Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 8759064000 | vDKK |
| ifrs-full:Assets | 2021-12-31 | 12089269000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 1897875000 | vDKK |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 1852383000 | vDKK |
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<cmn:NameOfAuditFirm contextRef="ctx65" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx2" id="fact1064" xml:lang="en">Our commitment to sustainability Significant progress was made in 2021 to strengthen our overall commitment to sustainability and create the foundation for setting a clearer and more ambitious direction for the future. A new governance structure was introduced to strengthen the accountability and oversight from the Board to the Executive Management and throughout the entire organization. This entailed a reinforcement of the ESG Committee with more internal stakeholders to support a broader focus going forward. The Committee has initiated a thorough analysis of the Companyâs external stakeholders, which has not only helped to better assess the materiality and impact of our operations, but also driven new activities during the year, complementing the targets set for 2021. Going forward, the strengthened accountability and action will be reflected in the incentive remuneration of the Executive Management, which in part will be linked to short-term ESG goals. The same principle will be extended to all other leaders throughout Bavarian Nordic to facilitate increased awareness and shared accountability for the targets across the organization. With a strengthened commitment and the inclusion of ESG targets in the remuneration principles, we have taken the first steps to build a long-term strategy to support sustainable operations. To further unfold our ambitions, and enable ourselves to set long-term targets, we will work to enhance our data platform and broaden the scope our reporting. To facilitate this, we will consider introducing one or more recognized reporting standards in the short- to medium- term. This will also allow us to better demonstrate progress towards our goals. While our long-term ambitions and goals will be subject to further assessment in 2022, we have established our reporting framework and short-term goals based on our initial materiality and impact assessment, which we will conduct annually to ensure our priorities are always aligned. Sustainability targets Area Focus Target Our people ⢠Employee engagement ⢠Maintain high engagement by completing actions based on the feedback from the engagement survey 2021 ⢠Diversity and inclusion ⢠Maintain gender equality among leaders ⢠Health and safety ⢠Sick leave ⤠2021 levels ⢠Work-related injuries ⤠2021 levels Environment and climate ⢠Emissions ⢠Develop baseline for energy consumption in production ⢠Waste ⢠Waste recycling rate ⥠2021 levels Business ethics and governance ⢠Governance ⢠Implement enhanced process for third party due diligence process for anti-bribery purposes Our progress on sustainability is reported in our Sustainability Report 2021, which covers our reporting obligations cf. sections 99a, 99b, 99d and 107d of the Danish Financial Statements Act and Article 8 of the EU Taxonomy Regulation. ESG key figures Key figures for selected environmental social and governance areas are provided in accordance with the recommendations set out in âESG key figures in the Annual Reportâ from the Danish Finance Society / CFA Society Denmark, FSR â Danish Auditors, and Nasdaq Copenhagen. For the sections regarding environmental and social data in the table below, the data has been subject to an independent auditorâs review in the form of limited assurance. The Independent Auditorâs Assurance Report can be found in our sustainability report. Unit 2021 2020 2019 2018 2017 Environmental data1 CO2e, scope 1 Metric tons 1,422 1,381 909 964 992 CO2e, scope 2 Metric tons 1,085 1,175 1,178 1,398 1,686 Energy Consumption GJ 42,577 45,110 34,137 32,527 32,099 Water Consumption m3 17,023 19,170 14,770 11,610 10,877 Social data1 Full-Time Workforce FTE 734 607 465 421 439 Gender Diversity2 % 61 61 N/A N/A N/A Gender Diversity, Management % 56 56 51 50 49 Employee Turnover Ratio % 14 9 10 13 18 Sickness Absence3 Days per FTE 7 6 6 6 8 Governance data4 Gender Diversity, Board % 29 29 29 14 14 Board Meeting Attendance Rate5 % 99 97 98 97 N/A CEO Pay Ratio Times 16 15 15 N/A N/A 1 Data derived from the Companyâs sustainability reports 2017-2021. 2 Data not collected before 2020. 3 Sickness absence does not include offices in the USA. 4 Data derived from the Companyâs annual reports 2017-2021, except for CEO pay ratio, which is presented in the Remuneration Report 2021. 5 Data not collected before 2018.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx2" id="fact1233" xml:lang="en">Corporate governance Bavarian Nordic remains focused on good corporate governance, having implemented the recommendations from the Committee of Corporate Governance (Komitéen for god selskabsledelse) for companies listed on the Nasdaq Copenhagen exchange. Management believes that the Company is operated in compliance with guidelines and recommendations that support the Companyâs business model and can create value for Bavarian Nordicâs stakeholders. Regularly and at least once a year, Management monitors adherence to the recommendations on corporate governance in order to ensure the best possible utilization of and compliance with the recommendations and legislation. In accordance with Section 107 b of the Danish Financial Statements Act, Bavarian Nordic has published a statutory report on Corporate Governance for the financial year 2021 on the Companyâs website: www.bavarian-nordic.com/corporategovernance The Board of Directors The Board of Directors (âthe Boardâ) consists of eleven members: seven external members and four employee representatives. The external members are elected by the shareholders at the Annual General Meeting for terms of one year; retiring members are eligible for re- election. The Board elects a chair from among its members. The employee representatives are elected by the employees for a four-year term. In 2021, the first election of employee representatives took place, and the members joined the Board with effect from the Annual General Meeting on April 20, 2021. The Board is responsible for the overall strategic management and the financial and managerial supervision of Bavarian Nordic, as well as for regular evaluation of the work of the Corporate Management. In addition, the Board supervises the Company in a general sense and ensures that it is managed in an adequate manner and in accordance with applicable law and the Companyâs articles of association. The Board discharges its duties in accordance with the rules of procedure of the Board, which are reviewed and updated by all members of the Board. Board committees To support the Board in its duties, the Board has established and appointed three subcommittees that are charged with reviewing issues pertaining to their respective fields that are due to be considered at board meetings. More information about the committees, including the terms of reference which specify the tasks and responsibilities for each of the committees are available on the Companyâs website: Finance, Risk and Audit Committee Nomination and Compensation Committee Science, Technology and Investment Committee Diversity in the Board The Board of Directors currently has a representation of two female members elected by the shareholders, thus adhering to the guidelines from the Danish Business Authority on equal gender distribution on the board. Evaluation of the Board The Board and its subcommittees conduct every year a self-evaluation of the Board's and subcommitteeâs work, accomplishments and composition. The Chair heads the annual evaluation, which is conducted at least every third year by an external consultant. The process, whether it is facilitated internally or by external consultants, evaluates topics such as board dynamics, board agenda, quality of the material that is submitted to the Board, discussions at the Board meetings, the chairâs leadership of the Board, strategy, Board composition and Board competencies. Typically, the process is further facilitated by each Board member filling out a detailed questionnaire, and the Board members are asked to score to which extent they agree to the individual questions. The results of the questionnaire are then discussed at a subsequent Board meeting, and the individual comments submitted are used in the planning and handling of future Board meetings. The 2021 self-evaluation was facilitated by an external consultant and followed up by one-on- one interviews by the Chair. Key conclusions were positive with a continued satisfaction with the Boardâs work as well as the work in the committees. Organizational development and continued optimization of Board meeting efficiency will also be a focus area in 2022. For more details on the work and composition of the Board and its committees, reference is made to the statutory report on Corporate Governance on the Companyâs website: www.bavarian-nordic.com/corporategovernance</mrv:CorporateGovernanceReport>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx2" id="fact1292" xml:lang="en">Business ethics In 2021, the Company established a Business Ethics Compliance Committee to ensure a corporate oversight with Bavarian Nordicâs global business ethics compliance risks. The Committee represents the Executive Management and relevant business functions and meets regularly to review and assess risks, training, and the levels of compliance. The Companyâs Code of Conduct was updated in 2021 and made available also to external stakeholders via the Companyâs website. Likewise, the Companyâs Ethics Hotline (whistleblower scheme), which has been accessible to employees since 2014, was amended to also allow the Companyâs external stakeholders to report known or suspected violations. Data ethics policy In 2021, the Company carried out a number of initiatives to support our continued commitment to maintain strong data ethics. A number of internal procedures were reviewed and improved, such as data retention policies and deletion procedures to ensure that the Company does not store personal data longer than is strictly necessary, and a series of documented data protection awareness training activities were carried out for all relevant employees. Bavarian Nordic recognizes that it also has an obligation to ensure the protection of the rights and privacy of employees, patients, customers, healthcare professionals and partners when utilizing new technologies for the processing of data. Therefore, the Board adopted a policy on data ethics based on eight concrete principles which supplements the Companyâs general procedures and policies for processing of personal data. The data ethics policy is based on 8 principles: 1. Our Executive Management is dedicated to ensuring and maintaining a high standard of data ethics 2. We ensure accountability for data processing 3. We require an appropriate level of data ethics for processing activities carried out by third parties 4. We ensure that the processing activities carried out provide value to the data subjects, and is transparent and secure 5. We train our employees and monitor processing activities 6. We maintain an Ethics Hotline, where violations of data protection laws can be reported by internal and external stakeholders 7. We identify and monitor the use of new technologies for processing of data 8. We carry out internal controls</mrv:StatementOfPolicyForDataEthics>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact1327" xml:lang="en">Statement by management on the Annual Report The Board of Directors and the Corporate Management have today considered and approved the Annual Report of Bavarian Nordic A/S for the financial year January 1 - December 31, 2021. The consolidated financial statements are presented in accordance with International Financial Reporting Standards as adopted by the EU. The parent financial statements are presented in accordance with the Danish Financial Statements Act. Further, the Annual Report is prepared in accordance with Danish disclosure requirements for listed companies. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at December 31, 2021 as well as of the results of their operations and the Groupâs cash flows for the financial year January 1 - December 31, 2021. In our opinion, the management commentary contains a fair review of the development of the Group's and the Parentâs business and financial matters, the results for the year and of the Parentâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the Parent face. In our opinion, the Annual Report with the file name bava-2021-12-31-en.zip is prepared, in all material respects, in accordance with the ESEF Regulation. We recommend the Annual Report for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx2" id="fact1346" xml:lang="en">Hellerup</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact1347">2022-03-04</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx50" id="fact1813" xml:lang="en">Paul John Chaplin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx50" id="fact1814" xml:lang="en">President and Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx51" id="fact1815" xml:lang="en">Henrik Juuel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx52" id="fact1816" xml:lang="en">Executive Vice President and</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx52" id="fact1817" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact1818" xml:lang="en">Gerard W.M. van Odijk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact1820" xml:lang="en">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx55" id="fact1822" xml:lang="en">Erik Gregers Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact1819" xml:lang="en">Chair of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact1821" xml:lang="en">Deputy chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx57" id="fact1824" xml:lang="en">Frank A.G.M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact1825" xml:lang="en">Elizabeth McKee Anderson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx56" id="fact1823" xml:lang="en">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact1826" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1827" xml:lang="en">Thomas Alex Bennekov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1829" xml:lang="en">Anja Gjøl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact1828" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact1830" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact1831" xml:lang="en">Karen Merete Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact1832" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1833" xml:lang="en">Linette Munksgaard Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact1834" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact1348" xml:lang="en">Independent auditor's report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact1349" xml:lang="en">To the shareholders of Bavarian Nordic A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact1350" xml:lang="en">Opinion We have audited the consolidated financial statements and the parent financial statements of Bavarian Nordic A/S for the financial year January 1 â December 31, 2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow statement of the Group. The consolidated 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, and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements give a true and fair view of the Groupâs financial position at December 31, 2021 and of the results of its operations and cash flows for the financial year January 1 â December 31, 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act. Further, in our opinion, the parent financial statements give a true and fair view of the Parentâs financial position at December 31, 2021 and of the results of its operations for the financial year January 1 â December 31, 2021 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact1371" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the consolidated financial statements and the parent financial statements section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional 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. After Bavarian Nordic A/S was listed on Nasdaq OMX Copenhagen in 1998, we were ap- pointed auditors at the Annual General Meeting held on May 27, 1999 for the 1999 finan- cial year. We have been reappointed annually at the Annual General Meeting for a total consecutive engagement period of 23 years up to and including the 2021 financial year.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx2" id="fact1388" 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 financial year January 1 â December 31, 2021. These matters were addressed in the context of our audit of the consolidated financial 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. Key audit matter Revenue under the BARDA contracts for JYNNEOS Revenue recognized under the Biomedical Advanced Research and Development Authority (BARDA) contracts with the U.S. Government related to JYNNEOS amounted to DKK 672 million in 2021 (DKK 667 million in 2020). Based on our risk assessment procedures on the Groupâs business process and internal controls for revenue under the BARDA contracts, we tested the appropriateness of the Groupâs revenue recognition. Contracts with BARDA include multiple elements, and recognition of revenue is significant and requires subjective evaluations. Management therefore exercises judgement in determining whether the Group has fulfilled all of its performance obligations. We read the BARDA contracts, discussed them with Management and evaluated the related accounting treatment. During the audit, we tested whether the performance obligations for revenue recognized and measured under the BARDA contracts were met in 2021. Managementâs assessment includes whether it is probable that future economic benefits from the sale of JYNNEOS bulk drug substance will flow to the Group, the benefits can be measured reliably, ownership of the goods and services is transferred to BARDA, and the Group no longer retains managerial responsibility for, or control of, the goods sold and services delivered to BARDA. Refer to notes 2 and 3 in the consolidated financial statements. We also evaluated the financial statements disclosures related to revenue.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact1414" xml:lang="en">Statement on the management commentary Management is responsible for the management commentary. Our opinion on the consolidated financial statements and the parent financial statements 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 consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary 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 management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact1431" xml:lang="en">Management's responsibilities for the consolidated financial statements and the parent financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of parent financial statements that give a true and fair view in accordance with 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 statements, Management is responsible for assessing the Groupâs and the Parentâs 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 operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact1448" 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 consolidated 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 auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, 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. Misstatements 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 accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material 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 appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parentâs internal control. ⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ⢠Conclude on the appropriateness of Managementâs use of the going 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 Parentâs ability to continue 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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and content of the consolidated 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 financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact1501" xml:lang="en">Report on compliance with the ESEF Regulation 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 governance with a statement that we have complied with relevant ethical 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, safeguards put in place and measures taken to eliminate threats. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes 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 communication. As part of our audit of the consolidated financial statements and the parent financial statements of Bavarian Nordic A/S we performed procedures to express an opinion on whether the Annual Report of Bavarian Nordic A/S for the financial year January 1 - December 31, 2021 with the file name bava-2021-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements. Management is responsible for preparing 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 judgement where necessary; ⢠Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and ⢠For such internal control as Management 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 auditorâs judgement, including the assessment 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 companyâs 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 companyâs 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 Bavarian Nordic A/S for the financial year January 1 - December 31, 2021 with the file name bava-2021-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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