Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2021-12-31 | 40357000000 | dkk |
| ifrs-full:Assets | 2020-12-31 | 40134000000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 71383000000 | dkk |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 70767000000 | dkk |
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<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value-19" xml:lang="en">Transparency, constructive stakeholder di-alogue, sound decision-making processes and controls are key aspects of our corpo-rate governance for the benefit of ISS and our stakeholders. The management team of the Group formally con-sists of the Board of Directors and the Managing Di-rector of ISS Global A/S. Since ISS Global A/S has no operating activities of its own, the Group relies on the management team of ISS A/S, the ultimate par-ent company in Denmark. As a subsidiary of ISS A/S, ISS Global A/S is subject to the same corporate gov-ernance policies applicable in ISS A/S. Corporate governance of the ISS Global Group is therefore built on corporate governance of the ISS A/S Group, in-cluding the management team, and descriptions in this chapter should be seen in this context. Framework The Board of Directors (the Board) regularly reviews the Groupâs corporate governance framework and policies in relation to the Groupâs activities, business environment, corporate governance recommenda-tions and statutory requirements; and continuously assesses the need for adjustments. The rules on the governance of ISS A/S, including share capital, general meetings, shareholder deci-sions, election of members to the Board, etc., is de-scribed in the Articles of Association. The Board reviews the Groupâs share and capital structure on an ongoing basis. The Board believes the present share and capital structure serves the best interests of both the shareholders and ISS as it gives ISS the flexibility to pursue strategic goals, thus supporting long-term shareholder value combined with short-term shareholder value by way of ISSâs dividend policy. Governance structure Shareholders The shareholders of ISS A/S exercise their rights at the general meeting, which is the supreme govern-ing body of ISS. Management Management powers are distributed between our Board and our Executive Group Management Board (the EGMB). No person serves as a member of both of these corporate bodies. Our EGMB carries out the day-to-day management, while our Board supervises the work of our EGMB and is responsible for the overall management and strategic direction. The members of the EGMB are the Group CEO and the Group CFO. Together, they form the manage-ment registered with the Danish Business Authority. The Group has a wider Executive Group Manage-ment (the EGM), whose members are ten Corporate Senior Officers in addition to the EGMB. The EGM has a number of committees including a Sustainabil-ity Committee addressing ESG-related matters which are reported and reviewed by the EGM and the Board as required. In the review of our governance structure on p. 27, we have outlined the primary responsibilities of the Board and the EGM as well as 2021 activity by Board committees. Strengthening the EGM In 2021, we strengthened our EGM and made neces-sary organisational changes to support our execution of the OneISS strategy even more. On 1 May 2021, Liz Benizon took up the position as Country Manager of ISS UK & Ireland and joined the Executive Group Management. On 1 June 2021, Markus Sontheimer took up the po-sition as Chief Information and Digital Officer and joined the Executive Group Management. On 1 January 2022, Carl-Fredrik Langard-Bjor took up the position as CEO Northern Europe and Celia Liu the position as CEO Central & Southern Europe. On 31 December 2021, Pierre-François Riolacci stepped down as Group CEO Europe. Composition of the Board The Board consists of ten members, seven elected by the general meeting and three elected by and among the employees. Board members elected by the general meeting stand for election each year. Niels Smedegaard and Kelly Kuhn were appointed as new members of the Board at the annual general meeting on 13 April 2021 where the previous Chair of the Board Lord Allen of Kensington and board mem-ber Claire Chiang stepped down. The Board consti-tuted itself by electing Niels Smedegaard as Chair and Henrik Poulsen as Deputy Chair. Employee representatives are elected on the basis of a voluntary arrangement regarding Group represen-tation for employees of ISS World Services A/S as further described in the Articles of Association. Em-ployee representatives serve for terms of four years. The current employee representatives joined the Board after the annual general meeting held in April 2019. Board evaluation In 2021, the Board performed its annual evaluation of the Boardâs performance with assistance by an exter-nal advisor. The evaluation included Board composi-tion, individual performance at meetings and prepa-ration, cooperation between the Board and the EGMB, the leadership of the Board Chair, committee structure and work as well as the organisation of work and quality of Board material. All members of the Board, CEO, CFO and the General Counsel an-swered bespoke online questionnaires and partici-pated in in-depth personal interviews. The result of the Board evaluation was subsequently presented and discussed at a Board meeting. Overall, the Board was evaluated by the external ad-visor to be well-functioning and with a diverse com-position. Under challenging circumstances, with new members and few opportunities to meet in person, the board had worked well together. The evaluation identified a few focus areas to improve the Boardâs performance and value-add during 2022: i) ensuring the right balance between reviewing progress on turnaround plans and ensuring long-term, profitable growth, ii) reviewing integration of and follow-up on environmental and social goals in general and lever-aging the opportunity to become a societal role model in particular and iii) strengthening the Board as a team. For further details, please see response to recom-mendation 3.5.1 of the 2021 Statutory report on Cor-porate Governance. Assurance The Groupâs external financial reporting is audited by the independent auditors. Group Internal Audit (GIA) is responsible for provid-ing an objective and independent assessment of the effectiveness and quality of the internal controls in accordance with the internal audit plan approved by the Audit and Risk Committee (ARC). GIA operates under a charter approved by the Board. Although the travel ability of GIA continued to be im-pacted by Covid-19, audit programmes have been adjusted to accommodate remote testing allowing for GIA to continue to provide assurance over the oper-ating effectiveness of internal controls. In 2021, focus has been on: ⢠establishment of regional based GIA in Asia & Pacific and the strengthening of the GIA team through recruitment of new members in the newly established corporate hub in Warsaw; ⢠development of new audit working programme to provide assurance around effectiveness of inter-nal controls in our Partnership countries; ⢠continued implementation of a structured and formalised Internal Control Framework for Finan-cial Reporting (ICOFR). The status of selected controls and on the implementation of key pro-cesses and systems is reported separately for each country as part of a Group initiative on Top 10 Controls; and ⢠reducing the number of open audit recommen-dations and ensuring timely closure of audit rec-ommendations. The Groupâs external financial reporting is audited by the independent auditors. Speak up (whistleblower) The Groupâs Speak Up Policy is implemented through a reporting tool operated by GotEthics, which is available in 21 languages via ISSâs website and lo-cal ISS country websites enabling employees of ISS, business partners and other stakeholders to report serious and sensitive concerns anonymously. All business integrity and ethics issues identified through Speak Up or other sources are handled by the Business Integrity Committee (BIC) that is com-posed of the Group CFO, the Group General Coun-sel, the Group People and Culture Officer and the Head of Group Internal Audit. The BIC reports to the ARC on all matters that have been subject to investi-gation. Over 2021, the accessibility and awareness of Speak Up has been strengthened through the ongoing im-plementation of a manned phone hotline to supple-ment the reporting tool and updates of the ISS web-site with a new section on Responsible Business Conduct & Speak Up. </mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value-155" xml:lang="en"> In respect of the specific target for ISS Global A/S cf. 99b of the Danish Financial Statements Act, the target to increase the number of women on the Board of Directors (Board) to at least one member by the annual gen-eral meeting in 2021 has been reached as the Board of ISS Global A/S cur-rently consists of one woman and four men. The Boardâs gender target of having at least 40% women elected by the general meeting on the Board 1by 2020 was met with 43%. Including employee rep-resentatives, 50% of our Board is women. The Board has set a new target to further increase the number of female board members to at least one third by the annual general meeting in 2025 although ISS remains committed to always selecting the best candi-date for the Board based on competencies, experience and diversity. As ISS Global A/S does not have any employees and no defined other man-agement levels, a policy and targets for promoting gender diversity at other management levels has not been adopted. </mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value-166" xml:lang="en">The Board and the EGM recognise the importance of promoting diversity at management levels and have implemented policies regarding competencies and di-versity in respect of Board and EGMB nominations according to which we are committed to selecting the best candidate. Emphasis is placed on: ⢠experience and expertise; ⢠diversity of gender and in broader terms; and ⢠personal characteristics matching ISSâs values and leadership principles. In 2021, we launched our global Diversity & Inclusion (D&I) strategy. As part of the strategy, we have defined a target of achieving at least 40% gen-der balance at all corporate leadership levels by 2025. Gender balance at all leadership levels re-mains a focus area in 2022. </mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-2" id="pp-value-253" xml:lang="en">ISSâs focus on safe and ethical processing of data has been strengthened by the adoption of the ISS Data Ethics Policy. The purpose of the policy is to ensure transparency and accountability in ISSâs man-agement and processing of data. The policy is based on the principles of the Charter of Fundamental Rights of the European Union and emphasises ISSâs commitment to responsible, fair and progressive data handling as well as ISSâs dedication to diversity and inclusion. The Data Ethics Policy as per section 99d in the Danish Financial Statements Act has been adopted by the EGM and the Board and is subject to annual review in line with ISSâs policy standards. The policy is available at: https://brand.issworld.com/m/7718dae21a3a6761/original/ISS-Data-Ethics-Policy-20211215-_Final.pdf </mrv:StatementOfPolicyForDataEthics>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-2" id="pp-value-269" xml:lang="en">Copenhagen,</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-2" id="pp-value-270" xml:lang="en">2022-03-17</sob:DateOfApprovalOfAnnualReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value-271" xml:lang="en">The Board of Directors and the Executive Group Management Board have today discussed and ap-proved the annual report of ISS Global A/S for the financial year 2021. The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. It is our opinion that the consolidated financial state-ments and the Parent company financial statements give a true and fair view of the Groupâs and the Par-ent companyâs financial position at 31 December 2021 and of the results of the Groupâs and the Par-ent companyâs operations and cash flows for the fi-nancial year 1 January â 31 December 2021. In our opinion, the Management review includes a fair review of the development in the Groupâs and the Parent companyâs operations and financial con-ditions, the results for the year, cash flows and fi-nancial position as well as a description of the most significant risks and uncertainty factors that the Group and the Parent company face. In our opinion, the annual report of ISS Global A/S for the financial year 2021 identified as ISS-Global-2021-12-31-en.zip has been prepared, in all mate-rial respects, in compliance with the ESEF-regula-tion. We recommend that the annual report be approved at the annual general meeting. </sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-35" id="pp-value-304" xml:lang="en">Managing Director </cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-35" xml:lang="en">Kristoffer Lykke-Olesen </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-36" id="pp-value-306" xml:lang="en">Jacob Aarup-Andersen </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-36" xml:lang="en">Chair </cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-37" id="pp-value-308" xml:lang="en">Kasper Fangel </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" xml:lang="en">Corinna Refsgaard </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="pp-value-310" xml:lang="en">Bjørn Raasteen </cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">To the shareholder of ISS Global A/S </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value-312" xml:lang="en">We have audited the consolidated financial state-ments and the parent company financial statements of ISS Global A/S for the financial year 1 January â 31 December 2021, pp. 28-115, which comprise statement of profit or loss, statement of comprehen-sive income, statement of cash flows, statement of fi-nancial position, statement of changes in equity and notes, including accounting policies for the Group and the Parent Company. The consolidated financial statements and the parent company financial state-ments are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the finan-cial year 1 January â 31 December 2021 in accord-ance with International Financial Reporting Stand-ards as adopted by the EU and additional require-ments of the Danish Financial Statements Act. Our opinion is consistent with our long-form audit re-port to the Audit and Risk Committee and the Board of Directors. </arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value-341" xml:lang="en">We conducted our audit in accordance with Interna-tional Standards on Auditing (ISAs) and additional re-quirements applicable in Denmark. Our responsibili-ties under those standards and requirements are fur-ther described in the âAuditorâs responsibilities for the audit of the consolidated financial statements and the parent company financial statementsâ (hereinafter collectively referred to as âthe financial statementsâ) section of our report. We believe that the audit evi-dence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Account-antsâ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applica-ble in Denmark, and we have fulfilled our other ethi-cal responsibilities in accordance with these rules and requirements. To the best of our knowledge, we have not provided any prohibited non-audit services as described in ar-ticle 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor Subsequent to ISS Global A/S being listed on Bourse de Luxembourg, we were initially appointed as audi-tor of ISS Global A/S on 1 April 2003. We have been reappointed annually by resolution of the general meeting for a total consecutive period of eighteen years up until the financial year 2021. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value-371" xml:lang="en">Key audit matters are those matters that, in our pro-fessional judgement, were of most significance in our audit of the financial statements for the financial year 2021. These matters were addressed during our au-dit of the financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the âAuditorâs responsibilities for the audit of the financial statementsâ section of our report, including in relation to the key audit matters. Accordingly, our audit in-cluded the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial state-ments. Revenue from contracts with customers, including cut-off and accrual of revenue and onerous contracts Revenue from contracts is recognised as the ser-vices are rendered to the customers. Some contracts require the Group to incur significant transition and mobilisation costs at contract inception which are capitalised and amortised over a multi-annual con-tract term. Accordingly, appropriate cut-off and ac-crual of revenue and capitalisation and amortisation of transition and mobilisation costs is critical and in-volve management judgement, especially in relation to the more integrated and complex facility service contracts. Further, the assessment of whether a con-tract may be considered onerous involves manage-ment judgement in making accounting estimates about future contract profitability, including the deter-mination of the total contract revenue, contract period and the unavoidable costs of meeting the obligations under the contract. Due to the inherent uncertainty involved in the cut off and accrual of revenue, the assessment of whether transition and mobilisation costs meet the criteria to be capitalised and the determination of the contract period and the future contract profitability, including the uncertainty relating to estimating the impact from Covid-19, we considered the accounting for revenue from contracts with customers, including cut-off and accrual of revenue and onerous contracts, to be a key audit matter. For details on revenue from contracts with custom-ers, transition and mobilisation costs and provisions for onerous contracts, reference is made to notes 1.2, 2.2, 2.3 and 2.6 in the consolidated financial statements. In response to the identified risks, our audit proce-dures included, among others: ⢠Test on a sample basis of accrued revenue (un-billed receivables) to supporting documentation, including procedures such as: Inspection of proof of work done, review of contracts with customers, comparison of amounts accrued to subsequent in-voices and cash receipts. ⢠Test on a sample basis of capitalised transition and mobilisation costs, including procedures such as: Inspection of proof of costs incurred, review of contracts with customers, evaluation of manage-mentâs assessment of costs meeting the criteria to be recognised. ⢠Evaluation of managementâs process to identify and quantify onerous contracts. Our evaluation in-cluded inquiries to local management responsible for carrying out the identification process at coun-try level, review of documentation of manage-mentâs analysis as well as our own analytical pro-cedures over contract margins. ⢠Test on a sample of provisions for onerous con-tracts, including procedures such as: Review of the relevant contract and managementâs estimate of the future contract revenue and unavoidable cost, assessment of the assumptions applied by management to estimate the future contract reve-nue, including the expected Covid-19 impact, con-tract term including termination and extension op-tions and unavoidable cost, comparison of the rev-enue assumptions used to the services and fees specified in the contract, comparison of unavoida-ble cost assumptions used to underlying cost pro-jections and actual costs incurred historically as well as testing the completeness and accuracy of the underlying cost projections. Valuation of intangible assets The carrying amounts of goodwill and customer con-tracts related to prior yearsâ acquisitions comprise a significant part of the consolidated statement of fi-nancial position. The cash-generating units in which goodwill and customer contracts are included are im-pairment tested by Management on an annual basis. The impairment tests are based on Managementâs estimates of among others future profitability, long-term growth and discount rate. Due to the inher-ent uncertainty involved in determining the net pre-sent value of future cash flows, including the uncer-tainty relating to estimating the impact from Covid-19, we considered these impairment tests to be a key audit matter. For details on the impairment tests per-formed by Management reference is made to notes 3.6, 3.7 and 3.8 in the consolidated financial state-ments. In response to the identified risks, our audit proce-dures included, among others, testing the mathemati-cal accuracy of the discounted cash flow model and comparing forecasted profitability to board approved budgets. We evaluated the assumptions and meth-odologies used in the discounted cash flow model, in particular those relating to the forecasted revenue growth and operating margin, including comparing with historical growth rates and assessed impact of Covid-19. We compared the assumptions applied to externally derived data as well as our own assess-ments in relation to key inputs such as projected eco-nomic growth and discount rates. Further, we evalu-ated the sensitivity analysis on the key assumptions applied. Our audit procedures primarily focused on cash generating units where likely changes in key as-sumptions could result in impairment. We further evaluated the adequacy of disclosures provided by Management in the financial statements compared to applicable accounting standards. Assets and liabilities held for sale and discontinued operations When classifying businesses as held for sale and as discontinued operations in the consolidated financial statements, Management makes judgments and esti-mates, including assessment of impairment of the net assets. Due to the materiality of Managementâs dis-posal plans and inherent uncertainty involved in clas-sifying and assessing assets and liabilities held for sale and discontinued operations, we considered these judgments and estimates as a key audit mat-ter. For details on the assets and liabilities held for sale and discontinued operations reference is made to note 3.1 and note 3.2 in the consolidated financial statements. In response to the identified risks, our audit proce-dures included, among others, agreeing the carrying amounts of the assets and liabilities held for sale to underlying accounting records, considered Manage-mentâs criteria for classification of businesses as held for sale and discontinued operations and reading draft agreements where relevant, including reviewing minutes and other relevant documentation of the sales processes and board decisions. We considered the impairment assessment made by Management, including assessment of key assumptions applied and evaluation of the explanations provided by com-paring key assumptions to market data, where avail-able. We further evaluated the adequacy of disclo-sures provided by Management in the financial state-ments compared to applicable accounting standards. Income tax and deferred tax balances The Groupâs operations are subject to income taxes in various jurisdictions having different tax legislation. Management makes judgments and estimates in de-termining the recognition of income taxes and de-ferred taxes. Given the inherent uncertainty involved in assessing and estimating the income tax and de-ferred tax balances, including tax exposures and write-down of deferred tax assets and given the un-certainty estimating the impact from Covid-19 on fu-ture taxable income, we considered these balances as a key audit matter. For details on the income tax and deferred tax bal-ances reference is made to notes 1.4 and 1.5 in the consolidated financial statements and notes 7 and 9 in the Parent company financial statements. In response to the identified risks, our audit proce-dures included review of tax computations in order to assess the completeness and accuracy of the amounts recognised as income taxes and deferred taxes, as well as assessment of correspondence with tax authorities and evaluation of tax exposures as well as write-down of deferred tax assets. In respect of the deferred tax assets recognised in the state-ment of financial position, we assessed Manage-mentâs assumptions as to the probability of recover-ing the assets through taxable income in future years and available tax planning strategies. We further evaluated the adequacy of disclosures provided by Management compared to applicable accounting standards. Valuation of investments in and receivables from sub-sidiaries The investments in and receivables from subsidiaries comprise a significant part of the statement of finan-cial position of the parent company. The valuation of investments in and receivables from subsidiaries is based on Managementâs assessment of whether in-dications or objective evidence of impairment exists. This assessment is based on an assessment of the net present value of the expected future cash flows generated by the subsidiaries which is determined on the basis of, among others, the expected future prof-itability, long-term growth and discount rate for each subsidiary. Due to the inherent uncertainty involved in determining the net present value of expected fu-ture cash flows, we considered the valuation of in-vestments in and receivables from subsidiaries to be a key audit matter. For details on the valuation of in-vestments in subsidiaries reference is made to note 8 in the parent company financial statements. In response to the identified risks, our audit proce-dures included, among others, testing the mathemati-cal accuracy of the discounted cash flow model and comparing forecasted profitability to board approved budgets. We evaluated the assumptions and meth-odologies used in the discounted cash flow model, in particular those relating to the forecasted revenue growth and operating margin, including comparing with historical growth rates and results as well as as-sessed impact of Covid-19. We compared the as-sumptions applied to externally derived data as well as our own assessments in relation to key inputs such as projected economic growth and discount rates. Further, we evaluated the sensitivity analysis on the key assumptions applied. Our audit proce-dures primarily focused on investments, where likely changes in key assumptions could result in impair-ment. We further evaluated the adequacy of disclo-sures provided by Management in the parent com-pany financial statements compared to applicable ac-counting standards. </arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value-618" xml:lang="en">Management is responsible for the Managementâs review, pp. 2-27. Our opinion on the financial statements does not cover the Managementâs review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial state-ments, our responsibility is to read the Manage-mentâs review and, in doing so, consider whether the Managementâs review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materi-ally misstated. Moreover, it is our responsibility to consider whether the Managementâs review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Managementâs review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Fi-nancial Statements Act. We did not identify any ma-terial misstatement of the Managementâs review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value-643" xml:lang="en">Management is responsible for the preparation of consolidated financial statements and parent com-pany financial statements that give a true and fair view in accordance with International Financial Re-porting Standards as adopted by the EU and addi-tional requirements of the Danish Financial State-ments Act and for such internal control as Manage-ment determines is necessary to enable the prepara-tion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Groupâs and the Par-ent Companyâs ability to continue as a going con-cern, disclosing, as applicable, matters related to go-ing concern and using the going concern basis of ac-counting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value-663" xml:lang="en">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that in-cludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in ac-cordance with ISAs and additional requirements ap-plicable in Denmark will always detect a material mis-statement when it exists. Misstatements can arise from fraud or error and are considered material if, in-dividually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Den-mark, we exercise professional judgement and main-tain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstate-ment of the financial statements, whether due to fraud or error, design and perform audit proce-dures responsive to those risks and obtain audit evidence that is sufficient and appropriate to pro-vide a basis for our opinion. The risk of not detect-ing a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations or the override of inter-nal control. ⢠Obtain an understanding of internal control rele-vant to the audit in order to design audit proce-dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. ⢠Evaluate the appropriateness of accounting poli-cies used and the reasonableness of accounting estimates and related disclosures made by Man-agement. ⢠Conclude on the appropriateness of Manage-mentâs use of the going concern basis of account-ing in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial state-ments represent the underlying transactions and events in a manner that gives a true and fair view. ⢠Obtain sufficient appropriate audit evidence re-garding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethi-cal requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consoli-dated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regula-tion precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our re-port because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" id="pp-value-764" xml:lang="en">Copenhagen,</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" id="pp-value-765" xml:lang="en">2022-03-17</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-3" xml:lang="en">EY Godkendt Revisionspartnerselskab </cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-3" id="pp-value-768" xml:lang="en">Torben Bender </cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-4" id="pp-value-769" xml:lang="en">Claus Kronbak </cmn:NameAndSurnameOfAuditor>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:ReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2021-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2021-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2020-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2020-12-31</gsd:PredingReportingPeriodEndDate>
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<fsa:ClassOfReportingEntity contextRef="ctx-2" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">DK-2860 Søborg</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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