">In our opinion, the consolidated financial statements and the parent company</td></tr><tr><td colspan="1">financial statements give a true and fair view of the financial position of the</td></tr><tr><td colspan="1">Group and the Parent Company at 31 December 2020 and of the results of</td></tr><tr><td colspan="1">their operations and the consolidated cash flows for the financial year 1 January â 31 December 2020.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview 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">Further, in our opinion, the Management's review gives a fair review of the</td></tr><tr><td colspan="1">development in the Group's and the Parent Company's activities and financial</td></tr><tr><td colspan="1">matters, results for the year, consolidated cash flows and financial position as</td></tr><tr><td colspan="1">well as a description of material risks and uncertainties that the Group and the</td></tr><tr><td colspan="1">Parent Company face.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting 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">We recommend that the annual report be approved at the annual general meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
<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 Auditor's 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 Cadeler 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">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company</td></tr><tr><td colspan="1">financial statements of Cadeler A/S for the financial year 1 January â 31 December 2020, which comprise statement of profit and loss, balance sheet, statement of</td></tr><tr><td colspan="1">changes in equity and notes, including accounting policies, for the Group and the</td></tr><tr><td colspan="1">Parent Company, and a consolidated statement of comprehensive income and a</td></tr><tr><td colspan="1">consolidated cash flow statement. The consolidated financial statements are</td></tr><tr><td colspan="1">prepared in accordance with International Financial Reporting Standards as</td></tr><tr><td colspan="1">adopted by the EU and additional requirements of the Danish Financial Statements</td></tr><tr><td colspan="1">Act, and the parent company financial statements are prepared in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements give a true and fair view of the</td></tr><tr><td colspan="1">financial position of the Group at 31 December 2020 and of the results of the</td></tr><tr><td colspan="1">Group's operations and cash flows for the financial year 1 January â 31 December 2020 in accordance with International Financial Reporting Standards as adopted</td></tr><tr><td colspan="1">by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Further, in our opinion the parent company financial statements give a true and fair</td></tr><tr><td colspan="1">view of the financial position of the Parent Company at 31 December 2020 and of</td></tr><tr><td colspan="1">the results of the Parent Company's operations for the financial year 1 January â 31 December 2020 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our long-form audit report to the Audit Committee</td></tr><tr><td colspan="1">and the Board of Directors.</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 International Standards on Auditing</td></tr><tr><td colspan="1">(ISAs) and additional requirements applicable in Denmark. Our responsibilities</td></tr><tr><td colspan="1">under those standards and requirements are further described in the "Auditor's</td></tr><tr><td colspan="1">responsibilities for the audit of the consolidated financial statements and the</td></tr><tr><td colspan="1">parent company financial statements" (hereinafter collectively referred to as "the</td></tr><tr><td colspan="1">financial statements") section of our report. We believe that the audit evidence we</td></tr><tr><td colspan="1">have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements 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">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Stand-</td></tr><tr><td colspan="1">ards Board for Accountants' Code of Ethics for Professional Accountants (IESBA</td></tr><tr><td colspan="1">Code) and additional requirements applicable in Denmark, and we have fulfilled our</td></tr><tr><td colspan="1">other ethical responsibilities in accordance with these rules and requirements.</td></tr><tr><td colspan="1">To the best of our knowledge, we have not provided any prohibited non-audit</td></tr><tr><td colspan="1">services as described in article 5(1) of Regulation (EU) no. 537/2014.</td></tr><tr><td colspan="1">Appointment of auditor</td></tr><tr><td colspan="1">On 27 November 2020, Cadeler A/S completed its Initial Public Offering and was</td></tr><tr><td colspan="1">admitted to trading and official listing on Nasdaq Oslo, Norway. We were appointed</td></tr><tr><td colspan="1">as auditor of Cadeler A/S prior to the official listing on Nasdaq Oslo.</td></tr></table></arr:StatementOnOtherInformationAuditorsReportOnAuditedFinancialStatements>
<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 our professional judgement, were of</td></tr><tr><td colspan="1">most significance in our audit of the financial statements for the financial year</td></tr><tr><td colspan="1">2020. These matters were addressed during our audit of the financial statements</td></tr><tr><td colspan="1">as a whole and in forming our opinion thereon. We do not provide a separate</td></tr><tr><td colspan="1">opinion on these matters. For each matter below, our description of how our audit</td></tr><tr><td colspan="1">addressed the matter is provided in that context.</td></tr><tr><td colspan="1">We have fulfilled our responsibilities described in the "Auditor's responsibilities for</td></tr><tr><td colspan="1">the audit of the financial statements" section, including in relation to the key audit</td></tr><tr><td colspan="1">matters below. Our audit included the design and performance of procedures to</td></tr><tr><td colspan="1">respond to our assessment of the risks of material misstatement of the financial</td></tr><tr><td colspan="1">statements. The results of our audit procedures, including the procedures per-</td></tr><tr><td colspan="1">formed to address the matters below, provide the basis for our audit opinion</td></tr><tr><td colspan="1">on the financial statements.</td></tr><tr><td colspan="1">Valuation of vessels</td></tr><tr><td colspan="1">The accounting principles and disclosures about the Groupâs two newly acquired</td></tr><tr><td colspan="1">vessels are included in note 2 and 15 to the consolidated financial statements.</td></tr><tr><td colspan="1">The carrying amount of vessels amounts to EUR 251 million at 31 December 2020.</td></tr><tr><td colspan="1">The valuation of vessels is significant to our audit due to the carrying value of the</td></tr><tr><td colspan="1">vessels as well as Managementâs judgement in relation to the identification of</td></tr><tr><td colspan="1">indicators that the value of the vessels may be impaired at 31 December 2020.</td></tr><tr><td colspan="1">If indications exist, Management shall estimate the recoverable amount of the</td></tr><tr><td colspan="1">vessels being the higher of fair value less costs of disposal and value in use.</td></tr><tr><td colspan="1">As of 31 December 2020, Management has not identified any indications</td></tr><tr><td colspan="1">that the vessels may be impaired as set out in note 15 to the consolidated</td></tr><tr><td colspan="1">financial statements.</td></tr><tr><td colspan="1">As part of our audit procedures, we obtained an understanding of Managementâs</td></tr><tr><td colspan="1">process for the identification of indicators that the value of the vessels may be</td></tr><tr><td colspan="1">impaired. We examined Managementâs comparison of the carrying values of the</td></tr><tr><td colspan="1">vessels with available fair value estimates prepared by external and independent</td></tr><tr><td colspan="1">ship valuation specialists prior to the acquisition of the vessels. Further, we consid-</td></tr><tr><td colspan="1">ered supporting documentation provided by Management in assessing Manage-</td></tr><tr><td colspan="1">mentâs conclusion, including the development in the order backlog. We examined</td></tr><tr><td colspan="1">the adequacy of disclosures in note 2 and 15 to the consolidated financial state-</td></tr><tr><td colspan="1">ments compared to applicable accounting standards.</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 the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review,</td></tr><tr><td colspan="1">and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read</td></tr><tr><td colspan="1">the Management's review and, in doing so, consider whether the Management's</td></tr><tr><td colspan="1">review is materially inconsistent with the financial statements or our knowledge</td></tr><tr><td colspan="1">obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review</td></tr><tr><td colspan="1">provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's</td></tr><tr><td colspan="1">review is in accordance with the financial statements and has been prepared in</td></tr><tr><td colspan="1">accordance with the requirements of the Danish Financial Statements Act. We did</td></tr><tr><td colspan="1">not identify any material misstatement of the Management's 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">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial state-</td></tr><tr><td colspan="1">ments that give a true and fair view in accordance with International Financial</td></tr><tr><td colspan="1">Reporting Standards as adopted by the EU and additional requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act and for the preparation of parent company finan-</td></tr><tr><td colspan="1">cial statements that give a true and fair view in accordance with the Danish Finan-</td></tr><tr><td colspan="1">cial Statements Act.</td></tr><tr><td colspan="1">Moreover, Management is responsible for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are</td></tr><tr><td colspan="1">free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the</td></tr><tr><td colspan="1">Group's and the Parent Company's ability to continue as a going concern,</td></tr><tr><td colspan="1">disclosing, as applicable, matters related to going concern and using the going</td></tr><tr><td colspan="1">concern basis of accounting in preparing the financial statements unless Manage-</td></tr><tr><td colspan="1">ment either intends to liquidate the Group or the Parent Company or to cease</td></tr><tr><td colspan="1">operations, or has no 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="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial</td></tr><tr><td colspan="1">statements as a whole are free from material misstatement, whether due to fraud</td></tr><tr><td colspan="1">or error, and to issue an auditor's report that includes our opinion. Reasonable</td></tr><tr><td colspan="1">assurance is a high level of assurance, but is not a guarantee that an audit</td></tr><tr><td colspan="1">conducted in accordance with ISAs and additional requirements applicable in</td></tr><tr><td colspan="1">Denmark will always detect a material misstatement when it exists. Misstatements</td></tr><tr><td colspan="1">can arise from fraud or error and are considered material if, individually or in the</td></tr><tr><td colspan="1">aggregate, they could reasonably be expected to influence the economic deci-</td></tr><tr><td colspan="1">sions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements</td></tr><tr><td colspan="1">applicable in Denmark, we exercise professional judgement and maintain profes-</td></tr><tr><td colspan="1">sional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the financial state-</td></tr><tr><td colspan="1">ments, whether due to fraud or error, design and perform audit procedures</td></tr><tr><td colspan="1">responsive to those risks and obtain audit evidence that is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion. The risk of not detecting a mate-</td></tr><tr><td colspan="1">rial misstatement resulting from fraud is higher than for one resulting from error,</td></tr><tr><td colspan="1">as fraud may involve collusion, forgery, intentional omissions, misrepresenta-</td></tr><tr><td colspan="1">tions or the override of internal control.</td></tr><tr><td colspan="1">⢠Obtain an understanding of internal control relevant to the audit in order to</td></tr><tr><td colspan="1">design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and</td></tr><tr><td colspan="1">the Parent Company's internal control.</td></tr><tr><td colspan="1">⢠Evaluate the appropriateness of accounting policies used and the reasonable-</td></tr><tr><td colspan="1">ness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">⢠Conclude on the appropriateness of Management's use of the going concern</td></tr><tr><td colspan="1">basis of accounting in preparing the financial statements and, based on the</td></tr><tr><td colspan="1">audit evidence obtained, whether a material uncertainty exists related to</td></tr><tr><td colspan="1">events or conditions that may cast significant doubt on the Group's and the</td></tr><tr><td colspan="1">Parent Company's ability to continue as a going concern. If we conclude that a</td></tr><tr><td colspan="1">material uncertainty exists, we are required to draw attention in our auditor's</td></tr><tr><td colspan="1">report to the related disclosures in the financial statements or, if such disclo-</td></tr><tr><td colspan="1">sures are inadequate, to modify our opinion. Our conclusions are based on the</td></tr><tr><td colspan="1">audit evidence obtained up to the date of our auditor's report. However, future</td></tr><tr><td colspan="1">events or conditions may cause the Group and the Parent Company to cease</td></tr><tr><td colspan="1">to continue as a going concern.</td></tr><tr><td colspan="1">⢠Evaluate the overall presentation, structure and contents of the financial state-</td></tr><tr><td colspan="1">ments, including the note disclosures, and whether the financial statements</td></tr><tr><td colspan="1">represent the underlying transactions and events in a manner that gives a true</td></tr><tr><td colspan="1">and fair view.</td></tr><tr><td colspan="1">⢠Obtain sufficient appropriate audit evidence regarding the financial information</td></tr><tr><td colspan="1">of the entities or business activities within the Group to express an opinion on</td></tr><tr><td colspan="1">the consolidated financial statements. We are responsible for the direction,</td></tr><tr><td colspan="1">supervision and performance of the group audit. We remain solely responsible</td></tr><tr><td colspan="1">for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other</td></tr><tr><td colspan="1">matters, the planned scope and timing of the audit and significant audit findings,</td></tr><tr><td colspan="1">including any significant deficiencies in internal control that we identify during</td></tr><tr><td colspan="1">our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have</td></tr><tr><td colspan="1">complied with relevant ethical requirements regarding independence, and to</td></tr><tr><td colspan="1">communicate with them all relationships and other matters that may reasonably be</td></tr><tr><td colspan="1">thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we deter-</td></tr><tr><td colspan="1">mine those matters that were of most significance in the audit of the consolidated</td></tr><tr><td colspan="1">financial statements and the parent company financial statements of the current</td></tr><tr><td colspan="1">period and are therefore the key audit matters. We describe these matters in our</td></tr><tr><td colspan="1">auditor's report unless law or regulation precludes public disclosure about the</td></tr><tr><td colspan="1">matter or when, in extremely rare circumstances, we determine that a matter</td></tr><tr><td colspan="1">should not be communicated in our report because the adverse consequences</td></tr><tr><td colspan="1">of doing so would reasonably be expected to outweigh the public interest benefits</td></tr><tr><td colspan="1">of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2021-04-06</arr:SignatureOfAuditorsDate>
<ifrs-full:Revenue contextRef="ctx1" unitRef="vEUR" decimals="-3">19501000</ifrs-full:Revenue>
<ifrs-full:CostOfSales contextRef="ctx1" unitRef="vEUR" decimals="-3">45759000</ifrs-full:CostOfSales>
<ifrs-full:OtherIncome contextRef="ctx1" unitRef="vEUR" decimals="-3">0</ifrs-full:OtherIncome>
<easy:AdministrativeExpenses contextRef="ctx1" unitRef="vEUR" decimals="-3">9646000</easy:AdministrativeExpenses>
<ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx1" unitRef="vEUR" decimals="-3">-35914000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:FinanceIncome contextRef="ctx1" unitRef="vEUR" decimals="-3">16811000</ifrs-full:FinanceIncome>
<ifrs-full:FinanceCosts contextRef="ctx1" unitRef="vEUR" decimals="-3">7930000</ifrs-full:FinanceCosts>
<ifrs-full:ProfitLossBeforeTax contextRef="ctx1" unitRef="vEUR" decimals="-3">-27033000</ifrs-full:ProfitLossBeforeTax>
<ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="ctx1" unitRef="vEUR" decimals="-3">-1000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ProfitLoss contextRef="ctx1" unitRef="vEUR" decimals="-3">-27032000</ifrs-full:ProfitLoss>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx1" unitRef="vEUR" decimals="-3">0</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx1" unitRef="vEUR" decimals="-3">-27032000</ifrs-full:ComprehensiveIncome>
<ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="ctx1" unitRef="vEUR" decimals="-3">-27032000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
<ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="ctx1" unitRef="vEUR" decimals="-3">-27032000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
<ifrs-full:BasicEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="2">-1.04</ifrs-full:BasicEarningsLossPerShare>
<ifrs-full:DilutedEarningsLossPerShare contextRef="ctx1" unitRef="share" decimals="2">-1.04</ifrs-full:DilutedEarningsLossPerShare>
<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx1" unitRef="vEUR" decimals="-3">15482000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<easy:GainOnDerecognitionOfLeaseAssetsAndLiabilities contextRef="ctx1" unitRef="vEUR" decimals="-3">-7703000</easy:GainOnDerecognitionOfLeaseAssetsAndLiabilities>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="ctx1" unitRef="vEUR" decimals="-3">1131000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="ctx1" unitRef="vEUR" decimals="-3">0</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx1" unitRef="vEUR" decimals="-3">-1000</ifrs-full:AdjustmentsForIncomeTaxExpense>
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<ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vEUR" decimals="-3">256138000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities contextRef="ctx1" unitRef="vEUR" decimals="-3">0</ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" unitRef="vEUR" decimals="-3">-256138000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
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<easy:PayablesToSwireGroupEntities contextRef="ctx1" unitRef="vEUR" decimals="-3">-10846000</easy:PayablesToSwireGroupEntities>
<easy:ProceedsFromIssueOfShareCapital contextRef="ctx1" unitRef="vEUR" decimals="-3">-284381000</easy:ProceedsFromIssueOfShareCapital>
<easy:TransactionCostsOnIssuesOfShares contextRef="ctx1" unitRef="vEUR" decimals="-3">-3342000</easy:TransactionCostsOnIssuesOfShares>
<easy:ProceedsFromBorrowings contextRef="ctx1" unitRef="vEUR" decimals="-3">73287000</easy:ProceedsFromBorrowings>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" unitRef="vEUR" decimals="-3">328118000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vEUR" decimals="-3">62393000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">30700228</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" xml:lang="da">EY</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Englandsgade 25</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">5000 Odense C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2019-12-31</gsd:PredingReportingPeriodEndDate>
<cmn:TypeOfAuditorAssistance contextRef="ctx1">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Chantal Pernille Patel</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<ifrs-full:AverageNumberOfEmployees contextRef="ctx1" unitRef="pure" decimals="0">42</ifrs-full:AverageNumberOfEmployees>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">M. Gleerup</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" xml:lang="da">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">M. Konrad</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx3" xml:lang="da">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" xml:lang="da">R. Sell</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" xml:lang="da">R. Shearer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" xml:lang="da">C. Hedegaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" xml:lang="da">J. Lok</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx8" xml:lang="da">D. Wedell-Wedellsborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx9" xml:lang="da">A. Beroutsos</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss contextRef="ctx10" unitRef="vEUR" decimals="-3">15644000</ifrs-dk:AdjustmentsForDepreciationAndImpairmentLoss>
<easy:GainOnDerecognitionOfLeaseAssetsAndLiabilities contextRef="ctx10" unitRef="vEUR" decimals="-3">0</easy:GainOnDerecognitionOfLeaseAssetsAndLiabilities>
<ifrs-full:AdjustmentsForFinanceCosts contextRef="ctx10" unitRef="vEUR" decimals="-3">8288000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceIncome contextRef="ctx10" unitRef="vEUR" decimals="-3">0</ifrs-full:AdjustmentsForFinanceIncome>
<ifrs-full:AdjustmentsForIncomeTaxExpense contextRef="ctx10" unitRef="vEUR" decimals="-3">1580000</ifrs-full:AdjustmentsForIncomeTaxExpense>
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<ifrs-dk:DecreaseIncreaseInInventories contextRef="ctx10" unitRef="vEUR" decimals="-3">-581000</ifrs-dk:DecreaseIncreaseInInventories>
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<ifrs-dk:DecreaseIncreaseInTradePayables contextRef="ctx10" unitRef="vEUR" decimals="-3">-923000</ifrs-dk:DecreaseIncreaseInTradePayables>
<ifrs-dk:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx10" unitRef="vEUR" decimals="-3">-1645000</ifrs-dk:OtherAdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="ctx10" unitRef="vEUR" decimals="-3">-3664000</ifrs-dk:AdjustmentsForDecreaseIncreaseInWorkingCapital>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="ctx10" unitRef="vEUR" decimals="-3">97000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx10" unitRef="vEUR" decimals="-3">-2012000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
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<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx10" unitRef="vEUR" decimals="-3">2922000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx10" unitRef="vEUR" decimals="-3">846000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-dk:OtherPlantEquipmentAndFixtures contextRef="ctx11" unitRef="vEUR" decimals="-3">252327000</ifrs-dk:OtherPlantEquipmentAndFixtures>
<ifrs-dk:RightofuseAssets contextRef="ctx11" unitRef="vEUR" decimals="-3">740000</ifrs-dk:RightofuseAssets>
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<ifrs-full:NoncurrentAssets contextRef="ctx11" unitRef="vEUR" decimals="-3">253270000</ifrs-full:NoncurrentAssets>
<ifrs-full:Inventories contextRef="ctx11" unitRef="vEUR" decimals="-3">312000</ifrs-full:Inventories>
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<ifrs-full:Liabilities contextRef="ctx11" unitRef="vEUR" decimals="-3">95748000</ifrs-full:Liabilities>
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<cmn:NameOfAuditFirm contextRef="ctx15" xml:lang="da">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx15" xml:lang="da">Jens Thordahl Nøhr</cmn:NameAndSurnameOfAuditor>
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<arr:IdentificationNumberOfAuditor contextRef="ctx15">mne32212</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx16" xml:lang="da">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx16" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx16">mne26693</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx16">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx16" xml:lang="da">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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