Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 14353213000 | vDKK |
| ifrs-full:Assets | 2022-12-31 | 12391246000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 7062340000 | vDKK |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 3150793000 | vDKK |
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1" id="fact1600" xml:lang="en">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1" id="fact1601" xml:lang="en">16271187</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" id="fact1602" xml:lang="en">Bavarian Nordic A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" id="fact1603" xml:lang="en">Philip Heymans Alle 3</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" id="fact1604" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<cmn:TypeOfAuditorAssistance contextRef="ctx1" id="fact1606" xml:lang="en">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1607" xml:lang="en">Grundlag for konklusion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1608" xml:lang="en">Konklusion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<fsa:AverageNumberOfEmployees contextRef="ctx64" decimals="1" unitRef="pure">874</fsa:AverageNumberOfEmployees>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx65" decimals="3" unitRef="pure">0.29</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx65" decimals="3" unitRef="pure">0.47</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx66" decimals="3" unitRef="pure">0.2</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx66" decimals="3" unitRef="pure">0.55</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx67" decimals="3" unitRef="pure">0.29</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx67" decimals="3" unitRef="pure">0.56</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx68" decimals="3" unitRef="pure">0.29</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx68" decimals="3" unitRef="pure">0.56</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx69" decimals="3" unitRef="pure">0.29</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx69" decimals="3" unitRef="pure">0.51</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<cmn:NameOfAuditFirm contextRef="ctx70" id="fact2043" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx70" id="fact2044" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx70" id="fact2045" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx70" id="fact2046" xml:lang="en">Kirsten Aaskov Mikkelsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx70" id="fact2047" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx70" id="fact2048" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx70" id="fact2049" xml:lang="en">mne21358</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx71" id="fact2050" xml:lang="en">Eskild Nørregaard Jakobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx71" id="fact2051" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx71" id="fact2052" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx71" id="fact2053" xml:lang="en">mne11681</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx71" id="fact2054" xml:lang="en">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx71" id="fact2055" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx71" id="fact2056" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1000" xml:lang="en">ESG key figures Key figures for selected environmental social and governance areas in the table 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. 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. Environmental data1 Unit 2023 2022 2021 2020 2019 CO2e, scope 1Tonnes 4,364 1,765 1,422 1,381 909 CO2e, scope 2Tonnes 6,3182988 1,085 1,175 1,178 Energy consumption GJ 136,066 53,325 42,577 45,110 34,137 Water consumption m3 33,835 21,772 17,023 19,170 14,770 Social data1 Unit 2023 2022 2021 2020 2019 Full-Time Workforce FTEs 1,379 975 759 690 491 Gender Diversity3 % 56 59 61 61 N/A Gender Diversity, Management % 47 55 56 56 51 Employee Turnover Ratio % 18 19 14 9 10 Sickness Absence4 Days per FTE 10 8 7 6 6 Governance data5 Unit 2023 2022 2021 2020 2019 Gender diversity, Board % 29 20 29 29 29 Board meeting attendance rate % 97 99 99 97 98 CEO pay ratio Times 21 22 16 16 15 1 Data derived from the Companyâs sustainability reports 2019-2023, except for FTEs, which are based on the Group Key Figures on page 12. 2 From 2023, Scope 2 reporting is based on market-based emissions (methodology change). 3 Data not collected before 2020. 4 Sickness absence does not include offices in the USA and staff working remotely in Canada. For the years 2019-2021, the numbers include child sick days. 5 Data derived from the Companyâs annual reports 2019-2023, except for CEO pay ratio, which is presented in the 2023 remuneration report.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx1" id="fact1133" xml:lang="en">Data ethics policy Bavarian Nordic has a data ethics policy to ensure we maintain strong data ethics in our company. The data ethics policy is based on 8 principles and supplements our general proce- dures and policies for processing (personal) data. In 2023, we have carried out initiatives to support the data ethics principles. We have implemented enhancements to our policies and procedures to support the handling and processing of personal data. We have also improved processes on howe use data as well as our records of processing activities. Further, a series of awareness training activities have been carried out for all employees of Bavarian Nordic to make sure that everyone understands how to use data in compliance with our data ethics policy. We continue to actively work with supporting and implementing the data ethics principles into our way of doing business. 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 activitiescarried out provide value to the data subjects, and are transparent and secure 5.We train our employees and monitorprocessing activities 6.We maintain an Ethics Hotline, where viola-tions of data protection laws can be reported by internal and external stakeholders 7.We identify and monitor the use of new tech-nologies for processing of data 8. We carry out internal controls</mrv:StatementOfPolicyForDataEthics>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact1177" xml:lang="en">Statement by the Board of Directors and Executive Management on the Annual Report The Board of Directors and the Executive Manage- ment have today considered and approved the Annual Report of Bavarian Nordic A/S for the finan- cial year January 1, 2023 - December 31, 2023. The consolidated financial statements are presented in accordance with IFRS Accounting Standards as endorsed by the EU. The parent financial statements are presented in accordance with the Danish Finan- cial Statements Act. Furthermore, 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 Parent companyâs financial position at December 31, 2023, as well as of the results of their operations and cash flows for the financial year January 1, 2023 - December 31, 2023. In our opinion, the management commentary contains a fair review of the development of the Group's and the Parent companyâs business and financial matters, the results for the year and of the Parent companyâs financial position and the finan- cial 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 company face. In our opinion, the Annual Report of Bavarian Nordic A/S for the financial year January 1, 2023 to December 31, 2023 identified as bava-2023-12-31-en. zip is prepared, in all material respects, in accord- ance with the ESEF Regulation. We recommend the Annual Report for adoption at the Annual General Meeting</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx50" id="fact2010" xml:lang="en">Paul John Chaplin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx50" id="fact2011" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx51" id="fact2012" xml:lang="en">Henrik Juuel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx51" id="fact2013" xml:lang="en">Executive Vice President and CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact2014" xml:lang="en">Luc Debruyne</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact2015" xml:lang="en">Chairman of the Board</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact2016" xml:lang="en">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact2018" xml:lang="en">Peter H. Kürstein-Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact2017" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx55" id="fact2019" xml:lang="en">Frank A.G.M. Verwiel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx56" id="fact2020" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx57" id="fact2021" xml:lang="en">Johan van Hoof</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact2022" xml:lang="en">Heidi Hunter</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact2023" xml:lang="en">Thomas Alex Bennekov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact2024" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact2025" xml:lang="en">Anja Gjøl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact2026" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact2027" xml:lang="en">Karen Merete Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact2028" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact2029" xml:lang="en">Linette Munksgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact2030" xml:lang="en">Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact2031" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact1214" xml:lang="en">Independent auditorâs report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1215" xml:lang="en">To the shareholders of Bavarian Nordic A/S Report on the Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1217" xml:lang="en">Opinion We have audited the consolidated financial state- ments and the parent financial statements of Bavarian Nordic A/S for the financial year 1 January 2023 â 31 December 2023, which comprise the income statement, statements of financial position, statement of changes in equity and notes, including a summary of material accounting policies, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow state- ment of the Group (collectively referred to as the âFinancial Statementsâ). The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as endorsed 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 31 December 2023, and of the results of its operations and cash flows for the financial year 1 January 2023 â 31 December 2023 in accordance with IFRS Accounting Standards as endorsed by the EU and additional requirements under the Danish Financial Statements Act. Further, in our opinion, the parent financial state- ments give a true and fair view of the Parentâs financial position at 31 December 2023, and of the results of its operations for the financial year 1 January 2023 â 31 December 2023 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our Long-form Audi- torâs report issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" id="fact1281" 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 state- ments and the parent financial statements for the financial year 1 January 2023 â 31 December 2023. 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 Acquisition of travel vaccines portfolio On 15 February 2023, the Group entered into an agreement with Emergent BioSolutions Inc. to acquire two marketed travel vaccines Vivotif and Vaxchora and a Phase 3 vaccine candidate for the prevention of chikungunya virus. The acquisition includes a Swiss based biologics manufacturing facility, US based research and development facilities related to the development of the chikungunya vaccine, and EU/US based commercial operations. The transaction closed on 15 May 2023. The purchase price allocation is based on a number of Management judgements and esti- mates related to measurement of all acquired net assets at fair value, including intangible assets and land and buildings. Due to the significant impact on the consoli- dated financial statements and management judgements and assumptions, we have considered this as a key audit matter. Reference is made to note 31 in the consoli- dated financial statements. How our audit addressed the key audit matter purpose of our audit, the procedures we carried out included the following: ⢠We assessed the purchase price allocation made including assessing whether the assumptions and estimates made by Manage- ment are reasonable and documented. Our assessment has focused on identification and recognition of intangible assets at fair value ⢠We performed procedures in relation to the opening balance as of 15 May 2023 ⢠We reconciled the purchase price allocation to supporting documentation, including calcula- tions of fair value of the intangible assets ⢠We tested the discounted cash flow forecasts and challenged Managementâs significant assumptions and estimates ⢠In addition, we assessed the appropriateness of the disclosures; note 31 Acquisition of business.</arr:KeyAuditMattersAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact1252" xml:lang="en">Basis for opinion We conducted our audit in accordance with Inter- national Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and require- ments are further described in the Auditorâs respon- sibilities 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 appli- cable 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 appointed auditors at the Annual General Meeting held on 27 May 1999 for the financial year 1999. We have been reappointed annually at the Annual General Meeting for a total consecutive engagement period of 25 years up to and including the 2023 financial year.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1341" xml:lang="en">Statement on the management commentary Management is responsible for the management commentary. Our opinion on the consolidated financial state- ments 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 state- ments, 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 infor- mation required by the Danish Financial Statements Act and article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial state- ments and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act and article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regula- tion). We did not identify any material misstatement of the management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact1371" xml:lang="en">Management's responsibilities for the Financial Statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act as well as the preparation of parent financial state- ments 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="ctx1" id="fact1397" xml:lang="en">Auditor's responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assur- ance 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 audi- torâs 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 appli- cable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered mate- rial 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 misstate-ment 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 controlrelevant to the audit in order to design audit procedures that are appropriate in the circum- stances, 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 poli-cies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Manage-mentâs 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 condi- tions may cause the Group and the Entity to cease to continue as a going concern. Evaluate the overall presentation, structure andcontent of the Financial Statements, including the disclosures in the notes, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidenceregarding the financial information of the enti- ties or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direc- tion, supervision and performance of the group audit. We remain solely responsible for our audit opinion. â¢We communicate with those charged withgovernance 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 rele- vant 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 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 deter- mine 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.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact1503" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the 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 1 January 2023 to 31 December 2023 with the file name bava-2023-12-31-en.zip is prepared, in all mate- rial 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 including notes. 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; â¢The selection and application of appropriate iXBRLtags, 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; â¢Ensuring consistency between iXBRL taggeddata and the consolidated financial statements presented in human readable format; and â¢For such internal control as Management deter-mines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assur- ance 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; â¢Obtaining an understanding of the companyâsiXBRL tagging process and of internal control over the tagging process; Evaluating the completeness of the iXBRL taggingof the consolidated financial statements including notes; Evaluating the appropriateness of the companyâsuse 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 extensionelements to elements in the ESEF taxonomy; and Reconciling the iXBRL tagged data with theaudited consolidated financial statements. In our opinion, the annual report of Bavarian Nordic A/S for the financial year 1 January to 31 December 2023 with the file name bava-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
</xbrli:xbrl>