Årsrapport Ignasi Argente Arbos 2024-06-28 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed Beierholm Langagervej 1 9220 Aalborg Ø 2022-01-01 2022-12-31 2023-01-01 2023-12-31 73128110 Danone A/S Rørmosevej 2 A 3450 Allerød Allerød Mazars Statsautoriseret Revisionspartnerselskab 31061741 Midtermolen 1, 2. tv. 2100 København Ø Danmark true We have on this day presented the annual report for the financial year 01.01.23 - 31.12.23 for Danone A/S. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.23 and of the results of the company's activities for the financial year 01.01.23 - 31.12.23. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Allerød 2024-06-21 Miki Pekka Tapio Aho Ignasi Argente Arbos Chairman Miki Pekka Tapio Aho Maxime Komardine To the Shareholder of Danone A/S Opinion We have audited the financial statements of Danone A/S for the financial year 01.01.23 - 31.12.23, which comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion the financial statements give a true and fair view of the company's financial position at 31.12.23 and of the results of the company's operations for the financial year 01.01.23 - 31.12.23 in accordance with the Danish Financial Statements Act. 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 “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ 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. Management is responsible for the management’s review. Our opinion on the financial statements does not cover the management’s review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, it is our responsibility is to read management’s review and, in doing so, consider whether management’s review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether management’s review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management’s review is in accordance with the 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’s review. Management is responsible for the preparation of 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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the 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. 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the 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 company's 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 management’s use of the going concern basis of accounting 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 company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. København Ø 2024-06-21 Nicklas Rasmussen State Authorized Public Accountant mne43474 124701000 132442000 117320000 24170000 24370000 26322000 Profit/loss before depreciation, amortisation, write-downs and impairment losses -2320 15277 2133 2838 4251 675000 1755000 2638000 313000 -127000 172000 Profit/loss before tax 987 1628 2810 833000 1372000 3300000 38489000 43201000 35399000 61000 9665000 7827000 0 446000 9883000 10422000 12250000 60 8 12 27 -33 5 1 1 2 79 5 26 24 35 Liquidity ratio 138 21 108 136 146 28 30 31 Primary activities Danone A/S activities consist of selling and distributing products in Specialized Nutrition (SN) and Essential Dairy & Plant-Based (EDP) categories. Danish Specialized Nutrition business focuses on medical nutrition and devices for people afflicted with certain illnesses or frail elderly people. We deliver our products through various sales channels including hospitals, nursing homes, wholesalers, and pharmacies as well as directly to patients at home. Essential Dairy & Plant-Based business focuses on fresh fermented dairy products and plant-based products in drinkable and spoonable formats. Primary sales channels are grocery retailers and HoReCa channels, while biggest brands include Alpro, Actimel, Activia. Significant changes in the company's activities In November 2022, as part of the “Local First” Group reorganization project, first introduced by Danone Group in 2020, Danone A/S (previously “Nutricia A/S”) acquired the Danish EDP branch from Danone AB (a subsidiary of Danone Group) adding to its scope the EDP category. The financial year 2023 was the first year after the Company’s major reorganization and the net results were significantly impacted by this change. Development in activities and financial affairs The income statement for the period 01.01.23 - 31.12.23 shows a profit/loss of DKK -62,480,418 against DKK 8,565,102 for the period 01.01.22 - 31.12.22. The balance sheet shows equity of DKK 227,967,578. Factors that significantly influence the Company's financial result include the Goodwill amortisation of DKK 38.728.112, Goodwill impairment of DKK 33.924.889 and the interests on intercompany cash pool loan of DKK 10.197.870, both being the effect of the purchase of the EDP branch. To secure the Company’s equity levels and offset negative impacts of the transaction, the Company’s management requested additional funding from its sole shareholder Nutricia International BV. On December 11, 2023 the Company’s General Assembly passed the resolution on the capital increase by the conversion of debt. The share contribution amount was settled by the shareholder on the same day, i.e. December 11, 2023 in the amount of DKK 272.000.000 and was set-off against the Company’s cash pool loan. As a result of the capital increase, the Company secured its equity amount and paid-off the cash pool loan of DKK 249.545.127. As at the balance sheet date the Company's economic and financial position is sound. Outlook In 2024 the Company plans to increase sales volumes compared to 2023 for both categories (EDP and SN) through introduction of new products and to significantly increase profitability through portfolio and price adjustments to reflect the current market condition of continuously growing costs, mainly of transport services and packaging. Financial risks Foreign currency risks The company customers are primarily local corporate entities and there is no currency risk associated with settlement of receivables. The Company sources finished goods for sale from the related companies. Specialized Nutrition products main supplier is Danone Trading Medical BV, located in Denmark, which supplies majority of SN category finished goods and purchases of those are settled in Euro. Essential Dairy & Plant-Based (EDP) is primarily sourced from Danone AB, located in Sweden, which supplies most of EDP category products and purchases of those are settled in Swedish crown. As the currency risk is mainly related to intercompany transactions, the Company's currency position is under the Group's currency management. The Group is responsible for management of those transactions and ensuring the Company secure position for the above mentioned currency pairs (DKK/EUR; DKK/SEK). Credit risks The customer payment term is generally 30 days and the Company’s main customers are essentially in the mass retail sector where credit risk is considered low. The Company has no significant overdue receivables and allowance for doubtful receivables constitutes around 3% of receivables balance. In current year the company has had minimal losses on claims. Liquidity risks The Company's liquidity situation is secure. The company does not have any external loans or credits. In 2023 the Company received additional paid-in capital in the amount of DKK 272.000.000, which allowed to settle the cash pool debt of DKK 249.545.127 (for details please see paragraph above on the Company’s activities in 2023. External environment The Company does not directly engage in any activities that cause pollution to the external environment. As part of the Danone Group, the Company is involved in the Group’s sustainability journey to achieve ambitious goals in that to: impact people’s health locally, with a portfolio of healthier products, with brands encouraging better nutritional choices and by promoting better dietary habits; preserve and renew the planet’s resources, by supporting regenerative agriculture, protecting the water cycle and strengthening the circular economy of packaging, across its entire ecosystem, in order to contribute to the fight against climate change; entrust Danone’s people to create new futures: building on a unique social innovation heritage, give each employee the opportunity to impact the decisions of the Group, both locally and globally; foster inclusive growth, by ensuring equal opportunities within the Group, supporting the most vulnerable partners in its ecosystem and developing everyday products accessible to as many people as possible. The sustainability report and information on the company's approach to environmental, social, human rights and anti-corruption issues are included in the CSR report of our parent company (Danone SA reg. no. 552 032 534, with registered office in Paris) which is available at: http://www.danone.com/integrated-annual-reports/integrated-annual-report-2023.html Subsequent events No important events affecting the financial statements for 2023 have occurred after the end of the financial year. 235006964 148793361 1498111 76752 148549260 79173313 55478066 26050466 32477749 43646334 34797740 28369698 74693171 8472280 -77013162 6804356 6610052 4702935 11287284 1362029 -81690394 10145262 -19209976 1580160 -62480418 8565102 1180416 984 191989102 264642104 193169518 264643088 10969149 14720414 10969149 14720414 1070720 908667 1070720 908667 205209387 280272169 7604236 9211919 7604236 9211919 36871646 47386157 21292581 4658911 9551517 0 7416632 6129361 62281 0 377029 0 75571686 58174429 151869 833417 83327791 68219765 288537178 348491934 500500 500000 227467078 17947996 227967578 18447996 0 7519825 0 7519825 27368856 14997982 22678774 296029993 10521970 11496138 60569600 322524113 60569600 322524113 288537178 348491934 500 271999500 -62480418 500500 227467078 31112692 25688380 2199274 1964729 13566 258349 1472208 458240 39 35 4792474 4235260 1793513 424273 24065 43402 10197870 1277945 77378 84084 1012036 0 -17071342 7595962 -2138634 -17201 -62480418 8565102 371767 271096789 1180416 1552183 271096789 -370783 -6454685 -33924889 -984 -38728113 -371767 -79107687 1180416 191989102 0 0 20102755 61059 -2349153 17814661 -5382341 -2039184 576013 -6845512 10969149 908667 162053 1070720 1070720 Share capital 1001 500500 -7519825 76137 17071342 -7595962 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for medium-sized enterprises in reporting class C with application of provisions for a higher reporting class. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Danish kroner (DKK). Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. As basis for interpretation for recognition of leases the company has applied IAS 17. Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. As basis for interpretation for revenue recognition the company has applied IAS 18. Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Goodwill is amortised over 7 years. The useful life has been determined in consideration of the expected future net earnings of the enterprise or activity to which the goodwill relates. The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Interest income and interest expenses etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish and foreign consolidated enterprises. The parent is the administration company for the joint taxation and thus settles all income tax payments with the tax authorities. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that Danish enterprises with a tax loss receive joint taxation contributions from other Danish enterprises which have been able to use this loss to reduce their own taxable profit. Danish enterprises using tax losses of foreign enterprises settle the joint taxation contribution for the tax loss used with the administration company in which the retaxation balance is recognised as a deferred tax liability. Acquired rights Aquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses. Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Goodwill Goodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses. Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains and losses on the disposal of intangible assets Gains and losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipment comprise other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method. On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost. For equity investments measured according to the equity method, the proportionate share of the equity investments' equity value is determined according to the accounting policies of the parent, stated in the other sections. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. Inventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. As basis for interpretation regarding impairment of receivables, the company has applied IAS 39. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash includes deposits in bank account. The net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax relating to retaxation of losses previously deducted in foreign subsidiaries (international joint taxation) is recognised based on a specific assessment of the purpose of the individual subsidiary. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Referring to section 86(4) of the Danish Financial Statements Act a cash flow statement has not been prepared as the enterprise is included in the consolidated cash flow statement. Ratios definitions Return on equity: Profit/loss for the year x 100 Average equity Profit margin: Operating profit/loss x 100 Revenue Solvency ratio: Equity, end of year x 100 Total assets Liquidity ratio: Current assets x 100 Short-term payables Figures in DKK Share capital Retained earnings Total equity Statement of changes in equity for 01.01.23 - 31.12.23 Balance as at 01.01.23 500,000 17,947,996 18,447,996 Capital increase 500 271,999,500 272,000,000 Net profit/loss for the year 0 -62,480,418 -62,480,418 Balance as at 31.12.23 500,500 227,467,078 227,967,578 Remuneration to the Board of Directors and Executives is not disclosed as this only consist of one person. 7. Property, plant and equipment Figures in DKK Other fixtures and fittings, tools and equipment Cost as at 01.01.23 20,102,755 Additions during the year 61,059 Disposals during the year -2,349,153 Cost as at 31.12.23 17,814,661 Depreciation and impairment losses as at 01.01.23 -5,382,341 Depreciation during the year -2,039,184 Reversal of depreciation of and impairment losses on disposed assets 576,013 Depreciation and impairment losses as at 31.12.23 -6,845,512 Carrying amount as at 31.12.23 10,969,149 31.12.23 31.12.22 DKK DKK 9. Prepayments Other prepayments 377,029 0 Total 377,029 0 11. Deferred tax Provisions for deferred tax as at 01.01.23 -7,519,825 76,137 Deferred tax recognised in the income statement 17,071,342 -7,595,962 Provisions for deferred tax as at 31.12.23 9,551,517 -7,519,825 As at 31.12.23, the company has recognised a deferred tax asset of, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. As at 31.12.23, the company has recognised a deferred tax asset of, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. Lease commitments The company has concluded rent and lease obligations under operating leases with a total future payments of TDKK 985. The future payments in 2024 are TDKKK 676 and TDKK 0 after 5 years. Other contingent liabilities The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The company has not provided any security over assets. Controlling influence Basis of influence Danone S.A., France Hovedaktionær Transactions Relation 2023 DKK Purchace of services Parent Company 61,492,725 Purchace of services Sister company 77,591,877 Sales Sister Company 1,820,460 Balances 31.12.23 DKK Receivables from group enterprises 21,292,581 Payables to group enterprises -22,678,774 The company is included in: -Smallest consolidation in which the Company is included is Nutricia Internatinal B.V, Netherlands; -Largest consolidation in which the Company is included is Danone S.A, France. 73128110 2023-01-01 2023-12-31 73128110 2022-01-01 2022-12-31 73128110 2021-01-01 2021-12-31 73128110 2021-12-31 73128110 2020-01-01 2020-12-31 73128110 2020-12-31 73128110 2019-01-01 2019-12-31 73128110 2019-12-31 73128110 2022-12-31 73128110 2023-12-31 73128110 2023-01-01 2023-12-31 1 73128110 2023-01-01 2023-12-31 2 73128110 2023-01-01 2023-12-31 3 73128110 2023-01-01 2023-12-31 1 73128110 2023-01-01 2023-12-31 e:ContributedCapitalMember 73128110 2023-12-31 e:ContributedCapitalMember 73128110 2023-01-01 2023-12-31 e:RetainedEarningsMember 73128110 2023-12-31 e:RetainedEarningsMember 73128110 2023-01-01 e:GoodwillMember 73128110 2023-01-01 e:AcquiredIntangibleAssetsMember 73128110 2023-01-01 2023-12-31 e:AcquiredIntangibleAssetsMember 73128110 2023-12-31 e:AcquiredIntangibleAssetsMember 73128110 2023-01-01 2023-12-31 e:GoodwillMember 73128110 2023-12-31 e:GoodwillMember 73128110 2023-01-01 e:FixturesFittingsToolsAndEquipmentMember 73128110 2023-01-01 2023-12-31 e:FixturesFittingsToolsAndEquipmentMember 73128110 2023-12-31 e:FixturesFittingsToolsAndEquipmentMember 73128110 2023-12-31 1 73128110 2023-01-01 73128110 2022-01-01 73128110 2023-01-01 2023-12-31 2 73128110 2022-01-01 2022-12-31 2 73128110 2021-01-01 2021-12-31 2 73128110 2020-01-01 2020-12-31 2 73128110 2019-01-01 2019-12-31 2 73128110 2023-01-01 2023-12-31 3 73128110 2021-01-01 2021-12-31 3 73128110 2020-01-01 2020-12-31 3 73128110 2019-01-01 2019-12-31 3 73128110 2023-01-01 2023-12-31 15 73128110 2022-01-01 2022-12-31 15 73128110 2021-01-01 2021-12-31 15 73128110 2020-01-01 2020-12-31 15 73128110 2019-01-01 2019-12-31 15 73128110 2023-12-31 e:GoodwillMember e:LeasedAssetsMember 73128110 2023-12-31 e:AcquiredIntangibleAssetsMember e:LeasedAssetsMember 73128110 2023-01-01 e:DepositsLongtermInvestmentsAndReceivablesMember 73128110 2023-01-01 2023-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 73128110 2023-12-31 e:DepositsLongtermInvestmentsAndReceivablesMember 73128110 2023-01-01 2023-12-31 1 xbrli:shares iso4217:DKK xbrli:pure