Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2021-12-31	2553400000	vEUR
ifrs-full:Assets	2020-12-31	2150600000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2021-01-01	2021-12-31	1906700000	vEUR
ifrs-full:Revenue	2020-01-01	2020-12-31	1470200000	vEUR

XML

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   <mrv:StatementOfPolicyForDataEthics contextRef="ctx2" id="fact1086" xml:lang="en">NKT data ethics policy* NKT respects all relevant data which is received or collected from our employees, customers and other stakeholders, andsuch data is handled in compliance with ap-plicable laws and regulations and in accord-ance with our internal ethical standards. In 2021, NKT established a formal data ethics policy defining our overall approach and the principles applied to the handling of data, including collecting, using, accessing and sharing data, as well as technical and organizational measures implemented to protect and safeguard data. Our data ethics values provide the foundation for ethical decision- making when adopting or developing new data-driven technologies. Efforts and activities relating to continued implementation of the NKT data ethics policy will remain a focus point in 2022.</mrv:StatementOfPolicyForDataEthics>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact1107" xml:lang="en">Group Management’s statement The Board of Directors and the Executive Management have today considered and adopted the Annual Report of NKT A/S for the financial year 1 January – 31 December 2021. The Annual Report has been prepared in accordance with International Financial Re- porting Standards which have been adopted by the EU, Danish disclosure requirements for listed companies and, with the file nkt-2021-12-31-en.zip, in all material respects, in compliance with the ESEF Regulation. In our opinion the consolidated financial statements and the Company’s financial statements give a true and fair view of the Group’s and the Company’s assets, liabilities and financial position at 31 December 2021 and of the results of the Group’s and the Company’s operations and cash flow for the financial year 1 January – 31 December 2021. We also find that the Management’s review provides a fair statement of developments in the activities and financial situation of the Group, financial results for the period, the general financial position of the Group, and a description of major risks and elements of uncertainty faced by the Group. We recommend that the Annual Report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
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   <sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact1138">2022-02-23</sob:DateOfApprovalOfAnnualReport>
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   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact1172" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements ap- plicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the consol- idated financial statements and the parent financial statements section of this audi- tor’s report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Profes- sional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. We were appointed auditors of NKT A/S for the first time on 21.03.2013 for the financial year 2013. We have been reappointed annually by decision of the general meeting for a total contiguous engagement period of 9 years up to and including the financial year 2021.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx2" id="fact1205" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the finan- cial year 01.01.2021 - 31.12.2021. These matters were addressed in the context of our audit of the consolidated finan- cial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of construction contracts Refer to notes 1.3, 2.1, 4.3, 4.4, and 5.6 in the consolidated financial statements Significant judgements are required by Management in determining stage of completion and estimating profit on each project, including assessment of provisions for specific project risks. Minor changes in the stage of comple- tion and specific project risks can have a significant impact on the valuation and recognition of construction contracts and income for the year. Accordingly, the valuation of construc- tion contracts especially relating to high voltage offshore contracts is considered to be a key audit matter. How the matter was addressed in the audit Based on our risk assessment, we have assessed and tested the relevant internal controls for construction contracts primarily relating to contract acceptance, change orders, monitoring of project de- velopment, costs incurred and estimation of costs to complete and assessment of specific project risks. We obtained from Management an overview of the Group’s construction contracts at 31 December 2021 relating to high voltage offshore contracts cov- ering both in progress contracts as of year-end and contracts completed during the year. Based on assessed project risks and materiality, we selected a sample of contracts where we obtained the under- lying contracts, including change orders, original budget and any changes made to original budgets, including estimates of costs to complete, project reports and overview of the risk register and corre- sponding risk provision, where deemed relevant by us. For the selected contracts, we assessed and challenged Management’s assump- tions for determining stage of completion with due consideration to its assessment of project risks and risk provisions and estimated profit/loss through interviews with project controllers, project manage- ment, legal department and management representatives as well as our under- standing and assessment of the contract terms, associated project risks, including valuation of change orders under discus- sion with customers and final acceptance. Additionally, we attended project steering committee meetings at which project performance, cost to complete and project risk register, including likelihood of the risk materialising, were discussed and assessed in detail. For the selected completed contracts, we performed retrospective reviews of assessment of project risk and develop- ment and utilisation of risk provisions to assess the completeness and accuracy of Management’s assumptions applied throughout the contract period. Impairment test of non-current assets Refer to notes 1.3, 3.1, 3.2, and 3.3 in the consolidated financial statements The recoverable amount of non-current assets in the Group’s high voltage power cable business (Solutions) is dependent on the expected increase in operational EBITDA and that the operational EBITDA level can be sustained in the long term. The determination of recoverable amount for Solutions is based on the value-in- use derived from future free net cash flow based on budgets and the strategy for the coming years and free net cash flows from the terminal period. Significant judgement is required by Management in determining value-in-use, including cash flow projections based on financial budgets for 2022 and financial forecasts for 2023-2027, and growth rate in the terminal period and the discount rate to be applied. Accordingly, the carrying value of non-current assets for Solutions is con- sidered to be a key audit matter. How the matter was addressed in the audit Based on our risk assessment, we have obtained and evaluated Management’s determination of future cash flow fore- casts for Solutions and the underlying process by which they were drawn up, in- cluding the mathematical accuracy of the valuation models applied and agreeing future growth, investments and margin assumptions to the latest Board approved budget for 2022 and financial forecasts for 2023-2027. We used our valuation specialists to assist us in evaluating the appropriateness of key market-related assumptions in Management’s valuation models, including discount rates and terminal growth rates. We assessed and challenged key assumptions applied in Management’s future forecasts of growth, investments and margins included in the cash flow forecasts” In assessing the level of headroom at Solutions level we performed down- side sensitivity analyses around the key assumptions, using a range of higher discount rates, lower terminal growth rates and lower EBITDA levels. Valuation of deferred tax assets Refer to notes 1.3 and 2.5 in the consoli- dated financial statements. The valuation of deferred tax assets is based on an assessment of the recovera- ble value of tax losses carried forward as well as the part of deductible temporary tax differences expected to be utilised within a foreseeable future. Significant judgement is required by Management in determining the recoverable value, includ- ing projections of future taxable income, based on financial budgets for 2022 and financial forecasts for 2023-2025. Accordingly, the valuation of deferred tax assets is considered to be a key audit matter. How the matter was addressed in the audit Based on our risk assessment, we have, in assessing the valuation of deferred tax assets, obtained and evaluated Manage- ment’s expectations of generating future taxable profits in the foreseeable future, especially in Germany and Denmark, and the underlying process by which they were drawn up, including the mathemati- cal accuracy of the models, and agreeing future growth and margin assumptions to the latest Board approved budget for 2022 and financial forecasts for 2023- 2025 as well as the expected related utilisation of the deferred tax asset. We assessed and challenged the reasona- bleness of Management’s determination of expected future taxable profits in the light of Management’s plans for improving the operational results in Germany and Denmark. In assessing the valuation of deferred tax assets, we performed downside sensitiv- ity analysis around the key assumptions by using a range of lower growth rates and margins.</arr:KeyAuditMattersAudit>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact1141" xml:lang="en">Opinion We have audited the consolidated finan- cial statements and the parent financial statements of NKT A/S for the financial year 01.01.2021 - 31.12.2021, which com- prise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a summa- ry of significant accounting policies, for the Group as well as for the Parent. The consolidated financial statements and the parent financial statements 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 finan- cial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31.12.2021, and of the results of their operations and cash flows for the financial year 01.01.2021 - 31.12.2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our audit book comments issued to the Audit Com- mittee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact1385" xml:lang="en">Statement on the management commentary Management is responsible for the man- agement commentary. Our opinion on the consolidated financial statements and the parent financial state- ments does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consoli- dated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise ap- pears to be materially misstated. Moreover, it is our responsibility to con- sider whether the management commen- tary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the manage- ment commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact1452" xml:lang="en">Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements Our objectives are to obtain reasonable assurance about whether the consolidat- ed financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reason- able assurance is a high level of assur- ance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements. As part of an audit conducted in ac- cordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism through- out the audit. We also: ■ Identify and assess the risks of mate- rial misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ■ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are ap- propriate in the circumstances, but not for the purpose of expressing an opin- ion on the effectiveness of the Group’s and the Parent’s internal control. ■ Evaluate the appropriateness of accounting policies used and the rea- sonableness of accounting estimates and related disclosures made by Management. ■ Conclude on the appropriateness of Management’s use of the go- ing concern basis of accounting in preparing the consolidated financial statements and the parent 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 Group's and the Parent’s ability to continue as a going concern. If we conclude that a material uncer- tainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclo- sures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. ■ Evaluate the overall presentation, structure and content of the consol- idated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view. ■ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated finan- cial 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 governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with gov- ernance with a statement that we have complied with relevant ethical require- ments 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, safeguards put in place and measures taken to eliminate threats. From the matters communicated with those charged with governance, we de- termine those matters that were of most significance in the audit of the consolidat- ed financial statements and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our audi- tor’s report unless law or regulation pre- cludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such commu- nication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact1420" xml:lang="en">Management's responsibilities for the consolidated financial statements and the parent financial statements Management is responsible for the prepa- ration of consolidated financial statements and parent financial statements that give a true and fair view in accordance with International Financial Reporting Stand- ards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial state- ments, Management is responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease oper- ations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact1593" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the consolidated financial statements and the parent finan- cial statements of NKT A/S we performed procedures to express an opinion on whether the annual report of NKT A/S for the financial year 01.01.2021 - 31.12.2021 with the file name nkt-2021-12-31-en. zip is prepared, in all material respects, in compliance with the Commission Del- egated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annu- al report in XHTML format and iXBRL tagging of the consolidated financial statements. Management is responsible for prepar- ing an annual report that complies with the ESEF Regulation. This responsibility includes: ■ The preparing of the annual report in XHTML format; ■ The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judge- ment where necessary; ■ Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and ■ For such internal control as Man- agement determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the au- ditor’s judgement, including the assess- ment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ■ Testing whether the annual report is prepared in XHTML format; ■ Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; Evaluating the completeness of the iXBRL tagging of the consolidated financial statements; ■ Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ■ Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ■ Reconciling the iXBRL tagged data with the audited consolidated financial statements. In our opinion, the annual report of NKT A/S for the financial year 01.01.2021 - 31.12.2021 with the file name nkt-2021- 12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx2" id="fact1682" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx2" id="fact1683">2022-02-23</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx70" id="fact2008" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx71" id="fact2018" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx70" id="fact2011" xml:lang="en">Kirsten Aaskov Mikkelsen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx71" id="fact2014" xml:lang="en">KÃ¥re Kansonen Valtersdorf</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx70" id="fact2012" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx70" id="fact2013" xml:lang="en">mne21358</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx71" id="fact2015" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx71" id="fact2016" xml:lang="en">mne34490</cmn:IdentificationNumberOfAuditor>
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